Lifetime Mortgages UK - Equity Release Advice

Lifetime Mortgage Advice

If you are looking to free up some extra cash and are aged over 55, a lifetime mortgage could be a great financial option. Whether you are looking to pay off some debts for a family member or go on that dream holiday you have always talked about, we can help you find the right lifetime mortgage for your situation.

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What is a Lifetime Mortgage?

A lifetime mortgage is a loan secured against your home that allows you to release tax-free equity without the need to sell your property. This can be a lump sum or paid in regular amounts.

Retain 100% ownership of your property
The right to sell at any time
Transfer/port the existing mortgage to a new property that is acceptable to the lender

Speak to a Lifetime Mortgage Adviser

Looking to secure your later life mortgage today? We provide free, non obligatory phone and video consultations. One of our friendly team of experts will guide you through the process and work out the best plan to suit your needs.

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Why Choose Boon Brokers?

We provide impartial advice and will search the entire market to ensure we are getting you the very best deal possible. We want to make life easier for you, so leave the admin to us.

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How Do I Get a Lifetime Mortgage?

When looking for lifetime mortgages it is important to make sure you are protected, by choosing a reputable provider that is on the Financial Conduct Authority register and a member of the Equity Release Council. For your peace of mind, it is best to speak to a regulated lifetime mortgage adviser to discuss your options.

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Who is Eligible?

Qualifying for a lifetime mortgage depends on your age as you must be over 55. If you are looking to take out this type of equity release with your partner, the age of the youngest borrower must also be at least 55.

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Is a lifetime mortgage right for me?

A lifetime mortgage might not be right for everyone which is why it is important to talk to a specialist adviser. At Boon Brokers, we are directly authorised by the FCA and a member of the Equity Release Council. We offer completely free, no obligatory advice so you can discuss your options openly.

What is the difference between a lifetime mortgage and residential mortgage?

A lifetime mortgage is where you already own the property and are securing a loan against it. A residential mortgage is where a mortgage provider lends you the money to buy a property.

What are the advantages and disadvantages of a lifetime mortgage?

Advantages:

Relieve the stress of paying any debts
Access a tax-free lump sum
Avoid paying as much inheritance tax
Spend your money whilst you can still enjoy it
Provides money to spend on care if needed
Keep living in your home

Disadvantages:

Interest can quickly be accrued
Difficult to estimate the total cost as it depends on length of life
Early repayment penalties
Restricted if you want to move house

What happens if my partner dies or moves?

If the plan is in both of your names, you can continue living in the house with the same terms. However, if it is only in your partner's name and the mortgage cannot be paid off, the house must be sold and you will have to move out. To make sure that both of you have the right to stay in the house, the plan must be written in joint names from the start. If you decide to get remarried or move in with someone after you have taken the plan out, you must tell your provider. Unfortunately, it may not be possible to add your new partner to the plan, which means they will not have the right to stay in the house.