Life Time Mortgages
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Available if you are over the age of 55
Lifelong mortgages are a form of equity release. They are a great option if you are over 55 and want to unlock some of the equity in your home.
Life time mortgages enable you to free up some equity in your home. While interest is typically serviced on a monthly basis, you can choose to have no monthly commitment.
Lifetime mortgage explained
As with a regular mortgage, a life time mortgage is secured against your property. What makes this different is you do not have to make any regular monthly payments during your life time. By contrast, you can opt to service the interest through your choosing.
If no payment is preferred, interest accrues on the loan amount. The total is then repaid through the sale of your property, when you pass away or go into long term care. You will always remain the owner of the property until such an event.
Providers will expect you to keep your home in good condition.
The top 5 reasons for a life time mortgage
- Home improvements
- Repay a mortgage or debt
- Help a loved one
- Holiday or car
- Increase disposable income
Speak To An Expert
At The Mortgage Bubble, we provide personalised and comprehensive services and support. From the first meeting to completion, we are here to guide you throughout your financial journey.
Your Security
The Mortgage Bubble is a member of the equity release council. The equity release council is the industry body for the equity release sector. They work with relevant lenders, qualified financial advisers, lawyers, intermediaries and surveyors.
Before releasing equity from your home, you’ll need to pursue equity release legal advice – lifetime mortgages and home reversion plans are unsuitable for some. This is a referral service.
How can a life time mortgage help me?
It can help you unlock equity in your home which can be to repay your current mortgage, help a loved one or to finance a holiday or cars.
Can I repay my life time mortgage early?
You can but you may be charged by the provider. Contact us and we will cover this with you.
Is it right for me?
The Mortgage Bubble will always consider your circumstances and provide you the most relevant products and advice to suit your needs.
A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead. This is a referral service.