Lifetime mortgages are a useful way for people that are of a minimum age of 55, to release equity from their home. The value that is unlocked by taking out a lifetime mortgage can be used to supplement retirement income, fund maintenance or repairs to the home, or as part of living inheritance planning for children or grandchildren. Lifetime mortgages are strictly regulated by the Equity Release Council. There are four main types of lifetime mortgages: lump sum where a loan is borrowed from house value, drawdown where a smaller loan is taken at the start which is then followed by incremental payments, interest repayment where some; or all of the interest on the loan is paid off, or enhanced lifetime mortgages where applicants have lower-than-average life expectancies. Due to the life-stage of applicants there is a lot to consider when advising on lifetime mortgage products. In most cases the applicant’s home will form part of future inheritance for family members. We understand that this heightens the ramifications of the financial decision. That’s why our lifetime mortgage experts can guide you to the best option, whilst considering the full spectrum of your finances; including what you have planned for later life living.
Step into your future with us…
How we consult with you
We find it best to start with a face to face meeting. We want to understand your financial needs and aims, now and for the future. We will explain how lifetime mortgages work and what the pros and cons are to the product as a whole and also the four types of lifetime mortgages. We will also cover equity release alternatives. We will not make any recommendations during this first meeting, which is free of charge.
At the next meeting we will present products that we believe are most suitable for you. We will give you a finance illustration of the product. We will give you time to reflect on all of the information that we have provided to you. We expect that you will have lots of questions for us. We will do our best to answer those questions and to explain everything to you in plain English.
Should you want to proceed, we will arrange a further meeting to complete the mortgage application, and to answer any further questions that you may have.