What is a lifetime mortgage?
More and more people are choosing to take a lifetime mortgage in later life. It’s a loan that’s secured against your home to give you a tax-free sum, that you can take all at once, or in smaller amounts when you need them, up to the full loan amount.
If you take smaller amounts later, a different interest rate may apply to each amount you take, depending on the interest rates available at the time.
This is a lifetime mortgage. To understand the features and risks please ask for a personalised illustration. Our typical advice fee would be £995.00. A lifetime mortgage may impact your entitlement to means-tested benefits and the inheritance you may leave.
How you spend the money is up to you, you could use it for:
Repaying an interest-only mortgage or other debt, although it’s important to think carefully about securing a debt against your home.
Supplementing your pension income and improving your general standard of living, helping you enjoy a better quality of retirement.
Helping a family member to get onto the property ladder, by giving them their inheritance now rather than later on in life.
Is it right for you?
It could make a big difference – whether that’s home improvements, helping family or just enjoying life more. It’s a big decision, and there are many factors to consider. That’s why you can only get a lifetime mortgage through a lifetime mortgage adviser.