Equity Release and Lifetime Mortgages

We offer Lifetime Mortgages from the whole of market from lenders approved by the Equity Release Council. We are also a registered member of the Equity Release Council and offer advice from qualified advisers.

You can use the money for whatever purpose you wish. For example you may wish to pay off an existing interest only mortgage that is due to end, gift money to family, or simply to enhance your lifestyle in retirement.

All of our plans are lifetime mortgages, where you continue to own your property.

For a free, no obligation chat to find out more get in touch. We conduct home visits in the majority of cases for your convenience.

Equity release options

There are two equity release options:

Lifetime mortgage: you take out a mortgage secured on your property provided it is your main residence, while retaining ownership. You can choose to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.

Home reversion: you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. We do not provide advice or recommendations in this area.

Lifetime mortgages

Most people who take out equity release use a “lifetime mortgage”.

Usually you don’t have to make any repayments while you’re alive, interest ‘rolls up’ (unpaid interest is added to the loan).

This means the debt can increase quite quickly over a period of time.

However, some lifetime mortgages do now offer you the option to pay all or some of the interest, and some let you pay off the interest and capital.

In the same way ordinary mortgages vary from lender to lender, so do lifetime mortgages.

When considering a lifetime mortgage, it’s useful to know:

The minimum age at which you can take out a lifetime mortgage. Usually it’s 55. We’re all living longer so the earlier you start the more it is likely to cost in the long run.

The maximum percentage you can borrow.

You can normally borrow up to 60% of the value of your property. How much can be released is dependent on your age and the value of your property. The percentage typically increases according to your age when you take out the lifetime mortgage, while some providers might offer larger sums to those with certain past or present medical conditions.

Interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan.

You have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.

The product has a “no negative equity guarantee”. This means when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.

You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan. Different lifetime mortgage providers might have slightly different thresholds.