Welcome to Home Equity Release - The Later Life Lending Specialists

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What is a Lifetime Mortgage?

It's a financial arrangement that allows homeowners, typically those who are aged 55 or older, to access some of the equity or value tied up in their homes without having to sell their properties or move. It provides a way for individuals to release cash from their homes.

Why choose a Lifetime Mortgage?

People opt for a Lifetime mortgage in the UK for a variety of reasons. It can help supplement retirement income, finance home improvements, consolidate debt, fund travel and leisure activities, cover healthcare expenses, support family with financial gifts, offer tax benefits, and eliminate the need for monthly repayments. It provides financial flexibility for those aged 55 or older, but individuals should carefully consider its implications and consult with a financial adviser to ensure it aligns with their unique financial goals and circumstances.

Lifetime mortgages are available to UK homeowners who are typically aged 55 or older and meet certain criteria. Applicants must own a property that has a minimum value of £70,000, and it should be their primary residence. They must have the legal capacity to enter into a contract and are required to seek professional financial advice. If there's an existing mortgage or secured loan on the property, it must be repaid using the funds from the plan. Eligibility criteria may vary between providers, so applicants should carefully review and understand the terms of the specific plan they are considering with the help of an independent financial adviser.

Can I Apply?

A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

Your home may be repossessed if you do not keep up contractual repayments on your mortgage.

Visit the FCA’s consumer website for more information - www.moneyhelper.org.uk

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