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Can I Buy A House With A Lifetime Mortgage? (Learn How With A Top Guide for 2023)​

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Author Paul Murphy

How To Use A Lifetime Mortgage To Buy A New Home

A lifetime mortgage is a popular way for homeowners to release equity from their property to help finance their retirement or to achieve financial goals. 

Can I Get a Lifetime Mortgage?(Learn How With A Top Tips for 2023)

older couple looking at lifetime mortgages and Equity release on the internet

Author Paul Murphy

A lifetime mortgage provides  homeowners with the facility to release equity from their property to help finance retirement and to achieve financial goals. 

To get a lifetime mortgage, you will need to follow the following steps. 

Can I Use Equity Release to Buy out My Partner?

Author Paul Murphy

Divorce can be one of the most stressful events in your life.

We explore the key financial considerations for couples parting ways and what options may help make the process less stressful.

Equity release can be used to buy out one partner in a jointly owned home.

For the process to work, you must agree a settlement figure, whilst the partner being bought out must agree to have their name removed from the title deeds as the agreement involves being ‘bought out’ of their share of the home.

What Happens When Your Interest-Only Mortgage Ends?

Author Paul Murphy

When your mortgage term is ending, your current mortgage lender will require a repayment plan. Assuming there are no repayment methods available, firstly, they will discuss the option of converting your lending to a repayment mortgage, however this option can prove expensive compared with interest mortgage payments.

Secondly, mortgage lenders will ask you whether you have considered downsizing, and thirdly they may suggest considering a later life mortgage, such as a lifetime mortgage.

Who is the Best Company for Equity Release? (Banks and providers in 2023)

Retired family couple reviewing Equity Release lifetime Mortgage Deals

Author Paul Murphy

As interest in equity release increases, homeowners are keen to understand which banks offer lifetime mortgages and how to access the best deals. 

Not everyone has a full understanding of what equity release is and how to find a company suitable for your needs.

Below we discuss in detail how to find the best company for your equity release needs in 2023.

 

Equity Release and Inheritance Tax (Guide for 2023 plus 6 tips to consider)

Author Paul Murphy

Intergenerational wealth distribution as part of a wider inheritance tax planning strategy is an area where demand for advice is growing, as the longer-term benefits of gifting become more apparent.

The house price gap with younger people effectively being ‘priced out’ of the market also makes a strong case for utilising equity to assist families with home deposits- or other gestures, such as funding grandchildren’s education fees.

Lifetime Mortgages & Martin Lewis' View (2023 Guide)

A senior couple discussing their options for gifting equity release funds to reduce their inheritance tax

Author Paul Murphy

The Money Saving Expert Martin Lewis explains an equity release mortgage lets you access the money tied up in your home, with optional repayments allowed to pay funds back and avoid the interest compounding.

By making repayments to the mortgage this can help reduce the interest effect, depending on the amounts you pay during your lifetime.

If you choose to make no repayments the money you owe plus interest continues to accumulate is only repaid from the sale of your property once it is sold.

Finding a suitable Equity Release Adviser in 2023 (How to get expert advice)

Relaxed senior couple lying on sofa at home using laptop to look at equity release companies.

Author Paul Murphy

As demand for equity release increases, homeowners are looking for expert advice with a company you can trust.  

Lenders require applicants receive advice from a qualified adviser who will discuss all your options including any impact on means tested benefits and will explain the alternative options for consideration before making a recommendation.

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