Lifetime Mortgage Broker: How To Source Exclusive Deals
Specialist lifetime mortgage broker Later Life Finance source and arrange equity release mortgages secured against your home, which enable you to release tax-free cash without needing to move home
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Pages
- Later Life Finance Frequently asked questions
- Free Guide
- Equity release Deals
- Our Customers – Copy
- Equity Release Advice
- The Pros & Cons Of Equity Release | What’s The Catch in 2024?
- Unencumbered Mortgages – Remortgage Your Tax Free Equity
- Equity Release Interest Rates
- Book an appointment with a Later Life Mortgage Expert
- Equity Release & Inheritance Tax
- Privacy Policy
- Later Life Mortgages: The Ultimate Guide For 2024
- Natwest Retirement Interest Only Mortgages For Over 60 & 70
- Lifetime Mortgage Broker: What are Lifetime Mortgages?
- Equity Release Interest Only Lifetime Mortgages
- Is a Lifetime Mortgage The Same as Equity Release?
- Compare Lifetime Mortgage Providers in 2024 (+ Exclusive Deals)
- Lifetime Mortgage Calculator
- Lifetime Mortgage Reviews: Who is best in 2024?
- How Much Can I Borrow On A Lifetime Mortgage in 2024?
- Lifetime Mortgages For Over 60s
- Find a Lifetime Mortgage Adviser
- Mortgages For Over 70s: Discover Your Financial Freedom
- Mortgages For Older Borrowers:Flexible Solutions in Later Life
- Lloyds Retirement Interest Only Mortgages For Over 60 & 70
- Santander Retirement Interest Only Mortgages For Over 60 & 70
- Later Life Mortgage Interest Rates: Best deals in 2024
- Halifax Retirement Interest Only Mortgages For Over 60s & 70s
- Barclays Retirement Interest Only Mortgages For Over 60 & 70
- Who are Later Life Finance?
- Top 10 Best Equity Release Companies in 2024
- Equity Release Calculator: How Much Equity Can You Take Out?
- Contact Us
- Equity Release Comparison
- Later Life Finance Equity Release Experts
- Equity Release & Lifetime Mortgage Guide
- Equity Release Lifetime Mortgage Blog
- Free Inheritance Tax Guide
- Thank you
- Download Our Later Life Finance Guide
- Download Our Later Life Finance Inheritance Tax Guide
- Our Customers
- Remortgaging to release equity from your home
- Customer Testimonials
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Updated January 2024
Author Paul Murphy at Later Life Finance Ltd
Using a lifetime mortgage broker
As a whole of market, independent lifetime mortgage broker, Later Life Finance can source plans from the entire market to secure you the best possible deal.
Use our lifetime mortgage calculator to get started with access to the best deals and the new range of interest only lifetime mortgages.
We also have access to exclusive plans, interest only lifetime mortgages and can provide a side by side analysis of interest rates and monthly payment options.
What are lifetime mortgages?
A lifetime mortgage is the most popular type of equity release, a later life mortgage secured against your home which enables you to release tax-free cash.
Lifetime mortgages are available to homeowners aged 55 or over, and you keep full home ownership for your lifetime.
You can take the money as a lump sum or in stages, known as a drawdown reserve facility. There’s nothing to repay until you die or move permanently into long-term care, which means the last surviving homeowner for joint cases.
If you choose to make repayments, you can pay off some or all of the interest, which would reduce the amount of interest added over the life of the mortgage and reduce the amount you’ll owe in the end.
Whether you’re looking to pay off an existing mortgage, make some essential home improvements, or gift money to a family member, a lifetime mortgage could help. You can get a lifetime mortgage quote with our experts at Later Life Finance who will compare the whole market for you.
We also explore what percentage you can borrow with a lifetime mortgage
and compare over 60s lifetime mortgages from the whole market to help you source the best mortgage solution for your needs.
How to apply for a lifetime mortgage
Applying for a lifetime mortgage starts with discussing your options with a specialist lifetime mortgage broker such as Later Life Finance.
We spend time to understand your dreams, aspirations, fears and doubts.
Our advisers have many years of expertise and a depth of knowledge to help you navigate your options with a genuine level of care and compassion for your best interests.
We compare lifetime mortgage interest rates from the whole market to source you the best deal from the best lifetime mortgage providers in the market.
Once you’ve review your options and if a lifetime mortgage is deemed the best option, we will arrange your lifetime mortgage application and deal with your lender and solicitor and guide you through the process.
How long does a lifetime mortgage application take?
A lifetime mortgage application usually takes between 6 and 10 weeks in total, depending on whether there are any legal aspects to deal with such as title changes.
Retirement lifetime mortgages
A retirement lifetime mortgage is a long-term loan secured against a borrower’s home, allowing you to access a portion of your home’s value.
These popular mortgages for the over 70’s offer a wide range of options in later life.
- If moving home isn’t on the cards for health, sentimental, family or other reasons, a lifetime mortgage can provide a valuable solution for homeowners in later life.
- To be eligible, you need to be over 55 years old and own a property in good condition that is also your main residence.
- Any existing mortgage on your home will need to be repaid from the money borrowed.
- Our lifetime mortgage calculator is free and provides instant results to help you get started.
Lifetime mortgage schemes come with a negative equity guarantee, ensuring that the debt will never exceed the value of your home.
This comes under the equity release council codes of conduct protection for homeowners.
Intrigued? Let’s delve deeper into the options available.
Lifetime mortgages explained: An overview
Lifetime mortgage schemes have become increasingly popular among homeowners aged 55 and over.
They offer a way to access funds tied up in property without the burden of monthly repayments. But before diving in, it’s crucial to understand how the mortgages work, equity release interest rates, and the potential impact on your financial future.
We explore the lifetime mortgage and answer key questions:
Understanding your lifetime mortgage options such as how much you can borrow and the plan options is key before taking the plunge. Our experts can help you with this and have access to the best equity release companies.
Taking out a lifetime mortgage can have an impact on both inheritance and benefits, so research carefully before proceeding.
Seek professional advice on equity release for finding the best lifetime mortgage that suits your needs in 2023!
- Drawdown lifetime mortgages allow you to stage the borrowing over a longer timeframe which reduces the amount of interest charged on the money borrowed.
Lifetime mortgages VS equity release: Examples
Lifetime mortgages are the most popular type of equity release.
Comparing quotes with a broker ensures you get the real picture of what’s available to you.
Whether you want the lowest interest rate or the greatest flexibility for the future, quotations from several lenders can help you decide what’s right for you.
Later Life Finance compare the best lifetime mortgage companies from across the whole market to find you the best deals and quotes to help you find the correct scheme for your needs.
Lifetime mortgage quotes to find the best deals
It’s important to get a lifetime mortgage quote from the full range of lifetime mortgage lenders in the marketplace.
Comparing quotes with a broker ensures you get the real picture of what’s available to you when researching how much you can borrow on a lifetime mortgage.
Whether you want the best lifetime mortgage interest rate or the greatest flexibility for the future, quotations from several lenders can help you decide what’s right for you.
Later Life Finance compare lenders across the whole market to find you the best deals and quotes to help you find the correct scheme for your needs.
What are my options with lifetime mortgages rates?
Lifetime mortgage Interest rates are fixed for your lifetime on the money released.
For example, a lump sum lifetime mortgage will have the interest rate fixed for life from the outset.
When you are ready to compare the market for lifetime mortgages we can source the complete range of lenders available.
A drawdown lifetime mortgage will have the interest rate at the time of borrowing.
You can make voluntary repayments to help reduce the interest costs, and you can pay up to 10% of the amounts borrowed per year with most lenders.
Who offers the best lifetime mortgage interest rates?
The best interest rates are dependent on several factors, such as sum borrowed, lump sum or drawdown plan, and whether you want flexibility later on to move and repay the mortgage, which you can do.
Later Life Finance review interest rates from all lifetime mortgage lenders to find the best interest rate for your requirements.
The percentage of borrowing, whether you take a lump sum lifetime mortgage or a drawdown plan, or require fixed exit fees for early repayment, for example.
Are lifetime mortgages from Santander competitive?
Santander offer a range of lifetime and retirement interest only mortgages from Legal & General.
If you want to compare all your options from each lender available, a broker service will help you to find the best solution from the whole market.
This is including Legal & General plus the rest of the wider marketplace for a full lender quotation and comparison service.
Later Life Finance limited are a specialist lifetime mortgage broker authorised and regulated by the financial conduct authority (FCA). As experts in later life mortgages we review the world of the lifetime mortgage and the important points to consider when deciding whether it is right for you. Access our free equity release cost calculator for more figures.
How does a lifetime mortgage compare with typical mortgages, and which option is more suitable? We review and compare to ensure you find the best deal for you.
Lifetime mortgages from Nationwide
Nationwide offer a range of retirement interest only mortgages.
The Nationwide range of plans available are very good, however if you want to compare all your options from each lender available, a broker service will help you to find the best solution from the whole market.
Later Life Finance limited are a specialist lifetime mortgage broker authorised and regulated by the financial conduct authority (FCA). As experts in later life mortgages we review the world of the lifetime mortgage and the important points to consider when deciding whether it is right for you. Access our free equity release cost calculator for more figures.
How does a lifetime mortgage compare with typical mortgages, and which option is more suitable? We review and compare to ensure you find the best deal for you.
How good are Aviva lifetime mortgages?
Aviva offer lump sum, drawdown and enhanced lifetime mortgages.
The Aviva range of plans available are very good, however if you want to compare all your options from each lender available, a broker service will help you to find the best solution from the whole market.
Later Life Finance limited are a specialist lifetime mortgage broker authorised and regulated by the financial conduct authority (FCA). As experts in later life mortgages we review the world of the lifetime mortgage and the important points to consider when deciding whether it is right for you. Access our free equity release cost calculator for more figures.
How does a lifetime mortgage compare with typical mortgages, and which option is more suitable? We review and compare to ensure you find the best deal for you.
Let’s explore further…
How does a lifetime mortgage work?
Lifetime mortgages work by allowing homeowners to borrow a portion of their property’s value, with interest accruing over time and repaid upon death or moving into long-term care. If no voluntary repayments are made, the compounding interest can grow rapidly, so it’s essential to be aware of the total amount that will need to be repaid in the future.
Drawdown lifetime mortgages allow you to stage the borrowing over a longer timeframe which reduces the amount of interest charged on the money borrowed.
What does Martin lewis think of lifetime mortgages?
Martin Lewis recommends anyone with an existing lifetime mortgage should check if they are eligible for a more competitive interest rate, and how much equity can you can release.
The money saving expert says if you are looking for a lifetime mortgage equity release calculator, ensure you work with an independent company who is registered with the equity release council.
Later Life Finance are independent experts and members of the equity release council.
To compare the top 10 equity release companies, we have reviewed and listed the best lifetime mortgage providers to help you compare your options, including lender features, such as downsizing protection, voluntary repayments and more.
What is best equity release or lifetime mortgage?
Equity release vs lifetime mortgage? What’s best for your requirements?
A lifetime mortgage is the most common type of equity release, what’s best for you depends on your current and longer term plans.
For example, you may plan to move home in the future, or you may wish to pay the mortgage off early.
Our expert lifetime mortgage advisers will review the whole lifetime mortgage market to find the best solution based on your requirements.
How much equity can i borrow with a lifetime mortgage?
The amount you can borrow on a lifetime mortgage, also known as an equity release mortgage, depends on various factors such as your age, health, the value and type of property you live in, and the lending criteria of the provider.
The maximum loan-to-value on a lifetime mortgage is based on the age of the youngest homeowner.
From age 55 you could release around 22% and this increases each year by 1% up to around 50% at age 80.
For example, a 60 year old could release around 29%, a 70 year old could release around 40% and an 80 year old could release around 50%.
To receive a personalised illustration get in touch with us or request an instant equity release calculation.
With lifetime mortgages there’s nothing to repay until you die or move permanently into long-term care. If you want to make payments and have the financial means, you can choose to pay off some or all of the monthly interest, or make ad hoc lump sum payments to the mortgage.
What is a lifetime mortgage for the over 60s?
Lifetime mortgages for the over 60’s are designed with greater flexibility in later life, with retirement and income options to help homeowners design their ideal lifestyle.
Using a lifetime mortgage, the over 60’s can enjoy tax free equity with flexible lifetime mortgages and enhance retirement years with financial security.
Lifetime mortgages for pensioners: Financial freedom in later life
Lifetime mortgages for pensioners are flexible to provide a good range of options in later life.
State pension is not affected by lifetime mortgages however equity release can impact on means tested benefits.
Our expert advisers will discuss and review your options to ensure you are in the best position to make an informed decision on releasing funds from your home.
Home reversion plan VS Lifetime mortgages
What’s best, taking a lifetime mortgage or selling a percentage of your home with a home reversion plan?
A home reversion plan involves selling a percentage of your home to a home reversion company, which means that you will no longer own the percentage of your home you’ve sold.
With a lifetime mortgage, you retain ownership of your property and repay the amount borrowed plus interest when the mortgage is repaid.
Modern lifetime mortgages allow interest to be repaid monthly or ad-hoc, to help preserve more equity in your home.
Lifetime mortgages are based on your age and the property value, meaning your age dictates the percentage of borrowing available.
Which banks offer lifetime mortgages?
Banks don’t directly offer equity release as they are specialist lifetime mortgages which require longer term funding models for older homeowners.
Later Life Finance provide an independent broker service to review all your lifetime mortgage options across the whole market.
What are the pitfalls of a lifetime mortgage?
The main disadvantage of a lifetime mortgage is the amount borrowed incurs compound interest.
Compound interest is where you pay interest on the original loan amount, plus the interest that’s already been added to the loan.
A lifetime mortgage isn’t normally repaid until you die or go into long term care, the amount owed could grow rapidly over the years.
Modern lifetime mortgages allow repayments to avoid or reduce the effect of interest on your home.
What is the criteria for a lifetime mortgage?
When considering criteria for lifetime mortgages, they are available to homeowners aged 55 or over. You can take the equity as a lump sum or as series of lump sums known as a drawdown lifetime mortgage.
To qualify for the lending criteria, homeowners over 55 must have a standard construction home with sufficient equity in your to raise with a lifetime mortgage.
Lifetime mortgages for over 65s
Lifetime mortgages are available for over 65’s can help enhance retirement years with financial security.
The mortgages are designed for retirement years with extra flexibility for repayment options, and without a fixed term for financial security in later life.
For expert advice on all your options Later Life Finance will review the whole market to source the best deals.
Can you pay off a Lifetime Mortgage early?
Yes, early repayment of a lifetime mortgage is possible, but keep in mind that you may be charged fees depending on the provider and plan. It’s essential to understand any potential early repayment fees before proceeding with a lifetime mortgage.
How much do you pay back with a lifetime mortgage?
Compound interest means the sum borrowed will accumulate over time and cause the sum borrowed to double in around 10 years.
Due to this effect, voluntary interest repayments are popular with homeowners looking to unlock their equity without having to lose it all to effects of compound interest accruing.
For example, if the interest is repaid on a lifetime mortgage each month, this will stop any compound interest being applied to the mortgage meaning they can be run in a similar fashion to an interest only mortgage.
Since the repayments are voluntary, there is no risk of default with a lifetime mortgage, making the plans much safer in retirement years for homeowners.
For example, in a joint ownership structure, if one homeowner passes away the survivor could opt to stop or reduce the voluntary repayments when their income reduces as a result of losing their partner.
The flexibility makes the lifetime mortgage a safe and acceptable solution to consider when raising cash from your home.
Are LV lifetime mortgages worth considering?
Liverpool Victoria offer lump sum and drawdown lifetime mortgages.
The LV range of plans available are very good, however if you want to compare all your options from each lender available, a broker service will help you to find the best solution from the whole market.
Later Life Finance limited are a specialist lifetime mortgage broker authorised and regulated by the financial conduct authority (FCA). As experts in later life mortgages we review the world of the lifetime mortgage and the important points to consider when deciding whether it is right for you. Access our free equity release cost calculator for more figures.
How does a lifetime mortgage compare with typical mortgages, and which option is more suitable? We review and compare to ensure you find the best deal for you.
Do Barclays offer lifetime mortgages?
Barclays don’t offer lifetime mortgages.
If you want to compare all your options from each lender available, a broker service will help you to find the best solution from the whole market.
Later Life Finance review and compare to ensure you find the best deal for you.
Lifetime mortgage rates
Lifetime mortgage interest rates vary across the market, with current average rates around 6.3%.
The interest rate you’ll receive on a lifetime mortgage depends on several factors, such as the amount you want to borrow and the type of plan you choose. Other factors like your age, property value, and loan-to-value ratio also come into play when determining the interest rate.
What is a lifetime mortgage plan?
A lifetime mortgage plan is the scheme your adviser recommends based on your circumstances.
As mentioned earlier, factors such as the borrower’s age, property value and type, health and loan-to-value ratio affect lifetime mortgage rates. Understanding these factors can help you choose the right mortgage and secure the best possible rate.
Our expert advisers will leave no stone unturned when it comes to sourcing the best plan for your specific circumstances.
Enhanced lifetime mortgages
The borrower’s age and health plays a significant role in calculating the interest rate on a lifetime mortgage.
Any health issues can provide access to enhanced terms, potentially providing a higher level of borrowing, although this can also come with higher interest rates too.
How long does equity release take to arrange?
An equity release application usually takes between 6 and 10 weeks in total, depending on whether there are any legal aspects to deal with such as title changes.
What are the downsides of a lifetime mortgage?
Some drawbacks of lifetime mortgages are
- The interest payable can increase the total amount owed quickly over time.
- Although you can make repayments to reduce or avoid the effect of interest, If you choose not to repay anything until you die or move permanently into long-term care, the compounded interest will increase over time.
- Means tested benefits can be affected by equity release
- You will have less equity in your home for downsizing later on, although plans are portable to allow you to move home
Types of Lifetime Mortgages
Different types of lifetime mortgages offer varying interest rates and repayment options, such as lump sum, drawdown, and interest-only mortgages. Understanding these types can help you choose the best option for your needs.
Let’s explore each type in more detail.
Lump Sum Lifetime Mortgages
Lump sum lifetime mortgages provide a single payment, with interest accruing over time if you do not make any voluntary repayments to the plan.
This type of mortgage allows you to access a large sum of money at once, based on your age and the property value.
Our expert advisers will also consider whether a drawdown lifetime mortgage may be more suitable.
Drawdown Lifetime Mortgages
Drawdown lifetime mortgages offer more flexibility, allowing borrowers to access funds as needed, with interest only charged on withdrawn amounts. This type of mortgage can be an attractive option for those who want to access funds gradually while minimising interest charges.
The funds in the drawdown (or reserve facility) are charged at the prevailing interest rate at the time of borrowing, which makes this option an efficient route compared with taking the funds in one lump sum.
Interest only lifetime mortgage
Interest-only lifetime mortgages require monthly interest payments, keeping the loan balance constant.
This type of mortgage can help homeowners protect a larger portion of their property for inheritance or maintain a steady loan balance.
The advantage of an interest only lifetime mortgage is the payments are voluntary and can be rolled up, which protects homeowners from defaulting on the mortgage in the event payments were stopped for any reason. This can be beneficial in the event of either spouse passing away or going into long term care, and protects the surviving homeowner.
Consider whether making monthly interest payments aligns with your financial goals and capabilities.
Top lifetime mortgages providers in 2023
In 2023, top lifetime mortgage providers offer lifetime mortgages with competitive rates, flexible terms, and exceptional customer service for enhanced lifetime mortgages.
Let’s take a closer look at some of the best providers in the market.
Legal & General Lifetime Mortgages
Legal & General are known for their exceptional customer service and as they funds their own mortgages, they make fast decisions and are flexible. Applications can only be made through independent financial advisers, ensuring that borrowers receive personalised guidance from qualified professionals.
This ensures that customers receive the best advice and guidance when making decisions about their retirement plans. Legal & General also offer a wide range of later life mortgages making it an attractive option for finding the best solution for your needs.
Legal & General are a member of the Equity Release Council. To explore your options further, consider using a free equity release calculator.
Aviva Lifetime Mortgages
Legal & General are known for their exceptional customer service and as they funds their own mortgages, they make fast decisions and are flexible. Applications can only be made through independent financial advisers, ensuring that borrowers receive personalised guidance from qualified professionals.
This ensures that customers receive the best advice and guidance when making decisions about their retirement plans. Legal & General also offer a wide range of later life mortgages making it an attractive option for finding the best solution for your needs.
Legal & General are a member of the Equity Release Council. To explore your options further, consider using a free equity release calculator.
More to Life Lifetime Mortgages
More 2 Life offers flexible lifetime mortgage plans from several funders providing borrowers with access to a wide range of solutions available through your equity release adviser.
it’s worth noting that More 2 Life is a member of the Equity Release Council. To explore your options further, consider using our free equity release calculator.
Canada Life Lifetime Mortgages
Canada Life offers flexible lifetime mortgage plans and also provide downsizing protection, allowing borrowers to switch to a smaller property and pay off their lifetime mortgage without extra fees.
This means that borrowers can move to a smaller property without having to pay additional fees or charges. This is a great benefit for those who may need to downsize in the future, and
Standard Life Lifetime Mortgages
Standard Life offer some of the most competitive lifetime mortgages in the market. With tapered early repayment charges their plans offer a good level of flexibility for homeowners.
Tips for choosing the best lifetime mortgage
Choosing the best lifetime mortgage involves assessing your personal needs, comparing rates and terms from various providers, and seeking professional advice from a financial advisor.
Let’s break down these tips to help you find the best lifetime mortgage for your unique situation.
Assess your needs
Before selecting a lifetime mortgage, consider your financial needs and goals. What do you want to achieve with the equity release? Are you looking for a lump sum to cover a significant expense, or would you prefer a drawdown mortgage for ongoing expenses?
Understanding your needs will help you narrow down the most suitable mortgage options.
Compare rates and terms
Take the time to compare interest rates, fees, and terms from multiple providers to find the best fit for your needs. Consider factors such as early repayment charges and any additional fees that may apply.
Comparing rates and terms will help you secure the most favorable lifetime mortgage for your situation.
Seek professional advice
Consulting a financial advisor for personalised guidance on choosing the right lifetime mortgage is crucial.
Our experienced professional can help you navigate the different products, assess your needs, and find the best plan with the most competitive interest rates and features.
Don’t underestimate the value of expert advice in finding the perfect lifetime mortgage.
Impact of lifetime mortgages on inheritance & benefits
Lifetime mortgages can impact inheritance and means-tested benefits, so it’s important to consider these factors before taking out a loan.
Let’s explore the potential effects of lifetime mortgages on both inheritance and benefit eligibility.
Inheritance considerations
Lifetime mortgages may reduce the value of an estate, affecting inheritance for beneficiaries. However, some lifetime mortgages, such as interest-only mortgages, allow monthly interest payments, which can help preserve the equity in the property.
Consider the potential impact on your estate and discuss your options with a financial advisor.
Effects on means tested benefits
Borrowing through a lifetime mortgage can affect eligibility for means-tested benefits. The cash you receive could increase your savings and capital to a level that exceeds the eligibility threshold.
It’s essential to understand the potential impact on your benefits before proceeding with a lifetime mortgage.
Downsizing protection
Some lenders provide a beneficial feature called downsizing protection, which grants you the ability to repay your equity release early without incurring any early repayment charges when you relocate to a new home.
Should I take a lump sum or a drawdown plan?
The decision between a lump sum or drawdown lifetime mortgage should be based on your specific needs and requirements.
Opting for a drawdown lifetime mortgage can offer certain advantages, which include:
Interest is applied only to the amount withdrawn, rather than the entire approved loan. This can potentially save you money on interest charges.
Drawdown allows you to plan and budget for specific projects and your retirement more effectively, as you have the flexibility to access funds as needed.
By choosing a drawdown lifetime mortgage, you may be able to maintain eligibility for means-tested benefits, as you have control over the amount and timing of the withdrawals.
Ultimately, it is important to carefully consider your individual circumstances and seek professional advice to determine which option, lump sum or drawdown, aligns best with your financial goals and requirements.
Summary
There are many factors to discuss when considering whether a lifetime mortgage broker.
Various aspects of equity release, including the option to transfer a lifetime mortgage to a new property, the protection against negative equity, considerations for early repayment, and the choice between a lump sum or drawdown lifetime mortgage are all important factors to consider when exploring equity release.
Later Life Finance provide a comprehensive review of all your equity release options. Our expert advisers provide detailed illustrations and projections to assist you with understanding the effect of raising money from your home on your estate.
We provide professional insight into how to manage the optional interest payments, and how this will affect your estate in comparison with making no payments.
- Lifetime mortgages allow homeowners over 55 to borrow against their property. With optional repayments the mortgage is settled when the homeowners pass away or go into long term care.
- Voluntary repayments mean compound interest can be avoided or reduced to help preserve more equity for your beneficiaries, or for downsizing and settling the mortgage and buying another home.
- No negative equity guarantee for Equity Release Council members ensures you will never owe more than your home’s sale proceeds; protecting you and your family.
- Possible to port (move) the lifetime mortgage when moving to a suitable property, or sell property and repay debt with sale proceeds (subject to exit fee’s)
- Downsizing protection to repay without any exit fees if you move home and settle early
- Access professional equity release advice with Later Life Finance. We help you determine if a lifetime mortgage suits your needs and review lump sum or drawdown options, voluntary repayments and exit fees.