Find a Lifetime Mortgage Adviser
If you are looking to find a lifetime mortgage adviser online we can help you compare all lifetime mortgage providers with free initial advice.
Request a free review with our experts at Later Life Finance.
Updated January 2024 -Author Paul Murphy
Later Life Finance Limited.
What are the benefits of working with an independent lifetime mortgage adviser?
If you’re considering releasing some of the equity in your home, obtaining independent lifetime mortgage advice is important to ensure you have a clear picture of all your options.
There are more choices in 2024 for homeowners than ever before, with interest only lifetime mortgages becoming more popular as homeowners demand for later life mortgages grows.
Our lifetime mortgage equity release calculator will help you get started with figures to understand how much equity you can release from your home.
Knowing how much money you can borrow with a lifetime mortgage is one important factor, but understanding the most cost effective way to arrange the plan is equally important.
Our expert advisers will research the entire lifetime mortgage market and explain the benefits of each provider.
For example, a drawdown lifetime mortgage can provide a much more economical method of accessing equity than a lump sum plan.
Arranging voluntary repayments based on your preferred budget can not only transform your finances, it can help preserve more equity for the future.
Lifetime mortgage brokers near you: Finding an expert you can rely on
A good lifetime mortgage broker will provide you with detailed projections of costs, including interest.
For example, arranging voluntary repayments based on your preferred budget can not only transform your finances, it can help preserve more equity for the future.
Finding a lifetime mortgage broker near you is simple with Later Life Finance. We provide telephone, video call and face to face advice.
Taking out a lifetime mortgage is a big step, which takes careful research and planning to ensure the selected route is suitable both in the current the longer-term when calculating how much equity can I release.
The old adage fail to plan, plan to fail is especially relevant when dealing with financial services, and lifetime mortgages.
Dealing with genuine experts will help avoid pitfalls later down the line.
Fully understanding the pros and cons of each option in order to make a balanced decision is one of the most important parts of the process when considering who the best equity release provider is for your requirements.
The old adage fail to plan, plan to fail is especially relevant when dealing with financial services, and lifetime mortgages.
Dealing with genuine experts will help avoid pitfalls later down the line.
Is a lifetime mortgage a good idea?
Modern lifetime mortgages can be a good idea as long as you consider all your options with a qualified equity release adviser.
Considerations of the alternative options is important, and discussing your plans with any beneficiaries is also advisable to ensure there are no suprises later down the line.
Knowing whether a lifetime mortgage is a good idea is dependent on your personal circumstances, plans and goals for the future.
For example, could you downsize instead, or use alternative assets first?
These are important questions which our experts at Later Life Finance will discuss with you to help you navigate the wide range of options available.
Speak to our experts on
0800 2465228
Which banks offer lifetime mortgages?
Lifetime mortgage providers tend to be insurance and pension companies.
Scottish Widows offer lifetime mortgages and the majority of the high street banks refer their customers to specialist lifetime mortgage brokers for expert advice on all your options.
What are the pitfalls of a lifetime mortgage?
If you don’t make any repayments to the mortgage the interest compounds.
The effect of compounding interest will erode the equity in your home over time.
Modern lifetime mortgages allow voluntary repayments to avoid the effect of compound interest again your home.
The other downsize to a lifetime mortgage can be the effect on means tested benefits, however this can be avoided by seeking expert advice with an equity release specialist.
How much equity can i release from my home, and what can you borrow the cash for?
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- Lifetime mortgages allow homeowners over 55 to borrow against your home with the option to make voluntary repayments to preserve more of your equity. (Payments are optional).
- No income or affordability checks to qualify, and takes around 8 weeks to arrange a lifetime mortgage. We have access to the best UK equity release companies to help the process run smoothly with expertise and service.
- The money is repaid at the end of your lifetime from the sale of your home.
- To check your eligibility and how much equity you can release, try our free equity release calculator
- Borrow between 20% and 50% of your home’s value, depending on age; enhanced mortgages available for those health problems.
- Negative equity guarantee for Equity Release Council members, which ensures you and your estate are fully protected. Martin Lewis mentions this when recommending how to safely choose a lifetime mortgage provider.
- Possible to move home and take the lifetime mortgage if moving to a suitable property
- Drawdown plans available to stage the borrowing over the coming years, providing more flexibility
- Get professional advice to understand if a lifetime mortgage is suitable.
Can you be refused a lifetime mortgage?
You could be refused a lifetime mortgage, but this is not as common as with conventional mortgages, which are based on income and affordability criteria.
By dealing with a specialist equity release adviser you will understand the eligibility of lifetime mortgage providers.
Can I sell my property with a lifetime mortgage?
You can still sell your home with a lifetime mortgage in place. You can move and port the mortgage or repay it early, depending on the lenders criteria.
Our experts will help you navigate the options to ensure the scheme is ‘futureproof’ in terms of moving home and repaying the plan if this is important to you.
How long does a lifetime mortgage take to arrange?
The most popular reasons for finding a lifetime mortgage adviser in 2024
Do you pay monthly for a lifetime mortgage?
Lifetime mortgages allow voluntary monthly repayments to be made.
Interest only lifetime mortgages have fixed monthly payments over an agreed term.
The difference between a lifetime mortgage and a normal mortgage is you cannot default on a lifetime mortgage, which means they are more flexible and safer for older homeowners if you wish to reduce or stop the monthly payments you can do.
Get your free lifetime mortgage calculation & book a call back
What is the age limit for a lifetime mortgage?
Who owns the property with a lifetime mortgage?
What are the different types of lifetime mortgages?
Can a lifetime mortgage be paid off early?
Who offers the best lifetime mortgage?
- LV=
- Legal and General
- LiveMore
- More2Life
- OneFamily
- Pure Retirement
- Scottish Widows
- Standard Life.
- Royal London
- Canada Life
- Aviva
- Just
Is there a credit check for a lifetime mortgage?
As part of the application process for a lifetime mortgage, the lender may check your credit report.
Since lifetime mortgages do not have mandatory repayments, any missed payments on credit are not necessarily an issue for lending.
If you have any defaults or CCJ’s on your credit agreements, the lender may require these to be settled.
Any secured lending must be settled as part of the agreement as a lifetime mortgage is the first legal charge on the property.
Book a free, no obligation discovery call with our expert lifetime mortgage advisers
Can I get a lifetime mortgage?
How do you qualify for a lifetime mortgage? Lets look at the criteria:
Age: A common question is what is a lifetime mortgage for the over 60s. Most lifetime mortgage providers require borrowers to be aged 55 as a minimum.
Property Ownership: You must own a property, which will serve as the security for the lifetime mortgage company
Property Value: The value of your property and the age of the younger homeowner will be a key factor in determining how much you can borrow.
Property Type: Different lenders have varying criteria regarding the types of properties they accept, standard construction residential houses or flats are acceptable.
Outstanding Mortgage: If you have an existing mortgage on the property, you need to repay it. You can use the funds from the lifetime mortgage to clear the existing mortgage on completion.
Health and Lifestyle: Some lenders offer enhanced lifetime mortgages for individuals with certain health conditions or lifestyle factors that may impact life expectancy.
Independent Financial Advice: It is essential to seek advice from an independent financial advisor who specialises in equity release and lifetime mortgages. Later Life Finance assess your specific circumstances and guide you on whether a lifetime mortgage is a suitable option for your needs.
What are the pitfalls of a lifetime mortgage?
What are the pitfalls of a lifetime mortgage to consider?
- A lifetime mortgage (unlike a regular mortgage) charges compound interest. This means If you don’t choose to repay the interest at regular intervals, the sum will compound and grow. This means at around 5 per cent interest, the amount you owe would double every 15 years due to the compound interest
- Means tested benefits- It’s crucial to check entitlement to any means tested benefits as these can be affected by having cash raised from a lifetime mortgage
- Inheritance-The amount you leave your beneficiaries will be reduced. This depends on whether you make voluntary repayments or not, and whether you take the cash as a large lump sum or drawdown payments.
Summary
Our expert lifetime mortgage advisers will review the whole market to source you the best deal.
Our expert equity release advisers will provide detailed interest projections and illustrations for your consideration.
Your adviser will check if an equity release product is suitable and explain how much equity you are eligible for and compare the market to ensure you secure the best solution.
They will also explain how the lifetime mortgage interest may affect the remaining equity in your home and they should recommend you discuss your plans with any family members, if appropriate.
To find out how much equity you can borrow with a lifetime mortgage, request a call back for a detailed illustration.