top of page
Lifetime Mortgage Broker Kent London

MORTGAGE BROKER IN KENT, LONDON & SOUTH EAST

LIFETIME MORTGAGES

​A Lifetime mortgage is a type of equity release product designed for older homeowners. It allows them to borrow against the value of their home without having to make monthly repayments. The loan and accumulated interest are typically repaid from the sale of the property when the borrower dies or moves into long-term care.

Key Features

Equity release for homeowners 55+

No monthly repayments required

Loan repaid when owner dies or moves to care

Reduces inheritance for beneficiaries

Interest compounds over time

Lifetime Mortgage Broker Kent London

Want to know more about Lifetime Mortgages? Speak to an expert today.

 What Is A Lifetime Mortgage?

A Lifetime mortgage is a type of equity release product designed for older homeowners. It allows them to borrow against the value of their home without having to make monthly repayments. The loan and accumulated interest are typically repaid from the sale of the property when the borrower dies or moves into long-term care. Learn more with our Lifetime Mortgage FAQs >

Who Is A Lifetime Mortgage For?

Lifetime mortgages are typically suitable for:

Homeowners aged 55 and over (some lenders require a higher minimum age)

Those with significant equity in their property or owned outright

Individuals looking to supplement retirement income or fund major expenses

People who want to remain in their homes while accessing their property wealth

What Are The Advantages Of Lifetime Mortgages?

No need for monthly repayments, ability to stay in your home

Option to receive a lump sum or regular payments, potential to ring-fence a portion of the property value for inheritance

Regulated by the Financial Conduct Authority (FCA), "No negative equity guarantee" ensures you never owe more than your home's value

What Are The Disadvantages Of Lifetime Mortgages?

Reduces the value of your estate and inheritance for beneficiaries

Interest compounds over time, potentially growing significantly

May affect eligibility for means-tested benefits

Early repayment charges can be substantial if you decide to repay the loan early, limits future options for moving or downsizing

Examples Of Where Lifetime Mortgages Can Be Used

The scenarios where a bridging loan can be used are varied but include:

Supplementing retirement income, funding home improvements or adaptations

Paying off an existing mortgage or debts

Helping family members (e.g., with house deposits or education costs)

Funding long-term care needs, purchasing a holiday home or funding travel, inheritance tax planning

It's crucial to note that Lifetime mortgages are a significant financial decision with long-term implications. They should be considered carefully, preferably with input from family members and independent financial advisers. The impact on tax position, benefits entitlement, and inheritance should all be thoroughly evaluated before proceeding with a Lifetime mortgage.

Process And Documentation Required For Lifetime Mortgages

Initial consultation with a qualified equity release adviser

Property valuation

Proof of age and identity

Details of any existing mortgages or secured loans

Information about the property (e.g., lease details for leasehold properties)

Confirmation of buildings insurance

Discussion and documentation of your long-term care plans

Involvement of a solicitor to provide independent legal advice

Mortgage Broker Kent London

DO YOU HAVE A LIFETIME MORTGAGE THAT YOU WOULD LIKE PERSONALISED ADVICE ON?

Get in touch with us or book a call to discuss in more detail.

bottom of page