Use your home
to your advantage
A Lifetime mortgage can release more than
£15,000 tax free
If you are:
A home owner of a house worth over 70K
Based in
UK
Over
55
You could be eligible for lifetime mortgage.
What is a lifetime mortgage?
A lifetime mortgage is the most popular form of equity release. Like other mortgages, you are borrowing money against the value of your home, but you don’t have to make any monthly repayments.
How do lifetime mortgages work?
Step 1
You borrow up to 60% of the value of your home at a fixed or capped
interest rate, with the minimum loan being £15,000.
Step 2
You take the money in one lump sum or in blocks over a period of time.
Step 3
The loan, plus the accumulated interest, is repaid when your home is
eventually sold.
Who can benefit from a Lifetime Mortgage?
A lifetime mortgage is good for anyone who meets the criteria and would like a cash loan for any purpose. Common uses include paying off debt or existing mortgages, supplementing income/pensions, making cash gifts to family members, home improvements and holidays.
What should I bear in mind?
You might not qualify for means-tested benefits anymore.
Your house must be in good condition and maintained to a good standard.
The loan repayment includes interest, and interest levels are high on lifetime mortgages.
If you have any dependents living with you, they will need to move out when you die or move into long-term care and the house has to be sold to repay the loan.