Lifetime Mortgages

A lifetime mortgage is where you take out a loan secured on your main residence which does not need to be repaid until you die or go into long-term care.   For many people your home is your main asset and equity release/ lifetime mortgages are designed to free up some of the wealth you have tied up in your home whilst enabling you to continue to live in the property.

The minimum age to obtain a lifetime mortgage is typically 55 and the maximum loan is typically around 50% of the property’s value but this is dependant on how old the borrower is at the point of borrowing i.e. your borrowing capacity increases with age.

The two main types of Lifetime Mortgages are:

  • An interest roll-up mortgage.
    You get a lump sum or are paid a regular amount, and get charged interest which is added to the loan. You as the borrower are not expected to make any regular payments. The amount borrowed, including the rolled-up interest, is repaid at the end of your mortgage term when your home is sold.
  • An interest-paying mortgage.
    You get a lump sum and make either monthly or ad-hoc payments. This reduces, or stops, the impact of interest roll-up as the interest is being repaid. Some plans also allow you to pay off capital, if you wish to do so. The amount you borrowed, less any capital repayments made, will be repaid when your home is sold at the end of your mortgage term.

Why choose us?

As Gilbert Stephens Financial Services Limited are Independent we research the ‘whole of market’ to ensure we obtain the best lifetime mortgage deal for you.  Our Advisers have access to the latest research tools which has the widest provider and product coverage in the market. It enables us, as Advisers, to undertake robust and accurate research enabling us to treat our customers fairly by searching the largest range of mortgage lenders.

Please get in touch

E-mail: ku.oc1566262002.sfsn1566262002ehpet1566262002streb1566262002lig@s1566262002f1566262002 or contact one of our team.