Lifetime Mortgages

Independent Lifetime Mortgage Specialists

We are completely independent brokers who specialise in providing lifetime mortgages.

We will take as much time as required to fully understand your individual requirements and circumstances, so that we are able to provide you with the lifetime mortgage facility that best suits your requirements.

Our lifetime mortgages take into consideration the following requirements:

• Moving home – Downsizing or upsizing
• Home improvements to current home
• Initial large cash release
• Future large cash releases
• Repaying existing mortgages, finance facilities and other debts
• Small regular releases to boost current annual or monthly income
• Future sale of property in order to move home

Why use us?

• Access to all equity release companies - We provide the most competitive lifetime mortgages.

• Specialist equity release brokers - Jerry has considerable experience providing lifetime mortgages. They are always fully up to date with the lifetime mortgage market and the goings on within the industry. You can rest assured that no other team is as well informed!

• Free advice and no broker fees - We do not charge a broker fee for arranging lifetime mortgages.

• Friendly service - Nothing is too much trouble. If equity release is unsuitable for you then we can look at other options such as mortgages for over 60s and Retirement Interest Only Mortgages.

• We are finance specialists, not salespeople - You call us when you are ready, we will not be making any sales calls to you. No pressure whatsoever!

Our Equity Release Specialist - Jerry Matthews

With 35 years’ experience in the finance sector, Jerry has a wealth of expertise and specialises in lifetime mortgages and bridging finance.

Jerry focuses on providing professional and friendly advice on the best lifetime mortgage options available in the market to meet your specific needs.

Our Process

First Stage - We will ask each other questions

• We want to know all about your individual circumstances, requirements and what you are looking to achieve now and for the long term.

• We will thoroughly answer all the questions that you have

• We will provide details of the most competitive options that best suit your requirements

• Speak to your family, friends, ask for professional advice and ask ourselves any further questions that you may have.

Second Stage - Preparing and submitting your application

• If you want to proceed with one of the options, we will keep it simple and prepare all the paperwork for you.

• After submitting your application to a lender, they may require a valuation of the security property.

• Once a mortgage offer has been produced your solicitor will call for funds and complete in a similar way as they would a re-mortgage.

Third and Final Stage - All done

• We are here to help with any future questions or requirements.

Is a lifetime mortgage the right option for you?

If you’re over 55 and looking for a way to boost your retirement income, clear debts or to update and refurbish your property then an equity release lifetime mortgage could be the answer.

What can I use a lifetime mortgage for?

There are many ways that a lifetime mortgage can be used. We have arranged lifetime mortgages for homeowners for all sorts of reasons, for example:

• Funding home improvements for a more comfortable retirement.
• Buying a new home – you don’t have to stay in your current home.
• Freeing up some cash to top up your income - now that there is time to do all the things you have dreamed of for a while, you may need more disposable income.
• Paying off your mortgage. You can increase your disposable income by removing the need for monthly payments.
• Purchase property, including holiday homes.
• Buying a new car, campervan, caravan, electric or motor bike, or even a boat to enjoy in your retirement.
• Going on the holiday of a lifetime.
• Paying for private care.
• Purchasing mobility equipment or aids to help you remain living independently in your own home, such as a stairlift, walk-in shower or mobility scooter.
• Helping your children onto the property ladder - now we are living longer, not everyone wants to leave an inheritance when they die as they want to help their children purchase a property before they get close to retiring themselves.
• Helping family financially, such as supporting them to pay off an ex-partner as part of divorce settlement.
• Paying off an interest only mortgage, where the original exit plan isn’t enough to cover the full value of the loan.
• Clearing debts – you can release fund to pay off expensive credit cards or loans and reduce your monthly outgoings.

Are lifetime mortgages safe?

Some people worry it is not safe due to fears of leaving loved ones in a financial mess if the property ends up in negative equity.

You can be assured that we only use lenders that are members of the Equity Release Council, meaning they have to meet certain standards.

One of those standards is called a ‘No Negative Equity Guarantee’, meaning that if the amount owed exceeds the eventual sale price of the property, the lender will write off the remaining debt and your family will not be liable.

Other concerns surround the cost of the products, however the rates have become much more competitive in recent years. The terms are also more flexible with regards to being able to make payments in order to keep the debt down.

What are the benefits of equity release with a Lifetime mortgage?

• Access a tax-free lump sum from equity tied up in your property
• Use the money for any purpose, from boosting your retirement income to renovating your home, moving home or clearing debts
• Release funds from your own home, a second home or an investment property
• Roll up interest plans with no monthly repayments needed
• Drawdown the funds as and when you need them with a flexible drawdown plan
• Reduce interest charges with a voluntary or optional repayment plan
• Fixed interest rates giving you peace of mind and certainty on how much you will owe.

What are the pitfalls of a lifetime mortgage?

If you wanted to move house, you can repay the loan when you sell the property if the loan is no longer required. However, if you did not want to repay the loan and wanted to take it with you, the new property would need to be suitable security.

There would need to be a new valuation and there are other fees to consider, such as legal costs. If you move to a home of lower value, they may want a partial repayment of the loan to ensure the arrangement still meets their acceptable lending criteria.

Your eligibility to receive state benefits and grants may be affected, although this is something that Jerry will consider when assessing whether or not Equity Release is suitable for you.