Lifetime Mortgages are a type of mortgage that are designed for people aged 55 or over who own their own homes outright. They can be incredibly useful for people who are asset rich and cash poor.

A Lifetime Mortgage provides a means of using the value of your home to provide a lump sum of cash and/or a regularly monthly payment.

There are several types of Lifetime Mortgages available, some without the need for any repayments to be made……………

The increase in demand for equity release products in the UK in recent years underlines the difference between income and wealth.  Most people will have an income of some kind but it may not be sufficient for them to continue with the same standard of living or to meet all of their daily needs in retirement.

The amount you can borrow is determined by your age and the value of your property.

The benefits of a Lifetime Mortgage

• You receive an amount of money to spend on whatever you want
• You keep ownership of your home
• You do not have to make any monthly repayments during the lifetime of the mortgage
• You can move home if you want to as long as the new property meets the conditions of the mortgage
• We only recommend lenders who offer a “no negative equity” guarantee,  this means that you will never have to pay back more than the market value of your home, no matter how long you live our whatever happens to the price of your house

Things to consider

• Interest is charged on the amount you release and is accumulated, which will increase the value of the loan
• A lifetime mortgage is a long term commitment
• It is important to understand that taking out a Lifetime Mortgage will reduce the value in your home and therefore the inheritance you leave.
• You do not pay tax on the amount you release but it may affect your entitlement to tax and means tested benefits

Under FSA regulation it is necessary for those giving advice in this specialist area of business to have an approved qualification.  James and George Collie have 2 specialist advisors who can advise on Lifetime Mortgages, both of whom would be happy to discuss this with you and to carry out a full financial review of your circumstances to ensure that a lifetime mortgage or equity release product is suitable for you.

This is a lifetime mortgage, to understand the features and risks ask for a personalised illustration.

To make an appointment please call Margaret Waite on 01224 563386  or email her on This email address is being protected from spambots. You need JavaScript enabled to view it.