Lifetime Mortgages

A lifetime mortgage allows homeowners over the age of 55 to borrow money secured against their property, tax free whilst continuing to live in their home. The mortgage will not have to be repaid in full until you sell the property, move into full time care or die.

Monthly payments can be made in order to reduce the impact of compound interest and there are products available allowing a smaller lump sum to be taken upfront, with a larger reserve facility meaning that interest is only paid on the initial amount borrowed to begin with.

Interest can also be ‘rolled up’ should a customer not wish to make payments.

A Retirement Interest Only mortgage (ROI) is an another option where you borrow against your home. You pay the interest on the full amount of the loan at an agreed level each month, meaning that the interest does not 'roll up' as it is consistently being paid.  The loan, without additional interest is repaid in full when the property is sold when you move into full time care or die.

A fully advised sales process will be undertaken to review your circumstances in detail and explore alternative options to make sure this is the correct advice for you.  We encourage family involvement to assist in the early stages of decision making.

Please be aware that means tested benefits can be impacted by taking a Lifetime Mortgage. Your estate is likely to reduce as a result of taking a Lifetime Mortgage, resulting in less inheritance being available to your beneficiaries.

If you’d like to know if a lifetime mortgage may be a sensible option speak to Chris at our Brighton offce about the options available. Please note that we do not advise on Home Reversion Plans/

Please call Chris on 01273 870 302, mobile 07821 409589 or email him on chris@themortgage-house.co.uk – or if you'd like to arrange a call back – fill in the details on our contact page.

We look forward to speaking to you

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