Qualifying for Lifetime Mortgages

Will I Qualify for a Lifetime Mortgage?

• To consider a Lifetime Mortgage option, you must be at least 55 years of age and own your home outright (or have a very small mortgage)

Seeking personalised financial advice is the best way to assess your standing for a home lifetime mortgage. For immediate insight on what an equity release scheme could do for you, try our equity release calculator below.

Can I Change My Lifetime Mortgage Plan?

If you find a more competitive plan, you may be eligible to change your equity release scheme. You may also release more equity if your home increases in value, or pay the plan off early.

Remember that you will be paying more than you received in the initial loan however and some plans do carry an early repayment fee. All of these factors should be taken into account before proceeding and it is always best to discuss your personal situation with a financial adviser.

Can I Release Equity on a Buy to Let Property?

Homeowners and landlords now have the option to borrow the equity in their vacation or rental homes through lifetime mortgages schemes available on buy to let properties. The tax savings for landlords can be significant as interest payments provide tax relief against rental income. The funds released through these options can help with the acquisition of new properties, generating added rental income for landlords.

For further information on releasing equity from Buy to Let properties, please contact us below.

Using equity in your home will affect the amount you are able to leave as an inheritance. Any means tested state benefits (both current and future) may be affected by any equity released. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.