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Lifetime Mortgages

Release capital from your home whilst still retaining ownership

Many people may not have access to capital in later life and find it difficult to borrow money through traditional means.

By enabling you to release some or all of the equity in your home, Lifetime Mortgages offer a flexible option to raise capital for things like:

  • Helping children or grandchildren to get on to the property ladder
  • Paying for long term care needs
  • Making home improvements or renovations
  • Buying the retirement home of your dreams
  • Extra money for the lifestyle you want
  • Paying off the capital of an interest only mortgage

What are Lifetime Mortgages?

A Lifetime Mortgage is a loan secured against your property, which allows you to retain ownership. Lifetime Mortgages are repayable on death or if you move into a residential care home.

Today’s Lifetime Mortgages offer a range of flexible features:

  • You can release money without selling your home
  • You can live in your home as long as you want to
  • You can choose to have a lump sum, more income, or a cash reserve to draw on as you please
  • The funds will be usually be released within 8 weeks
  • The money released is tax-free
  • The ‘no negative equity’ guarantee means that you will never leave a debt to your family

How much could you borrow?

With a Lifetime Mortgage you could borrow up to 50% of the value of your property, depending on your age, your health and the value of your property.

The example below shows typically how much of the current value of your home you could borrow.

Aged 60 – 70 Aged 70 – 80 Aged 80 plus
Borrow up to 25% Borrow up to 35% Borrow up to 50%

 

Interest is typically added to the loan or you can choose to repay the interest monthly. Like any other loan, Lifetime Mortgages are subject to fees including valuation and legal fees, although you may be able to add these to the loan too.

Why choose Apex CB Financial Planning?

At Apex CB Financial Planning, we offer expert, impartial advice and support, combined with access to the whole of the market.

We are proud to be members of Equity Release Council and Lifetime Mortgages are now fully regulated by the Financial Conduct Authority.

How we work

  • We will offer a free, no-obligation initial consultation
  • We will undertake extensive research of the market to find a solution tailored to your needs and circumstances, and clearly set out the fees you will have to pay
  • We will provide you with a comprehensive illustration and report documenting our advice
  • We will support you and keep you informed throughout the process
  • You will receive independent legal advice and have plenty of time to reflect on your decision

Find out more by clicking the links above or contact us to speak to one of our highly experienced Mortgage Advisors.

To understand the features and risks please ask for a personalised illustration.

 

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