Lifetime Mortgages

Your home has probably served you well over the years. It may also be your largest single asset. How frustrating then, that such an asset is made of bricks and mortar instead of pounds and pence.

Too many retired people find themselves having to watch every penny they spend from day to day. Worrying that the advances made in modern medical science, that allow them to live longer and healthier lives, can also mean that they might outlive their savings. This situation endures whilst most of their money remains locked up in their biggest single asset – their home. Indeed, figures estimate that homeowners aged 60 and over, own £700 billion of equity in their homes (Source B & W Deloitte). However, nowadays more and more of these retired people are discovering a way of unlocking some of that money and using it to make their retirement far more comfortable. In fact, over the last thirty five years or so, many thousands have found that equity release plans have provided a safe and successful way of improving their quality of life by enhancing their financial position.

If you have invested money into your home throughout your life, perhaps in retirement you want to receive something in return. Think of what you could do with just a small part of your home’s value. Finally build that extension you’ve been planning for years, or perhaps fix that leaky guttering that gets blocked every winter. Spoil yourself, perhaps with the trip of a lifetime, or visit relatives who live on the other side of the globe. How about just enjoying the financial cushion that a lump sum, or a regular cheque every month for the rest of your life, would bring? Now you can enjoy the opportunity to release funds to spend in whatever way you wish.

Lifetime mortgages (formerly known as equity release plans) are a special type of loan, developed for homeowners aged 55 and above, which enable you to tap into the value of your home without having to sell it and move out. The best plans subscribe to a code of practice known as SHIP (Safe Home Income Plans). The Plan is secured on your home, but there are no repayments for you to make. It will allow you to live in your home for as long as you wish, with no worries about having to give it up, whilst allowing you to enjoy your investment.

However, lifetime mortgage schemes can be bewildering. There are several types of scheme and within each type, a large variety of individual plans. Choosing the right scheme is essential. Our consultants will help you assess the different schemes and plans available; providing you with expert advice and guidance regarding which is best suited to your circumstances. They will help you to carefully consider all of your options, before enabling you to make the right choice with peace of mind.