FREE Call Now: 0800 035 2989
FREE Call Now: 0800 035 2989

Life Time Mortgages

Life Time Mortgages allow you to unlock the cash from your home and enjoy a richer retirement.

A Lifetime mortgage involves taking a type of mortgage which does not require monthly repayments, although with some plans rather than roll up the interest you can opt to make monthly repayments if you wish.  You retain ownership of your home and interest on the loan is rolled up (compounded).

The loan and the rolled up interest is repaid by your estate when you either die or move into long term care. If you are part of a couple and the mortgage is joint, the repayment is not made until the last remaining person jointly on the mortgage living in the home either dies or moves into care, meaning that both you and your partner are free to live in your home for the rest of your lives.

If you take out a Lifetime Mortgage, you can choose to receive your funds in a lump sum or in smaller, regular amounts. There is also an option available to increase the amount you have borrowed as and when you want to, up to the maximum limit agreed with the plan provider.

You can also elect to protect some of the value of your property as an inheritance for your family, meaning that you can benefit from releasing equity while still retaining something to pass on to your children. Some people may be able to release larger lump sums due to impaired health or may prefer to make monthly repayment in part, or in full, with an option to roll up at a later date if the monthly repayments became unaffordable.

Got more questions about Lifetime Mortgages? Call our helpline Free on 0800 035 2989

Contact Us For Full Details
  • 0800 035 2989
  • info@truecostmortgages.co.uk
  • True Cost Mortgages, 3rd Floor, 1 Mann Island, Liverpool, L3 1BP
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The business advice centre limited T/A True cost mortgages is an appointed representative of Julian Harris Mortgages Ltd, which is authorised and regulated by the Financial Conduct Authority. We are Registered in England and Wales. Registered Address Suite 4, 48 Westgate, Skelmersdale WN8 8AZ. Registered Company No 7931506. We are an appointed representative of Julian Harris Mortgages Limited, Julian Harris House, Musgrove, Ashford, Kent, TN23 7UN, which is authorised and regulated by the Financial Conduct Authority. Julian Harris Mortgages Limited FCA Register number is 304155.

We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to proceed with an application. Our professional fee charged is £349 which is payable upon receipt of your mortgage offer. We will also be paid commission from the lender.

For Lifetime Mortgages our professional fee charged is £995 which is payable when your mortgage completes. We will also be paid commission from the lender.

Please Note think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA.

‘The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.’

Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.

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