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Lifetime Mortgages

When clients approach us looking to change their mortgage due to retirement, they very often will ask us what a Lifetime Mortgage is.  We tell them that in many ways, it is a lot like a traditional mortgage in that you borrow money against the value of your property.  However, the big difference is that they are aimed at property owners over the age of 55 and they do remain current for the rest of your life – which is why they are generally referred to as Lifetime Mortgages.

How do they work?

Lifetime Mortgages can be set up to suit the client, and how this is done very much depends upon your personal circumstances. For this reason, we will never put forward options or quotations until we have had a confidential in-depth discussion with you about what you want to achieve and how we can best help you with that.


Offering some flexibility, Lifetime Mortgages can operate in a couple of ways; you may wish to make reduced monthly payments, in line with your income, or you can even suspend all monthly payments with the final sum being paid off at the end of the mortgage.  Some lenders even allow partial repayments.   It may sound odd and you may have some concerns about dealing with a mortgage that is quite different. However, aided by our skill, knowledge and experience, we can identify the ideal product for you and provide you with complete assurance that your financial situation will be stable and secure at all times, providing you keep to the terms of the mortgage; whatever we may determine those to be.

Why clients come to us

Maybe you are approaching retirement or have already retired and you have concerns with your current mortgage on your home?   Perhaps you have approached your lender to extend the period of the mortgage and have been told that they will not do this due to your age?  Alternatively, you may have tried to switch to a new mortgage but come up against major obstacles because your retirement income is considered too low.


The other major predicament that many retired homeowners are facing is that they have an interest only mortgage coming up for repayment and they have zero or insufficient funds to clear it.  They are often worried that they will lose their home, which is not a pleasant scenario to be faced with at any age.  A Lifetime Mortgage can help with all of these issues.

So is a Lifetime Mortgage suitable for you?

If you are over the age of 55, then this could be the ideal mortgage for you.  Maximum age limits are often quite flexible and can be based upon property value rather than income.

Contact us at Lifetime Mortgages now and find out if this product is suitable for your circumstances.  We treat every client individually and will only recommend mortgage products that we know will offer the ideal solution for you.

Interest Only Mortgages

Whether you already have an Interest Only Mortgage which is coming up for repayment soon or wish to consider taking out a new Interest Only Mortgage, we can help. If your current lender is not assisting or you are struggling to find a suitable product, we will search the whole of the market until we track down the ideal mortgage for you.

Shortage of Interest Only Mortgages

At one time, Interest Only Mortgages were quite easy to find but since then, lenders have withdrawn many products from the market. This makes it now extremely difficult to take out a new Interest Only Mortgage.  Those that are on offer have very strict conditions such as clients not being over the age of 65, having a high degree of equity in the property or possessing high income or a guaranteed repayment solution, such as an ISA.

We will explore all products on offer

However, that does not mean that we cannot help.  With access to the whole of market, we can identify lenders that are more flexible and will lend up to a much higher age.  Rates will depend upon those currently available and your personal circumstances.  Once our research is complete and we have a detailed view of your needs and wants, we can look at a variety of ways of paying off the mortgage sum and how much you may be able to borrow.  Instead of having to commit to an ISA or endowment policy to cover the mortgage, you may be able to downsize, sell other assets or property or even rely on funds coming in from an inheritance in the future.

Confidential consultation

The first step to take is to get in touch with us and arrange an in-depth and confidential consultation with one of our team.  We will take our time to work through your personal circumstances, future income upon retirement, property value and other pertinent details.  Once this has been done, we will carefully research the whole of the mortgage market until we identify the best mortgage for you.

If it appears that an Interest Only Mortgage is not going to be suitable, we will always come up with alternative suggestions.  We will never leave you without a way of going forward; our goal is to resolve your mortgage problems and see you enter retirement with full peace of mind financially.

Get in touch now and chat with one of our friendly and helpful team members.  We are always ready to assist and nothing is too much trouble for us when it comes to looking after our clients.

Interest Only Mortgages 2

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Interest Only Mortgages

Test news for interest only mortgages

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