What is a Lifetime Mortgage?




A Lifetime Mortgage is a popular form of equity release, which allows you to access the equity built up within your property to spend as you wish.


It is a long-term loan that is secured against your home, however you still own 100% of your property. The loan will usually be paid back from the resale of your home after you have moved into full-time care or have passed away, but if your children would rather keep the house, they can elect to repay the loan.


This is intended for homeowner’s over the age of 55 residing primarily in the UK. There are no monthly repayments, unless you wish it, and the money is yours to spend as you see fit. A holiday? Home renovation? Helping the kids? It’s entirely up to you.



Types of Lifetime Mortgages:



  • Roll-up Lifetime Mortgage
    • You can take a cash lump sum and interest accrues on the amount released.
  • Drawdown Lifetime Mortgage
    • There’s an option to release the cash flexibly from a drawdown facility as you need it. Interest will only accrue when the cash is withdrawn.
  • Flexible Lifetime Mortgage
    • You can choose to make monthly interest payments or ad hoc payments to help pay off the loan, if you wish.

To enquire about how much you could borrow, simply call us on 0800 652 2955. We can help explain what a Lifetime Mortgage can do for you and if it’s the right choice for your situation.


We can then send a specialist adviser directly to your home to discuss it further, to ensure you have all the information you need to make a decision.


Our lenders all offer a No Negative Equity Guarantee, meaning that you will never owe more than the value of your home. This way, you never have to worry about leaving debt to your loved ones.




Things to Consider


Having a Lifetime Mortgage means taking money out from your property now, so naturally there will be less to leave as an inheritance.


Another consideration is that by having more money in your bank, you could affect your entitlement to means-tested State Benefits, however, with specialist advice compulsory before taking out a plan, this is always explored on your behalf.


If you’d like to learn more, feel free to contact us on 0800 652 2955 to speak with one of our friendly, local experts to help you decide if a Lifetime Mortgage is right for you.





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  • What is a Lifetime Mortgage?
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    The savings you never knew you had

    Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205.

    This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a personalised illustration.

    Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

    Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.