Bridge your pension gap with a Lifetime Mortgage

How much will I need to retire?

We all dream of a long and comfortable retirement, but few amongst us have a true picture of the capital required to achieve this. Research from Which indicates that to generate a modest retirement income of £26,000 per year, you will need a pension pot of £370,000. A figure that is prompting the majority of Brits to consider working deep into retirement to help to keep them afloat.[2]

What can be done?

This is one of the reasons why the UK’s over-55 population are changing the way they view their property wealth. Long-term increases in the nation’s house prices mean that for many homeowners, their home represents a substantial financial asset. If your home’s value has increased considerably over the years, then access to a portion of this wealth could help you close your pension gap. By using a specialist mortgage, known as a Lifetime Mortgage, you could do just this.

Lifetime Mortgages are the perfect way to unlock your on-paper wealth, turning it into tax-free cash. Releasing equity with a Lifetime Mortgage means that you maintain full home ownership for life, or until you both enter long-term care and there are no required monthly repayments. Better yet, there are plans are available that allow you to make voluntary repayments, controlling the build-up of interest.

Things to consider

When releasing equity you should consider your current situation and your future needs. This is because using a portion of your home’s value now may reduce the value of your estate over time. It could also affect your entitlement to means-tested state benefits. This is where equity release qualified advice is important, as an adviser can provide you with a personalised illustration. Allowing you to choose the most suitable plan for your situation.

The growing demand for later life options has seen increased competition, with more customer-focused features than ever before. For example, lenders approved by the Equity Release Council offer plans which include the no-negative-equity guarantee as standard. This means that you will never owe more than the value of your home and cannot pass on any Lifetime Mortgage debt to your estate.

If you are searching for a way to close your pension gap, why not see what access to your property wealth with a Lifetime Mortgage could do for you?

Use our free online calculator to find out how much you could release today: 

Could equity release help you? Call us now and speak to an expert Information Team Member who will give you all the information you need.

01752 422 930

[1] Source: ‘How much will you need to retire?’ 01.05.18

[2] Source: FT Adviser ‘Most believe they will have to work in retirement’ 20.02.19

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    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 ( 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.