Lifetime Mortgage & Equity Release Broker | Trusted Equity Release Advice
What is Lifetime Mortgage & Equity Release?
Are you over 55 and hoping to maximise the value of your house or boost your retirement income? We provide fully independent, FCA-regulated advice on lifetime mortgages, the most common type of equity release in the UK, as we are equity release specialist mortgage brokers. Set up flexible drawdowns or access a tax-free lump sum without having to sell your house or move.
Our qualified Equity Release Mortgage Advisors, who are highly experienced and knowledgeable, are available to help you navigate the equity release process and find the best lifetime mortgage for your needs.
As the UK’s leading mortgage broker, working with UK Mortgage Broker you have total peace-of-mind that you’re in safe hands and we’ll look after you every step of the way.
What Is a Lifetime Mortgage?
A lifetime mortgage is one kind of equity release that lets you borrow against the value of your house while retaining complete ownership. When you die or enter long-term care, the loan is paid back, along with any interest. It’s the best way to get the money locked up in your property without having to make monthly payments.
Key Benefits of a Lifetime Mortgage
- Tax-free lump sum or drawdown facility
- Remain the legal owner of your home
- No monthly repayments required
- Fixed interest rates for life
- Optional inheritance protection
- Stay in your home for life
Why Choose Equity Release?
To benefit from financial independence in retirement, thousands of homeowners in the UK are opting for equity release. It can be used for things such as:
- Pay off an existing mortgage
- Assist family members with things such as deposits or tuition fees
- Improve your home
- Take a dream vacation
- Boost your pension income
A lifetime mortgage with equity release might be the best option for you.
How Does Equity Release Work?
1. Free Consultation – to determine your eligibility and objectives, consult with one of our highly experienced and knowledgeable Equity Release Brokers.
2. Customised Lifetime Mortgage Quote – to determine the ideal lifetime mortgage for your requirements, as a truly independent broker, we will evaluate offers from all UK equity release lenders.
3. Independent Legal Advice – to make sure you fully understand the terms, you are given unbiased legal advice.
4. Release Your Tax-Free Cash – you’ll receive a lump sum or drawdown payments straight into your bank account upon approval of your application.
5. Lifetime Tenure – you are not required to make monthly payments and can stay in your house.
Who is Eligible for a Lifetime Mortgage?
You may qualify for a lifetime mortgage if:
- You are aged 55 years or older
- Own a property in the UK worth at least £70,000
- Seeking to borrow at least £10,000
- Your home is your primary residence
As the UK’s leading Equity Release Broker, we work with clients nationally with a broad range of personal circumstances and ranging needs. We’re available to assist you in making an informed decision without imposing any obligations or costs, so you can determine whether equity release is appropriate and the best solution for you and your personal needs.
Example – Lump Sum Lifetime Mortgage
Client: Sarah, 70 years old
Property value: £300,000
Equity release type: Lump sum lifetime mortgage
Amount released: £90,000 (30% of property value)
In order to assist her daughter in purchasing a home and renovating her kitchen, Sarah chooses to withdraw a one-time lump sum of £90,000. She doesn’t pay anything back each month. When she dies or enters long-term care, the entire loan and all interest accrued is paid back from the sale of the property.
Our Equity Release Broker Services
As whole-of-market equity release brokers, working with all Lifetime Mortgage Lenders, we provide the following benefits to all our clients:
Independent Advice & Support – we offer whole-of-market comparisons to guarantee you get unbiased advice on the best equity release deals and we are fully regulated by the Financial Conduct Authority (FCA).
Exclusive Lifetime Mortgage Rates – we have access to premium lifetime mortgage plans and special rates from all the leading lenders.
Get a Free, No-Obligation Quote – no upfront costs or pressure to move forward, we provide free consultations, advice and equity release illustrations.
Specialist Support – our highly experienced and knowledgeable Equity Release Advisors walk you through the equity release process step-by-step and offer continuous assistance for the duration of your plan.
We go the Extra Mile – we fully appreciate and understand that mortgage applications can be overwhelming with lots of paperwork to complete and anxiety to make sure it’s done correctly. For that reason, we will complete all of the paperwork for you!
Example – Drawdown Lifetime Mortgage
Client: John, 65 years old
Property value: £280,000
Equity release type: Drawdown facility
Initial amount released: £40,000
Reserve facility: £50,000 (available to withdraw later, interest-free until used)
John sets aside £50,000 as a reserve and pays £40,000 up front to supplement his pension. He only pays interest on the amounts he actually takes out of this reserve, but he can access it whenever he needs to in the future, for instance, £10,000 later to pay for a holiday.
Lifetime Mortgage vs. Home Reversion Plans
| Feature | Lifetime Mortgage | Home Reversion Plan |
|---|---|---|
| Retain home ownership | Yes | No – part or all is sold |
| Tax-free cash release | Yes | Yes |
| Repayable on death/care | Yes | Yes |
| Monthly repayments | Optional | Not required |
| Protected inheritance | Yes (with protection) | Limited |
Frequently Asked Questions
Who is eligible for Equity Release?
In order to qualify, you typically need to be at least 55 years old, be a homeowner, and have a property of a certain minimum value in the UK.
Your property must be worth at least £70,000 and you must be seeking to borrow at least £10,000.
What are the different types of Equity Release plans?
There are two kinds of Equity Release:
Home Reversion Plans – where you sell all, or a portion of your house, in return for a one-time payment.
Lifetime Mortgages – which are the most popular kind and allows you to borrow against your house while maintaining ownership.
How much money can I release from my home?
The amount you can release is primarily determined by factors such as your age, the value of your home, and your health status.
Typically, older applicants are able to release a higher proportion of the value of their home.
Will I still own my home with a lifetime mortgage?
Yes, even with a lifetime mortgage, you are still the home’s legal owner.
You retain complete ownership and can stay in your home for life.
Do I have to make monthly repayments?
Monthly payments are purely optional, so unless you want to, there are no monthly repayment obligations.
Typically, interest is added on to the loan and settled upon the sale of the house.
What happens to the loan when I die or go into care?
The proceeds from the sale of your house are used to pay back the loan and all interest accrued.
Any money left over is given to your family or estate.
Can I still move home after taking out Equity Release?
Yes absolutely, as the majority of Equity Release Plans are portable.
You can relocate, but you just need to ensure that your new home fits the lender’s requirements.
Will Equity Release affect my benefits or inheritance?
It may have an impact on means-tested benefits and the amount of inheritance you leave behind.
In addition to lowering the value of your estate, it is important to discuss these implications with a qualified advisor before proceeding.
Is Equity Release safe and regulated?
Yes indeed – Equity Release is regulated by the Financial Conduct Authority (FCA) and all providers are required to adhere to stringent guidelines.
All equity release providers must follow the standards established by the Equity Release Council.
How do I get started with equity release?
Contact us today to speak with a qualified Equity Release Advisor.
Call us on +44 1628 969 500 or use the contact form and we will provide a free, no-obligation quote and go over all your options.
Summary
For UK homeowners aged 55 and over, equity release is a great financial option which enables them to access the equity locked up in their homes without having to move. The most popular type is a lifetime mortgage, which offers either a lump sum payment or recurring payments to be taken when required and is secured against the home.
Crucially, the lifetime mortgage is paid back when the homeowner either dies or enters long-term care, and the homeowner keeps ownership of the property and any interest that has accumulated.
UK Mortgage Broker specialises in equity release and providing clients with personalised guidance to help them decide whether this option is a good fit for their financial requirements. We will evaluate each client’s unique situation, discuss the ramifications and help you with the full application process – we will even complete all the paperwork for you!
Rest assured, as a fully FCA regulated equity release mortgage broker, our team of Advisors will make sure that all clients are aware of the advantages and possible disadvantages, including the effect on inheritance and means-tested benefits.
Conclusion
For older homeowners looking to fund home improvements, supplement their income, or help family members financially, equity release can offer financial flexibility. Working with a trustworthy UK Mortgage Broker guarantees that all clients get tailored guidance, assisting them in making choices that support their long-term financial objectives.
UK Mortgage Broker is an independent mortgage broker, directly authorised and regulated by the Financial Conduct Authority. We help homeowners and property investors throughout the UK and overseas.
Call: +44 1628 969 500
Email: [email protected]