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Release Tax-Free Cash From Your Home with a Lifetime Mortgage.

Whether you’re looking to pay off an existing mortgage, increase your income in retirement, make some home improvements, or gift money to a family member, a lifetime mortgage could help.

We can refer you to one of our third party advisers to give you the guidance you need, based upon your exact circumstances.

Enquire Here

What is a Lifetime Mortgage?

A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out.

Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum or as series of lump sums. No repayments are required until you die or move out of your home into long-term care.

Speak to an Adviser

Speak to an adviser today who will pass on your details to a third party for the advice.

  • 01392 353 890*
Enquire Now

We can refer you to a specialist third party called HL WIlls.

Advantages & Disadvantages

Advantages

  • Tax-free cash
    When you release equity with a Lifetime Mortgage, you can take a lump sum in one go or as a series of smaller lump sums when it suits you.
  • Spend it how you want
    You can use the money you release for home improvements, helping children buy their first property or increase your income in retirement. It's up to you.
  • Nothing to repay
    Unless you choose otherwise, there's nothing to repay until you die or move permanently into long-term care
  • Flexible Repayments
    If you prefer, there's an option to repay some or all of the interest. You can also choose to repay part of the original loan.
  • Stay in Your Home
    With equity release, you don't need to downsize and can stay in your home until you die or move permanently into long-term care.
  • You can still move house
    So long as the new property is acceptable to the lender- Some lenders don't lend against properties with thatched roofs.

Disadvantages

  • The interest can build up quickly
    If you choose not to repay any interest until you die or move permanently into long-term care, the interest can rapidly build up over time. There may be cheaper ways to borrow money.
  • Reduced inheritance
    Even with an Inheritance Protection option, releasing equity with a lifetime mortgage will reduce how much you can leave as an inheritance.
  • Inheritance tax
    If you gift the money, the recipient may need to pay inheritance tax in the future.
  • Early Repayment Charge
    If you choose to repay all or a significant part of the loan early, there may be an Early Repayment Charge.
  • Means-tested state benefits
    If you're receiving certain means-tested state benefits, taking a lifetime mortgage could impact your entitlement to these benefits.
  • Higher interest rates
    Usually the interest rates for a lifetime mortgage are higher than the rates charged for a traditional mortgage.
  • Repaying an interest rate
    You may have to pay an Early Repayment Charge to your existing lender if you remortgage.

Is a lifetime mortgage right for you?

To be eligible to release equity from your home with a lifetime mortgage:

  • You must be aged 55 or over.
  • You must own (or be buying) your own home, with little or no mortgage left to pay.
  • Your home must be worth at least £70,000 or £100,000 depending on your property type.

We will be able to refer you to one of our trusted third party lifetime mortgage specialists who will be able to answer any questions you have. Why not give us a call today or send us an email.

Equity release includes Lifetime Mortgages and Home Reversion Schemes. We will refer to an approved specialist for Lifetime Mortgages and Home Reversion schemes. Lifetime Mortgages may affect means or state tested benefits and affect the inheritance you may leave.

Get lifetime mortgage advice

Speak to an Adviser

Speak to an adviser today who will pass on your details to a third party for the advice.

  • 01392 353 890*
Enquire Now
Senior man exercising with personal trainer.

Speak to an adviser today who will pass on your details to a third party for advice.

01392 353 890

Email: admin@cimsltd.co.uk

Contact Us

How Much Money Can You Release From Your Home?

Complete the form and a lifetime mortgage specialist will be in touch to provide you with the information that you require.

How to use this calculator

  • If you want a joint lifetime mortgage use the age of the youngest applicant
  • Once you have your result you can keep using the calculator to see the different ways you could release the money

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Our lifetime mortgages

Flexible Lifetime Mortgage

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Optional Payment Lifetime Mortgage

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Income Lifetime Mortgage

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How much is a lifetime mortgage?

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Costs to release equity

Why use Clarity

Trustpilot

Compare later life mortgages

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Compare later life mortgages
Which later life mortgage?

Retirement Interest Only Mortgage

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About our Retirement Interest Only Mortgage
Retirement Interest Only Mortgage calculator

Think carefully before securing any other debts against your home.

Your home/property may be repossessed if you do not keep up repayments on a mortgage.

Custom Insurance & Mortgage Solutions is a trading style of Custom Mortgage Solutions Limited, which is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Custom Mortgage Solutions Limited is registered in England, no. 07439678. Registered office: First Floor Office, 6 Merus Court, Meridian Business Park, Leicester LE19 1RJ.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

The firm do not charge a fee for mortgage advice.

* Calls to this number may be free from a landline. Prices of calls from other providers may vary and from mobiles may cost significantly more. Calls may be recorded for training and monitoring purposes.

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