Lifetime Mortgages Liverpool

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If you think that a lifetime mortgage may be the right option for you, then we’re here to help you move through that decision and help you settle on the best deal. 

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Mark French is part of the J&M Green team. Mark brings a wealth of experience and adds a new string to our bow: Lifetime Mortgages.

A Lifetime Mortgage is a facility that allows you to release funds from your property if you are a homeowner aged 55 or over. There is a wide variety of plans on the market, all of which can be explained by Mark. Depending upon your needs and requirements, the plans can even be set up to require no repayments during your lifetime.

There are numerous reasons why more and more people are taking advantage of the ability to release equity from their property, including home repairs and improvements, repaying existing mortgages or debt, home care (rather than entering a care home), gifts to family (maybe to get them on the “property ladder”) or even the holiday you’ve always promised yourselves.

 Whether taken as a lump sum, regular payments, or a combination of both, you could release up to 60% of the value of your home tax-free. With the right plan, you can still move home in the future, guarantee an inheritance for your family, and ensure that you’ll never be asked to move out of your home you’ve worked so hard for over the years. 

For a free, no-obligation chat about Lifetime Mortgages, give us a call on 0151 230 0909.

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Things to Consider:

  • What is the maximum available to cover your needs?
  • What can the funds be used for?
  • Are all of the funds needed upfront, or would a regular income suit your needs better?
  • Would an emergency fund be beneficial? – This can be included and allows easy access to additional funds in the future, without the need to repeat the mortgage application process.  
  • Can you afford to make monthly repayments to service the mortgage?
  • How will any potential cash raise affect your current benefits?
  • Would you like to protect your family’s inheritance in the event of your death?
  • Can I pay off the Lifetime Mortgage if I receive a lump sum in the future? 
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Benefits of Using J&M Green Mortgage Services:

  • We have a comprehensive range of providers with multiple product options, which we will talk you through and make a recommendation that is tailored to yours and your family’s needs.
  • We have access to the country’s leading Lifetime Mortgage providers and can discuss your application with them to obtain a potential outcome before submission.
  • All applications are checked by specialist compliance department to ensure that the solution recommended is the most appropriate for your individual needs and requirements
  • Mark will take time to confirm your eligibility to state benefits and make you aware of any impact that a Lifetime Mortgage might have on them
  • We provide a face-to-face service rather than deal with a faceless, national company on the phone.  A face-to-face meeting also provides us with the opportunity of including your family in the discussions, if you so desire. 
  • The appointment can take place in our offices or at your home address at a time to suit you and your family.
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How does a lifetime mortgage work?

Lifetime mortgages are a type of equity release that may allow homeowners aged 55 or over to release money from their property without having to sell their home.

Unlike a standard mortgage, this loan is designed to run until the last remaining borrower passes or moves permanently into long-term care. At that point, the property is usually sold, and the loan, plus interest, is repaid from the sale proceeds.

That way, you still own your home, as long as you stick to the agreed terms of the plan. Lifetime mortgages differ from a home reversion plan, where you sell part of your property to a provider. 

Our new member of the team, Mark French, is qualified to offer expert advice on Lifetime Mortgages, so get booked in for a chat today!

Independent Advice. Better Outcomes.

We’re not tied to any one lender, so our advice is always truly independent and focused on what’s best for you.

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Ready to secure your lifetime mortgage? Contact our specialists for a free consultation and discover how we can help you achieve your property goals.
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Types of lifetime mortgages

You can get various types of lifetime mortgages. Finding the right one for you just means factoring in your financial situation, future plans, the value of your property, your health, and how much you want to release.

Lump sum lifetime mortgage

These allow you to release an amount of money in one go without having to move out, and interest is charged on the full amount from day one. If you choose this, it’s important to borrow only what you need.

Drawdown lifetime mortgage

A drawdown lifetime mortgage allows you to take money out of your property more than once, but only as and when you need it. Interest is normally charged only on the money you have taken, not on the full facility.

Voluntary repayment lifetime mortgage

Some lenders allow penalty-free voluntary repayments to be made, with limits in place, to preserve compound interest. You can make regular monthly repayments or ad hoc repayments.

Interest-serviced lifetime mortgage

Some plans allow you to pay some or all of the interest each month to help control the amount owed over time, but you must be sure that the payments are affordable before you agree.

Inheritance protection plans

When your home is eventually sold, the protected share is retained for your estate rather than used to repay the lifetime mortgage, which is useful if you’re leaving money behind for children, grandchildren, or other beneficiaries. However, this may reduce the total amount you can borrow. 

Plan with health and lifestyle factors considered

Some lenders may offer a higher loan amount when health or lifestyle factors affect life expectancy, a feature known as an enhanced lifetime mortgage. If you have any health concerns, this could be a good option for you.

Who can apply for a lifetime mortgage?

You may be able to apply for a lifetime mortgage if:

  • You are aged 55 or over
  • You own your home in the UK
  • The property is your main residence
  • Your property meets the lender’s criteria
  • You can pay any other existing mortgage, either before completion or from the lifetime mortgage funds
  • You are happy for the loan to be secured against your home
  • You have received regulated and independent legal advice beforehand

How much can you borrow?

Since the amount you can borrow isn’t based on income in the same way as many standard residential mortgages, although your income and outgoings still matter, a few other factors come into play. 

Age

Older applicants can usually release a higher percentage of their home’s value than younger applicants. If you apply as a couple, lenders will usually base the plan on the age of the youngest applicant.

Property value

The higher the value of your property is, the more equity there may be available. Before the offer is confirmed, the lender will arrange a valuation to determine the value. 

Health factors

Some lenders may consider medical or lifestyle information, such as terminal illness or lifelong conditions, which may increase the amount available in some cases.

Existing mortgage or debts

If you still have a mortgage, it will usually need to be repaid first, and the remaining funds can be used to repay it, provided there is enough equity.

Here are some examples of loan-to-value ratios (not to be used as real examples of offers):

  • Home value: £200,000, 20% LTV, possible release: £40,000
  • Home value: £250,000, 30% LTV, possible release: £75,000
  • Home value: £300,000, 40% LTV, possible release: £120,000
  • Home value: £400,000, 50% LTV, possible release: £200,000
  • Home value: £500,000, 60% LTV, possible release: £300,000

Some plans may allow you to release up to 60% of your property’s value, but this depends on your age, lender criteria, health, property, and the terms of your plan.

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Benefits of a lifetime mortgage

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Are you thinking about getting a lifetime mortgage? If you need a little bit more convincing, here are some of the main benefits and reasons why many other homeowners have made the plunge. 

  • You can release money without selling your home, continuing to own your property.
  • The money released is usually tax-free because it is a loan rather than income.
  • You can use the money for many purposes, such as home repairs, debt repayment, family support, home care, or retirement plans.
  • You don’t always have to make monthly repayments, depending on the plan, as some allow voluntary repayments.
  • Some plans may allow you to move home later, but this is subject to lender and property approval.
  • Some plans also offer inheritance protection.
  • Plans that meet Equity Release Council standards include a no negative equity guarantee.

So, while a lifetime mortgage isn’t the right choice for everyone, it could be just what you need to take back control over your home and finances. 

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Get in Touch for a free, no obligation chat

If you think that a lifetime mortgage may be the right option for you, then we’re here to help you move through that decision and help you settle on the best deal. 

0151 230 0909

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Risks and considerations

Yes, a lifetime mortgage can come with a lot of benefits, but that doesn’t mean there are no risks involved. 

As with anything, a lifetime mortgage will be perfect for one type of homeowner but a source of stress for another. That’s why you should weigh up the pros and cons before jumping into an agreement. Here are the things you should consider:

A lifetime mortgage is secured against your home, so if your plan includes fixed payments, failing to keep up with them could put your home at risk, although this normally happens as a last resort. 

Releasing money from your home may affect means-tested benefits, such as Pension Credit or council tax reduction, so it’s worth checking this before you get a lifetime mortgage. 

A lifetime mortgage will reduce the equity left in your home unless you make repayments or choose a plan with inheritance protection, so your family may end up inheriting less than you planned, as they may need to pay inheritance tax.

Lifetime mortgages are designed as long-term products, so if you repay early, you may face early repayment charges. Of course, this will vary by lender and plan, so they should be discussed before you apply.

If you don’t pay the interest, it’s added to the overall loan amount and is then charged on the original loan and on the interest already added. Over time, this can increase the amount owed.

Speak to a lifetime mortgage adviser in Liverpool

If you think that a lifetime mortgage may be the right option for you, then we’re here to help you move through that decision and help you settle on the best deal. 

To speak to Mark French today, our expert advisor on equity release, call 0151 230 0909. You’ll receive a free, no-obligation initial chat!

0151 230 0909

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Costs and fees

There are no set costs or fees for lifetime mortgages, since the amount will vary by lender, plan, and the mortgage advisor you choose to go with. 

At J&M Green Mortgage Services Ltd, we provide lifetime mortgage advice with an approval fee of £495, a further £500 on application and a final fee of £500 payable upon receipt of a full mortgage offer. Mark will explain all the legal terms and confirm that you understand the plan before we proceed, so you’re in the know from the start.

Since most lifetime mortgage rates are fixed for life, any variable rate should have a cap to meet Equity Release Council standards. When it comes to the lender, some may charge arrangement, application, valuation or completion fees, which can be paid upfront or added to the loan.

Fees to release equity can also vary, typically falling between £1,500 and £3,000, with legal advice, valuation, arrangement, and adviser fees among the costs to plan for. So, here’s all of the main costs you need to factor in:

  • Advise fees
  • Solicitor fees
  • Lender fees
  • Interest rates
  • Total set-up costs 

Lifetime mortgages vs downsizing

While lifetime mortgages can be very helpful for accessing more funds, they’re not the only way to access money later in life. 

For some people, downsizing may be a better option, especially if your kids have moved out and you no longer need as much space, or you want to bring your running costs down. 

A lifetime mortgage may suit you if the following are true:

  • You want to stay in your current home
  • You need money for home repairs, care, debt repayment, or family support
  • You have enough equity in your home
  • You understand the impact on inheritance
  • You’re comfortable with a loan secured against your home

Downsizing may suit you if:

  • You’re ready to move to a smaller or cheaper property
  • You want to avoid interest building up
  • You’re happy to sell your current home
  • You want to free up equity without borrowing

Mark will help you weigh up the options and decide whether a lifetime mortgage is the right fit for you or whether other routes would be better for you in the long run. 

Some other alternatives to equity release include remortgaging, using your savings or family support, pension options (with pension advice), choosing a product transfer with your current lender, or switching to a retirement interest-only mortgage.

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Lifetime Mortgage FAQ’s

No, you don’t have to be low on money for an equity release to be the right choice for you. 

A lot of people use lifetime mortgages to refurbish or renovate their homes, or even to go on holiday or buy a new car.

Not always, as some plans allow interest to roll up and be repaid when the youngest borrower dies or moves into care, which means there may be no monthly repayments. 

Other plans allow voluntary payments or interest payments.

Yes, that is possible, as long as the existing interest-only mortgage is paid off first using the lifetime mortgage funds.

Many people use part of the lifetime mortgage funds to repay an outstanding residential mortgage, subject to equity, lender criteria, and suitability.

Plans that meet Equity Release Council standards include a no-negative-equity guarantee. 

This means your estate shouldn’t owe more than the property is sold for, provided the terms are met and the property is sold for the best price reasonably obtainable.

Lifetime mortgages can be transferred to a new property, as long as you meet the criteria. If the new property is worth less or isn’t acceptable to the lender, you may need to repay part or all of the loan.

Yes, choosing a lifetime mortgage doesn’t mean you’ll no longer own your home. 

The loan is secured against the property and is usually repaid when the last remaining borrower dies or moves permanently into long-term care.

 

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