Mansfield Begbie Associates Ltd T/A The Mortgage Shop UK Ltd
A lifetime mortgage is a loan that is secured against a property, just like any other mortgage. It is one of the most popular forms of equity release mortgage.
Lifetime mortgages are designed for property owners over the age of 55 and are designed to run for the rest of your life. They can be set up for you to make full or reduced monthly interest payments, but depending on your circumstances, you may not want to make any monthly payments at all. You can even have the ability to make partial repayments without penalty (subject to the lender’s Terms & Conditions).
For our customers one of the most important aspects is that you get to remain in your home, whilst releasing much needed funds. There are no maximum age limits to some of the plans. Some providers of Lifetime Mortgages will assess how much they’ll lend you based on criteria as simple as your age and the value of your property, not your income. As its a Lifetime Mortgage, you don’t have to worry about re-mortgaging again in the future as the lenders only ask to be repaid when you have died or had to go into long term care.
The amount you can borrow will depend on your property value (minimum £60,000) and your age (youngest has to be over 55).
At Mansfield Begbie we offer lifetime mortgages via our trusted partners and their team of experienced equity release and later life lending advisors.