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We understand Lifetime mortgages - unlocking the jargon and putting you in control
At Your Mortgage Expert, we are experts in helping you to access Lifetime Mortgages. These can sometimes be called Equity Release Mortgages or Later Life Lending. They can help you unlock some of the equity from your home.
As a Lifetime Mortgages broker, we are an independent intermediary for clients seeking to release equity from their property. We provide personalised advice and intelligence from across the market.
About Lifetime Mortgages
If you’re a home owner aged over 55, you may want to unlock some of the equity tied up in your home. This is where Lifetime Mortgages can be useful because they enable you to free up some of the equity held in your home without having to commit to a monthly mortgage payment.
This is because the loan is secured against your property but, unlike a normal mortgage, you don’t have to make any regular repayments during your lifetime. Interest accrues on the loan amount and the total amount is repaid from the sale of the property when you die or go into long term care. The home remains yours to live in.
Lifetime Mortgages are designed to allow you to:
- Release a tax-free lump sum, a regular income or both.
- Release funds when you need it.
- Spend your money on pretty much anything you choose
Why Choose a Lifetime Mortgage?
Here are some of the reasons that you might consider a Lifetime Mortgage:
- You are asset rich but cash poor but don’t want the stress of moving home.
- You want to supplement your income in retirement.
- You have debt to clear such as an outstanding mortgage.
- You want to fund home improvements.
- You want to help family and friends.
If any of these circumstances sound like you, then Your Mortgage Expert can help.
Things to know
Lifetime Mortgages aren’t for everyone. You need to think carefully before you decide whether it’s for you – it’s all about weighing up the pros and cons. That’s why we have specialist knowledge on the subject and can give you all the facts, point out the features and the risks, and give you a personalised illustration.
Things to consider:
- There may be fees and other financial implications which we will explain to you.
- The amount you can release depends on a range of factors such as your age and how much your house is worth.
- It is also important to remember that, by releasing the equity in your home, this will reduce the value of your estate. And, it may impact your state benefit allowance.
How Your Mortgage Expert can help
At Your Mortgage Expert we are experts in Lifetime Mortgages. As a Lifetime Mortgage does impact the value of your estate, it is always a prudent decision to seek mortgage advice.
You may also know Lifetime Mortgages as Equity Release or Later Life Lending.
The most common types of Equity Release plan are Lifetime Mortgage and Home Reversion plans. Both allow you to release equity from your home whilst you still live in it but both plans work in different ways. Both of these are designed to help you raise the money you need but there are a number of things to consider before you decide whether Equity Release is for you.
We will talk you through all the options and help you to understand whether there are alternative options which might be more appropriate in your circumstances.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
EQUITY RELEASE MAY REQUIRE A LIFETIME MORTGAGE OR HOME REVERSION PLAN. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.
EQUITY RELEASE IS NOT RIGHT FOR EVERYONE. IT MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS AND WILL REDUCE THE VALUE OF YOUR ESTATE.
Your Mortgage Expert is an appointed representative of Tenet Lime Ltd
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“This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”
Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”
Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me. During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field. This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”
Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”
Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”
Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”
Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”
Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”
Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”
Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”
Chris, Help to Buy Mortgage Customer from Southampton