Frequently Asked Questions

A lifetime mortgage is when you borrow money secured against your home, while retaining ownership. The interest is rolled-up against the loan and will be repaid when you pass away or move into long term care.
Lifetime mortgages are fully regulated by the Financial Conduct Authority and we are also members of the Equity Release Council- the industry’s trade body who insist that a strict code of conduct is followed.

To take out any type of Lifetime Mortgage plan, you must speak to a fully qualified Lifetime Mortgage advisor. This is a mandatory requirement of the Financial Conduct Authority (FCA).

During this process independent legal advice is also required. You can choose any solicitor you wish to act on your behalf. If you do not have one, don’t worry we have a panel solicitor you can use.

Our advice fee is £1695 and this is only payable on completion. There is also your solicitor fee.

On average a case from receipt of application, money should be received in 6-8 weeks typically.

Homeowners, or those looking to purchase a new home could be eligible. A lifetime mortgage can be used to purchase a house. If you own your home and you have a mortgage already, this will have to be cleared.

You have the option and control to move home when you desire. All plans covered by the Equity Release Council have the ability to be ported to another home, as long as the property meets the lenders criteria. However, depending on the values of the properties it may be necessary for you to repay part of your existing plan.

This is an option with every Lifetime Mortgage, however, they all will have different early repayment charge percentages and terms, so it would be best to check with your adviser before you proceed.