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About our lifetime mortgage process

Accessing or releasing equity from your home can feel like a complex process. You should make sure you understand all the details before taking out a lifetime mortgage. Your home is an important part of your financial wellbeing, so understanding the long-term commitment of a lifetime mortgage is crucial.

What to expect

The lifetime mortgage process is similar to taking out any other mortgage, it just has a few extra steps. The main difference is the requirement to obtain independent financial advice prior to applying. Once you are happy to proceed your financial adviser will handle the application process for you. 

Explore

Start by familiarising yourself with the details of a lifetime mortgage. You will find key information including an overview of the lending criteria on our website. This should help you decide if our lifetime mortgage is right for you. 

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You must get advice from an independent financial adviser, it is the only way to obtain a lifetime mortgage. They will guide you through the process and help answer any questions you may have. 

 

Discuss

Meet with your financial adviser in person or arrange a meeting over the phone to discuss your goals and needs. Together, you will explore all available options to determine what is best. The guide below will help you get the most out of your meeting.

 

Apply

Your financial adviser will present all available options and should explain the details of the lifetime mortgage before recommending the most suitable option for you. 

 

After you have carefully considered your options and chosen the one that is right for you, your financial adviser will ask you for any additional information and documentation needed to submit your application.

Value

Upon receipt of your application, we will arrange for a valuation to take place on your property to make sure that it fits our requirements.

 

If your property valuation is significantly different to the value you told your financial adviser, the amount you can borrow may change. The cost of the valuation is included so there is no additional fee to pay upfront.

 

More information on getting a valuation is set out at the bottom of this page.

Review

If your application and valuation meet our requirements, you will receive an offer letter from us. Your financial adviser will talk you through this and help you understand every detail of the offer. You will also need to seek independent legal advice once you have all the documents from us. 

Sign & complete

Following your financial and legal advice, you will need to sign and return your mortgage documentation to us to complete the process and receive the funds.

 

Your Solicitor will guide you through this process.

Getting a valuation

Your home will need to be valued by a qualified Surveyor to establish how much you can borrow. We will arrange the valuation at no additional cost to you and this process will sometimes include an energy performance certificate.

 

The energy performance certificate is provided to you so you can see if there are any alterations that can be made to improve the energy efficiency of your home and possibly save you money. Improvements could range from replacing windows to simpler items such as energy efficient lighting, but there is no obligation to make any changes to your property unless you wish to.

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Your questions answered

What is a lifetime mortgage?

A lifetime mortgage is a special type of loan which is usually designed to run for the rest of your life, and which means that you borrow money that is secured on your home to give you a lump sum/or a regular income.

 

The amount that you can borrow depends on a number of factors such as your age and the property value. Interest builds up throughout the life of the mortgage and is usually paid back from the proceeds of the sale of your home after your death or after you go into long-term care. If you are borrowing with someone else this would be after the death or entry into permanent long-term care of the last borrower. Any money left over would be paid to your beneficiaries.

How much can I borrow?

The amount you can borrow depends on your age and the value of your property.

We offer loans starting from £20,000. 

Am I eligible?

If you are aged between 55-85 and your property value is over £125,000, you may be eligible for a lifetime mortgage. 

How do I get started?

You must seek independent financial advice before taking out a lifetime mortgage, so making an appointment with a financial adviser is a good place to start. 

 

Find a financial adviser