What is a Lifetime Mortgage in Manchester?
If you’re aged 55 or over and own a home in Manchester, you might be thinking about how to use the value tied up in your property.
A lifetime mortgage lets you release some of that value as a tax-free lump sum or in smaller amounts when you need it.
This type of equity release allows you to stay in your home. You don’t need to make monthly repayments unless you choose to.
The loan and any interest are usually paid off when the last homeowner dies or moves into long-term care.
How Does a Lifetime Mortgage Work?
The amount you can borrow depends on your age, your property’s value, and sometimes your health. Older applicants usually qualify for larger releases.
If you have certain health conditions, you might be able to borrow even more. You keep full ownership of your home. Interest is added each year, which increases the total amount owed.
Many plans now let you make voluntary payments, helping you manage the loan over time. Your home is sold when you pass away or move into permanent care. The money from the sale then repays the loan.
Anything left over goes to your beneficiaries.
Can I Take Out a Lifetime Mortgage in Manchester?
You’ll need to be at least 55 and own a property that meets the lender’s requirements. This usually means a certain minimum value and that the home is your main residence.
You don’t need to have paid off your mortgage. If there’s still a balance left, you can use part of the released equity to clear it.
What Are the Benefits of a Lifetime Mortgage?
Homeowners often use a lifetime mortgage in Manchester to improve their quality of life. You might want to travel more, upgrade your home, or support your family financially. Others use the money to pay off debts and reduce their monthly outgoings.
Since repayments aren’t required, it can ease financial pressure. You still have the option to make payments, which helps keep the interest from building up too quickly.
Speak to a Lifetime Mortgage Advisor in Manchester
Lifetime mortgages are a long-term financial commitment. It’s important to understand how they work and whether they suit your needs. Our mortgage advisors in Manchester are here to explain everything clearly and answer any questions you have.
We’ll get to know your situation and look at whether equity release fits what you’re trying to achieve. You’ll have clear advice throughout, so you feel confident in every step you take.
Date Last Edited: April 7, 2025
