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Lifetime Mortgage
Advice in Manchester

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7 days a week, 8am - 10pm

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Lifetime Mortgage
Advice in Manchester

A lifetime mortgage in Manchester can be used either to purchase a new home or to release equity tax-free.

Free Lifetime Mortgage Review

What is a lifetime mortgage in Manchester?

A lifetime mortgage, tailored for individuals aged 55 and above who own or intend to acquire a property valued at £70,000 or more, is a secured loan against their primary residence. This financial solution ensures that homeowners maintain complete ownership of their property, whether it’s freehold or leasehold.

Key features of a lifetime mortgage include:

  • Equity Release: Provides the option to access equity in the form of a lump sum or smaller, periodic payments to supplement income.
  • Home Purchase: Offers the flexibility to use funds for purchasing a new home.
  • Mortgage Repayments: Allows for the settlement of existing mortgage debt.

Additionally, our team of mortgage advisors in Manchester are capable to provide expert laterlife mortgage advice on alternative mortgage products tailored for individuals over 50, ensuring recommendations align with specific needs and circumstances.

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Lifetime Mortgage <br>Advice in Manchester

Lifetime Mortgage in Manchester to Release Equity

A lifetime mortgage serves as a means to unlock tax-free equity from your home, offering the flexibility to receive funds in various ways, including a lump sum or a combination of initial withdrawal followed by smaller increments, termed as a drawdown lifetime mortgage.

Common goals among individuals seeking to take out a lifetime mortgage for equity release include:

  • Large purchase such as a motor home or boat.
  • Paying off an existing mortgage and/or debts.
  • Gifts to family.
  • Topping up their retirement income to maintain a good lifestyle.
  • Home improvements.
  • Paying for care and/or home adaptions.

Individuals aged 55 and above have the option to use a lifetime mortgage for purchasing a new home, with the mortgage secured against the newly acquired property. This avenue enables buyers to invest in a larger property than they might otherwise afford.

Below are several common reasons customers opt for a new home purchase through a lifetime mortgage:

  • Divorce and separations in later life.
  • Moving closer to family.
  • Moving to a more expensive home.
  • Age 55+ first time buyers.
  • Partners moving in together.

It’s important to note that when using a lifetime mortgage for a new property purchase, borrowers typically have the flexibility of opting for optional monthly payments.

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Lifetime Mortgages in Manchester FAQs

Why get mortgage advice for a lifetime mortgage in Manchester?

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Getting mortgage advice for a lifetime mortgage in Manchester is crucial because it will help you make informed decisions tailored to your specific circumstances.

Oyr later life mortgage advisors Dan Osman will provide tailored guidance based on factors such as age, property value, financial goals, and risk tolerance. He will help assess whether a lifetime mortgage is the most suitable option or if alternative solutions might better meet the individual’s needs.

What are the different types of lifetime mortgages in Manchester?

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There are several types of lifetime mortgages designed to cater to different financial requirements and preferences. These include:

  • Lump Sum Lifetime Mortgage: Provides a one-time, tax-free lump sum payment, allowing borrowers to access a significant portion of their home equity upfront.
  • Drawdown Lifetime Mortgage: Offers access to a pre-approved cash reserve, allowing borrowers to withdraw funds periodically as needed. Interest accrues only on the withdrawn amount, potentially reducing overall borrowing costs.
  • Interest-Only Lifetime Mortgage: Enables borrowers to make monthly interest payments, with the option to repay the principal amount at a later date, typically upon the sale of the property or when the borrower passes away or moves into long-term care.
  • Enhanced Lifetime Mortgage: Tailored for individuals with certain health conditions or lifestyle factors that may qualify them for a higher loan-to-value ratio or lower interest rates, reflecting their potentially shorter life expectancy.

Is a lifetime mortgage right for me?

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A lifetime mortgage may potentially be the best option for you. The role of a qualified later life mortgage advisor is to spend time getting to know you, any plans you have and your hopes for later life.

We will look at the alternatives that may be available to you, looking to provide the best value solution for your needs in the long term.

Alternatives products to a lifetime mortgage are:

  • Traditional interest only mortgages.
  • Repayment mortgages.
  • Downsizing/grants etc.
  • Retirement interest only (RIO) mortgages.

We always encourage family to be part of these discussions, but that is entirely up to you.

If a lifetime mortgage is not the right option for you, your trusted late life mortgage broker in Manchester will suggest a better more cost-effective solution for you.

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Our Simple Mortgage Process

Free Mortgage Appointment

Step 1

When you schedule a free initial mortgage appointment with our laterlife mortgage advisor in Manchester, we will engage in a thorough conversation regarding your objectives and strategies concerning inheritance.

Alternatives to Lifetime Mortgages in Manchester

Step 2

While lifetime mortgages remain viable options, we consider them as last-resort solutions. Our belief is that there might exist a more suitable alternative tailored to your specific circumstances.

Discuss With Family / Trusted Parties

Step 3

Knowing the significance of later life mortgages, we strongly encourage you to involve your family members or other trusted individuals in our discussions.

Tailored Lifetime Mortgage Recommendation

Step 4

In the event that lifetime mortgages are either suitable or unsuitable for your needs, our knowledgeable later life mortgage advisors in Manchester will direct you to the appropriate services that can further assist you in devising your plans.

Reasons to Choose Manchestermoneyman

Free Mortgage Review

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As a reputable and trusted mortgage broker in Manchester, we have been helping our customers to achieve the mortgage goals they have their hearts set on for over two decades.

Finding You The Perfect Deal

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Your family is always encouraged to be a part of the lifetime mortgage advice process and we will always accommodate the various needs and situations our customers are in, if we are able to do so.

Our Service

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Once you have spoken to someone in your free lifetime mortgage advice appointment, your dedicated and affable mortgage advisor in Manchester will look for the perfect lifetime mortgage deal, that applies to your current situation, as well as how you feel your future circumstances may change.

7 Days a Week

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We will be there to support you from the beginning of your process, all the way until the end. With our ever present guidance and support, we will work through your mortgage experience together as a team, reducing your stress in any way we can.

Malcolm and Amy Davidson - Mortgage Advice in Manchester

Finding you the Lifetime Mortgage in Manchester

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Will I end up paying more interest than I borrowed on my lifetime mortgage?

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The total amount of interest paid on a lifetime mortgage can indeed exceed the initial amount borrowed, depending on several factors such as the interest rate, loan term, and whether the interest is compounded. With a lifetime mortgage, borrowers typically have the option to make interest payments periodically to mitigate the growth of interest over time. However, if no payments are made, the interest will accumulate and be added to the loan balance, potentially resulting in a situation where the total repayment (including interest) exceeds the original loan amount.

How much does a lifetime mortgage cost?

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The cost of a lifetime mortgage varies depending on factors such as the loan amount, interest rate, and any associated fees. Common costs associated with lifetime mortgages include arrangement fees, valuation fees, legal fees, and potentially early repayment charges.

Additionally, borrowers should consider the impact of interest accrual over the loan term, as this can significantly affect the total repayment amount. It’s essential to carefully review all costs and terms with a mortgage advisor to understand the overall financial implications before proceeding with a lifetime mortgage.

What if I need more money later with a lifetime mortgage?

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If you require additional funds later on after taking out a lifetime mortgage, you may have several options available depending on your specific circumstances and the terms of your mortgage agreement. These options may include:

  • Equity Release Increases: Some lifetime mortgage providers offer the option to increase the loan amount over time, subject to certain criteria such as property valuation and borrower age.
  • Remortgaging: You may be able to remortgage your property with a new lifetime mortgage or explore alternative equity release solutions to access additional funds.
  • Other Financial Resources: Consider alternative sources of funding such as personal savings, investments, or assistance from family members to meet your financial needs.

Can I move home if I have a lifetime mortgage?

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Yes, it’s generally possible to move home with a lifetime mortgage, but certain conditions and considerations apply. When moving home with a lifetime mortgage, you will need to inform your mortgage provider and seek their approval to transfer the loan to the new property. The new property must meet the eligibility criteria set by the lender, including valuation requirements and suitability for securing the loan.

Additionally, there may be associated costs such as arrangement fees and legal fees involved in transferring the lifetime mortgage to the new property. It’s essential to discuss your plans to move home with your mortgage provider and seek professional advice to understand the implications and requirements involved.

What are the benefits of lifetime mortgages?

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Lifetime mortgages offer homeowners aged 55 and above a flexible and accessible way to release equity from their property without the need to sell or downsize. One of the key benefits is the ability to access tax-free cash, which can be received as a lump sum, periodic withdrawals, or a combination of both, depending on individual needs.

Mortgage Guides & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

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