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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:
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.
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:
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:
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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
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Katie
My second time using Manchester money man and I cannot fault that. Ami and Joe have been amazing they have communicated everything when they said they would and have explained things when I was struggling and honestly couldn’t have done this...
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Intelligence, punctual, professional and hard working and successfully got us a great deal two times in a row now!
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Great deals, good communication and professional
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Clare
Chris and Stacey have been really helpful and friendly and have provided an excellent service so far.
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Danielle
We can’t thank Malcom and his team enough for getting us on the property ladder. A year ago we didn’t think it was possible but they did everything they could to find us our mortgage. Thank you so much!
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Sameer
Conor is always outstanding with his follow through and team is fantatsic. Always a joy to deal with. Cheers.
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Danniela
The service was absolutely amazing. Lee was very easy to communicate with and very helpful.
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Peter
The whole process went well and perfect
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Albert
Excellent customer service provided experts who fully support their clients.
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Alina
Matt and the team have been brilliant! Really knowledgeable, got everything sorted out so efficiently and quickly! Can't ask for better service! Will definitely be recommending to my friends!
3 months ago
Linda
We were offered a really poor mortgage deal by our own bank (despite banking with them for over 40 years), and their adviser didn’t seem to know how to help us. A colleague suggested trying a mortgage broker, so we searched online and found...
4 months ago
Frederick
Experience team, very helpful, understanding, patient, work as a team.
4 months ago
Helen
Debbie and Chris have been amazing. Keeping me informed every step of the way. Recommend UK Moneyman
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Timothy
Great service from the start, will certainly use them again.
4 months ago
Habib
Really good service,Jason and Stacy were really good and made it easy
4 months ago
Bryn
Charlie was pleasant, thorough and efficient. In just half an hour he had explained several different options for my remortgage and we had come to an agreement on how to proceed. Such a great service!
6 months ago
Michael
The service was excellent with a personal advisor walking me through the process end to end, answering any questions I had throughout. Would highly recommend to anyone!
6 months ago
Dawn
Leo Shakespeare and Stacey Moss have been Fantastic throughout the process of getting our mortgage they have been in contact throughout explaining everything to us from start to finish we can not thank them both enough for helping with this process...
6 months ago
Deborah
Excellent and friendly customer services
7 months ago
Dr William
Charlie has been so helpful and very approachable. The whole team at ManchesterMoneyman have been great. Highly recommend to others!
7 months ago
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.
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.
Knowing the significance of later life mortgages, we strongly encourage you to involve your family members or other trusted individuals in our discussions.
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.
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.
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.
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.
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.
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Manchestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Manchestermoneyman 2009–2026
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Manchestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Manchestermoneyman 2009–2026
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