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A lifetime mortgage allows homeowners aged 55 and over to unlock equity from their property without selling it.
This type of equity release is secured against your home and typically repaid from the sale proceeds when you pass away or move into long-term care.
Lifetime mortgages in Leicester are popular for those looking to enhance their retirement lifestyle, fund large purchases, or provide financial support to loved ones.
This solution lets you maintain ownership of your home while accessing the funds you need, offering flexibility mortgage advice in Leicester tailored to your circumstances.
Lifetime mortgages come in various forms to meet individual needs. Lump sum mortgages allow you to access a single large payment, ideal for significant financial goals like home improvements.
Alternatively, drawdown lifetime mortgages give you access to smaller amounts over time, helping you manage your funds while potentially reducing the interest accrued.
Interest-only lifetime mortgages enable monthly payments to manage the loan balance.
With guidance from a mortgage advisor in Leicester, you can explore these options and find the one that suits you best.
A lifetime mortgage is a significant financial decision and may be suitable for those who want to improve their financial situation during retirement without moving home.
It’s often chosen to boost monthly income, fund care costs, or gift funds to family members.
It’s important to consider the impact on inheritance and long-term plans.
By working with a mortgage broker in Leicester, you can assess your options and decide whether a lifetime mortgage aligns with your financial goals and future priorities.
To be eligible, you typically need to be at least 55 years old and own a property that meets lender criteria.
Most lenders require the property to be your main residence, in good condition, and meet a minimum valuation.
If your property is leasehold, lenders often ask for a minimum remaining lease term of 75 years or more.
The amount available depends on your age, the value of your property, and the lender’s terms.
Generally, older borrowers can release more equity because of life expectancy calculations.
Typically, you can borrow between 20% and 50% of your home’s value, with higher percentages available for those with specific health conditions.
Yes, you retain full ownership of your property. The lender secures the loan against your home, and repayment occurs when the property is sold.
This ensures you can continue living in your home for as long as you wish, with no need to move unless you choose to.
If you move into long-term care permanently, the loan is usually repaid by selling your property.
For joint applications, the remaining homeowner can stay in the property until they also move into care or pass away.
Any remaining equity after the loan repayment becomes part of your estate.
Lifetime Mortgages in Leicester often include a “no negative equity guarantee.”
This ensures you or your estate will never owe more than the property’s sale value, protecting your family from additional financial burdens if house prices fall.
Lifetime mortgages are designed to last for the remainder of your life or until you move into long-term care.
Early repayment is possible, but you may face early repayment charges depending on your lender.
Discussing this with a mortgage advisor in Leicester can help you understand the costs involved.
Most lifetime mortgages don’t require monthly repayments, as the loan and interest are repaid when the property is sold.
Some products offer voluntary repayment options to manage the loan balance or pay off interest during your lifetime, which can help reduce overall costs.
The loan and accumulated interest reduce the amount of equity left in your home, which can impact the inheritance you leave behind.
Some plans allow you to protect a portion of your property’s value for loved ones.
Working with a mortgage broker in Leicester can help you find a plan that suits your inheritance goals.
Yes, it’s possible to release equity from a leasehold property, provided the lease has sufficient time remaining—typically 75–85 years or more.
If your lease term is shorter, you may need to extend it before applying for a lifetime mortgage.
Lifetime mortgages can involve valuation fees, legal costs, arrangement fees, and sometimes advice charges.
These fees vary depending on the lender and the complexity of your case.
A mortgage advisor in Leicester will provide clarity on these costs and help you understand their impact.
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I approached moneyman with an urgent problem of remortgaging my property within a deadline of 2 months or I loose my property .I was professionally welcomed by Paula and her 2 other colleagues who gave me advice and options of what I can do ....
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Grant
Very fast friendy service, any questions were answered throughly and quickly and the whole service from start to finish was smooth and stress free.
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Excellent service from start to finish! Chris kept us fully informed and answered all of our questions throughout. He took the pressure off us and was professional throughout! Highly recommend!!
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Jo and Chris were extremely helpful. Got everything done so quickly!
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It was smooth, took all the stress of reseaching the best mortgage. Easy access to appointments. TOM was great and understanding
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Very very good thank you
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Zubair
Charlie was very easy to talk too and made things easy and simple to understand and explained our options in detail which really helped us through the process as first time buyers.
1 year ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
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Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
2 weeks ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
3 months ago
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
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Anonymous
Incredibly helpful, supported throughout whole process
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Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
6 months ago
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
2 years ago
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
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Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
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Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
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Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
10 months ago
Start with a free mortgage appointment where we’ll take the time to understand your needs and discuss whether a lifetime mortgage in Leicester is right for you.
This is a chance to ask questions and explore your options without any pressure.
We’ll search through 1000s of lifetime mortgage products from a range of lenders to find the most suitable deal for your circumstances.
Whether you’re looking to release equity or secure financial stability in retirement, we’ll help you find the right option.
Once you’re happy with the recommended deal, we’ll guide you through the mortgage application process.
We’ll handle the paperwork and liaise with the lender to make the process as smooth and stress-free as possible.
After your application is approved, we’ll support you through to completion, ensuring everything is finalised correctly.
You’ll then receive the funds from your lifetime mortgage in Leicester, ready to use as you’ve planned.
We offer a free mortgage appointment to discuss your options for a lifetime mortgage in Leicester.
This gives you the chance to explore your choices with no obligation, helping you feel confident about your next steps.
We have access to 1000s of mortgage products, including specialist lifetime mortgage deals tailored to your needs.
This means we can find the most suitable option based on your financial situation and long-term goals.
We’re committed to providing clear, friendly advice, making the process of securing a lifetime mortgage in Leicester simple and stress-free.
From your initial enquiry to completion, we’ll be with you every step of the way.
We’re available seven days a week, so you can speak to us at a time that suits you best.
Whether you need advice during the day, in the evening, or at the weekend, we’re here whenever you need us.
A lifetime mortgage in Leicester can be an effective way to supplement your retirement income, providing you with extra funds without having to sell your home.
Whether you’re facing rising living costs or simply want to enjoy a more comfortable lifestyle, releasing equity from your property can offer financial freedom while allowing you to stay in the home you love.
Many people use a lifetime mortgage in Leicester to support their family, such as helping children or grandchildren with a house deposit, education costs, or other major expenses.
This can be a meaningful way to provide financial support when it’s needed most, allowing you to pass on wealth during your lifetime while still living in your home.
If you’re looking to make renovations or adaptations to your property, a lifetime mortgage in Leicester can provide the funds you need.
Whether it’s modernising your home, making it more energy-efficient, or adding features to support mobility, releasing equity can help improve your living space without dipping into your savings.
A lifetime mortgage in Leicester can be used to consolidate existing debts, helping to reduce monthly outgoings and simplify your finances.
By clearing unsecured debts like credit cards or personal loans, you can manage your money more effectively, with the flexibility of not having to make regular repayments unless you choose to.
If you’re considering future care arrangements, a lifetime mortgage in Leicester can provide the financial support needed for in-home care or residential care costs.
This allows you to plan ahead with confidence, knowing you have the funds available to cover potential care expenses without having to sell your property.
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Leicestermoneyman.com & Leicestermoneyman 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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leicestermoneyman 2025.
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Leicestermoneyman.com & Leicestermoneyman 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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Leicestermoneyman 2025.
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