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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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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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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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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.
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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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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...
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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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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.
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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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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...
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Kickstart your journey with a Free Mortgage Appointment in Leicester, where you can speak with an experienced mortgage advisor. During this no-obligation session, we’ll take the time to understand your financial circumstances, goals, and needs. Whether you’re considering Lifetime Mortgages in Leicester or simply exploring options, this is your opportunity to receive professional guidance that’s tailored to your situation, all without any upfront costs or commitment.
Lifetime mortgages come with a variety of options, each designed to suit different circumstances. Whether you’re interested in a lump sum payment, flexible drawdowns, or managing repayments with an interest-only plan, we’ll guide you through the possibilities. By comparing products from across the market, your mortgage broker in Leicester ensures you understand the pros and cons of each solution, empowering you to make informed decisions about your financial future.
Taking out a lifetime mortgage is a significant decision, and it’s important to involve those close to you in the process. Sharing details with family members or trusted advisors ensures transparency and helps everyone understand how this choice may affect inheritance or future plans. Open discussions can provide clarity and peace of mind for both you and your loved ones, making the decision-making process smoother and more collaborative.
Based on your goals and financial circumstances, your mortgage advisor in Leicester will provide a tailored lifetime mortgage recommendation. This ensures the product you choose aligns with your needs, whether that’s supplementing retirement income, funding home improvements, or planning for future care costs. With access to thousands of options, we’ll match you with the most suitable solution, making the process straightforward and stress-free.
We offer a Free Mortgage Appointment in Leicester, giving you the chance to speak with an experienced mortgage advisor at no cost or obligation. This is the perfect starting point to explore Lifetime Mortgages in Leicester, ask any questions, and gain personalised advice that’s tailored to your unique circumstances. With our friendly and approachable team, we make it easy to take that first step with confidence.
As a trusted mortgage broker in Leicester, we have access to thousands of products from a wide range of lenders. This allows us to search the market for the most suitable lifetime mortgage solution for you, whether you’re looking to release equity to supplement your retirement income or fund significant expenses. Our extensive network ensures you’re not limited in choice, helping you secure a deal that aligns with your financial goals.
We pride ourselves on delivering a personalised service that’s focused on making the mortgage process straightforward and stress-free. From your initial appointment to completion, our dedicated mortgage advisors in Leicester will guide you every step of the way. We believe in offering clear, jargon-free advice to help you understand your options and make well-informed decisions. Your financial wellbeing is always at the heart of what we do.
Life doesn’t always follow a 9-to-5 schedule, and neither do we. Our team is available 7 days a week to answer your questions, guide you through the process, and provide support when it suits you. Whether it’s booking a Free Mortgage Appointment in Leicester or addressing a query during your journey, we’re here to make the experience as convenient and seamless as possible.
Lifetime Mortgages in Leicester provide an effective way to supplement retirement income. Homeowners often use equity release to cover living expenses, pursue hobbies, or enjoy a more comfortable lifestyle. This solution is especially beneficial for those with limited savings or pensions, as it allows you to unlock funds tied up in your property while remaining in your home.
For homeowners wanting to support loved ones, lifetime mortgages offer the flexibility to provide financial assistance. Many use these funds to help children with a house deposit or pay for educational expenses. With guidance from a mortgage broker in Leicester, you can find a plan that supports your family while maintaining your financial security.
Homeowners in Leicester frequently use lifetime mortgages to fund property upgrades, such as new kitchens, bathrooms, or energy-efficient features. These improvements can enhance your quality of life and potentially increase the property’s value. Discussing your options with a mortgage advisor in Leicester ensures you find the most suitable solution.
If you’re managing multiple debts, a lifetime mortgage can simplify your finances by consolidating them into a single repayment. This approach can reduce monthly outgoings and provide peace of mind during retirement. It’s vital to seek mortgage advice in Leicester to understand the implications and find the right plan for your situation.
Planning for care costs is a common reason homeowners in Leicester turn to lifetime mortgages. By releasing equity from your home, you can ensure you have funds available to cover long-term care expenses without having to sell your property prematurely. A mortgage broker in Leicester can tailor options to fit your care needs and financial plans.
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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: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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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: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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