What should I ask my mortgage advisor about Lifetime Mortgages?

Taking out a Lifetime Mortgage is a big decision, which is why it’s always worth talking to a mortgage advisor to make sure you choose a route that’s best for you.

A Lifetime Mortgage could free up equity for you from your home without you having to downsize. Lifetime Mortgages have become a popular way of freeing up cash for renovations, buying a second home or supplementing a retirement fund. However, the market has grown rapidly over the last few years and there are a lot of products out there that will be unsuitable depending on your personal situation.

If you are thinking about talking out a Lifetime Mortgage we would recommend speaking to a mortgage advisor to make sure you get a plan that suits you and your financial situation.

  • Here are some of the most important questions to ask your advisor:
  • Can you transfer the scheme if you move home?
  • What happens if you die soon after taking out the scheme?
  • How would the scheme affect your state or local authority benefits?
  • What fees are payable if you decide to repay the loan, say after three years?
  • Would you qualify for a grant to help you pay for home repairs or alterations?
  • What conditions does the scheme put on you when you carry on living in the home?
  • What happens if you end up owing more than the home is worth?

A mortgage advisor will be able to answer all of these questions for you and point you in the right direction.

If you are considering a Lifetime Mortgage and would like some extra advice, please get in contact so we can answer the above questions for you.

Find out more about Lifetime Mortgages.

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