LIFETIME MORTGAGES EXPLAINED
Considering a Lifetime Mortgage?
Have you tried extending your mortgage, but been told that you are too old?
Have you tried setting up a new mortgage, but been told that your income isn't enough?
Do you have an interest only mortgage that needs to be repaid soon?
If you are over 55 then maybe a Lifetime Mortgage could be the answer.
We are frequently asked what a Lifetime Mortgage is. The answer is quite easy, it is simply a loan that is secured against a property, just like any other mortgage. It is one of the most popular forms of equity release mortgage.
At Viva Retirement Solutions we believe that if we treat you as if you were a member of our own family – then you will receive the best possible advice, even if that means we advise you to do something that we don't offer. We will guide your through the whole process and advise you if we believe a Lifetime Mortgage is right for you and if it is not.
So what makes a Lifetime Mortgage different to the more conventional mortgages that are available on the high street? Well, they are designed for property owners over the age of 55 and are designed to run for the rest of your life.
They can be set up for you to make full or reduced monthly interest payments, but depending on your circumstances, you may not want to make any monthly payments at all. You can even have the ability to make partial repayments without penalty (subject to the lenders Term & Conditions).
For our customers one of the most important aspects is that you get to remain in your home, whilst releasing much needed funds.
This is vastly different from high street mortgages that tell you exactly how much you need to pay a month, when it needs to be fully repaid and that they can repossess your property if your circumstances change and you start missing your monthly payments.
There are no maximum age limits to some of the plans
Some providers of Lifetime Mortgages will assess how much they'll lend you based on criteria as simple as your age and the value of your property, not your income.
As its a Lifetime Mortgage, you don't have to worry about re-mortgaging again in the future as the lenders only ask to be repaid when you have died or had to go into long term care.
The amount you can borrow will depend on your property value (minimum £60,000) and your age (youngest has to be over 55).
Every situation is different and so we can tailor our bespoke advice using many different types of Lifetime Mortgages to meet your specific situation. Find out more about the different type of Lifetime Mortgages here.
What Our Customers Say....
Paul asked about our financial position, gave us the options available to us and explained the pros and cons of lifetime mortgages. He advised us to consult with our daughters - which we did - and explain to them what we were intending to do. He obtained several quotations from providers and explained the details behind each one. Once we had agreed on the provider and the specific product (amount and interest rate) he put us in touch with a solicitor who would go throught the loan agreement with us. At all stages Paul was available on the phone or text and we felt that he was in control of the process throughout. He provided a professional service in a calm and measured way and we felt that his advice was impartial at all times.
Mr & Mrs Mills, Hertfordshire 26/1/22
We had to sell our flat to pay off our old mortgage. Now in our 60's it would have been difficult to get a mortgage and equity release is a minefield so we were looking at a lifetime mortgage. We had a number of difficulties, mainly caused by solicitors, but Gérard helped us tremendously by liaising with the mortgage company, solicitors and keeping us informed at all times. He went above and beyond what is expected of a broker and we really appreciated it.
Mr and Mrs Del Castello, Surrey 9/12/21
Private, Surrey 23/11/21
My lifetime mortgage interest rate was 6.25% and I was hoping to transfer to a company offering a lower interest rate. Robert's help was invaluable. He searched for a lender who would meet my needs. I made a choice and asked him to go ahead. All went through without any problems, I just wish I had known about Robert Walsh earlier.