YOU SHOULD THINK CAREFULLY BEFORE SECURING A LOAN AGAINST YOUR HOME.
THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION
Example Of A Lifetime Mortgage
Emma owns her property outright and has no existing mortgage. The property is worth £300,000. She’s offered a lifetime mortgage of £50,000 with an interest rate fixed at 5%. She takes the £50,000 as a lump sum and chooses not to pay off the interest as she goes. After 10 years, Emma moves into a care home and her house is sold. The lifetime mortgage is now repaid from the proceeds of the sale, and is the original £50,000 loan plus the 5% interest compounded over the 10 years, which is £31,445– making a grand total of £81,445.
Now let’s suppose Emma remains in her home for 20 years rather than 10. The interest would compound over the full 20 years, so would amount to £82,665. This makes a grand total of £132,665 to be repaid from the sale of the house. This would leave £168,000 of equity in the property which after the usual costs of selling a property would go to Emma.
Now, house prices go up and down but according to https://www.nationwide.co.uk/house-price-index/, home values have increased by 115% over the last 20 years, between 2003 and 2023. If (and it is an ‘if) the value of the home increased by 115% over the next 20 years then the property would be worth £645,000. So, when Emma goes into care and sells here property at £645,000, she would be left with £513,000.
What we do
We are an FCA authorised credit broker and not a lender. We have partnered with vetted and carefully selected FCA authorised companies that will help you to explore your later life lending options. If you use this website and complete the form then you will be contacted by an FCA authorised firm. Their job is to explore your options, provide you with quotes and information as well as answer all of your questions so that you can make an informed choice on your mortgage future.
How we make money
If you complete an enquiry on this website then we will introduce you to a vetted and carefully selected FCA authorised firm who will progress your enquiry. We will receive a fee from that firm. We will never charge you for using this website nor will we provide you with advice. You should check with the firm that we introduce you with about what fees that they will charge directly to you.
Benefits and risks to later life lending.
+ Tax-free cash: You can unlock cash from your home, tax-free, to help meet your needs in later life
+ Stay in your home: You'll retain full ownership of your home and can stay in it for as long as you wish
+ Reduced or no monthly repayments: You can make reduced or no monthly repayments with a lifetime mortgage. This applies to a payment-term lifetime mortgage after the oldest applicant turns 66, and overpayments can be made at any time, subject to criteria
+ No negative equity guarantee: You'll never owe more than your home's worth or pass on any equity release related debt to your family, provided terms and conditions are met
+ A payment-term lifetime mortgage: Could allow you to unlock more of your home's value at a lower interest rate than a comparable lifetime mortgage
- The interest can build up quickly: Lifetime mortgages and payment-term lifetime mortgages are loans secured against your home and are subject to compound interest, meaning the amount you owe can grow quickly
- Reduced value of estate: Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
- Long term financial product: These are long-term financial products and are not designed to be repaid early. If you do, early repayment charges may apply
- Reduced or no property equity: Equity release may leave you with limited or no property equity remaining and will reduce your financial options in the future
- Mandatory payments: There's a period of mandatory payments with a payment term lifetime mortgage, and your home may be repossessed if you don't keep up with these payments
Explore Your Options....
7 Reasons Homeowners Choose To Release Equity From Their Home?
Whether you're helping family or making the most out of retirement or both, a Lifetime Mortgage could help.
Home improvements
Helping family buy property
Funding private medical care
Pay off a mortgage or other debts
Tax free income in retirement
Inheritance tax planning
Ticking things off the bucket list
How much would you like to borrow?
About our app
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Equity Release
Equity release refers to a range of products letting you access the equity (cash) tied up in your home without having to move or sell the property. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both
How much would you like to borrow?
Borrow Up To £1,000,000
The amount that you can borrow against your property will depend on your age and your property value but we can help you to release equity from £20,000 all the way up to £1,000,000
How much would you like to borrow?
Tax free income in retirement
There are so many reasons that people would use the money tied up in their homes. It could be to help family, have additional income in retirement or tick off some of that bucket list. No matter what the reason, we can help.
How much would you like to borrow?
Search with no impact on your credit score
You can compare dozen of Lifetime Mortgage options and get tailored recomendations with having no impact on your credit score.
Get no obligation quotes tailored to you
Make an informed, no pressure decision about your options with tailored quotes and examples based on your finances.
No credit checks or need for good scores
Unlike traditional mortgages, Lifetime Mortgages do not need to take into account your credit worthiness.
Let's find your Retirement Mortgage
How much would you like to borrow?
RetirementMortgages
We help you to speak with FCA authorised firms that can help you to explore your later life lending options.
Legal Stuff
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This website is owned and operated by Ramsey Lomax Limited - 7 Bell Yard, London, WC2A 2JR
FEES: Ramsey Lomax will not charge you for using this website or for using our liftetime mortgage search enquiry form. When you make an enquiry on this website, we will introduce you to an FCA authorised lifetime mortgage expert who will complete your search. Ramsey Lomax may receive a fee for this introduction. That fee may be paid to us in a number of ways. Either a one off introduction fee or a lifetime mortgage completion fee, that is to say, if you take out an equity release product through an expert that we have introduced you to, they may pay us a fee. The expert(s) that we introduce you to, may charge a fee, to you, the client. It is important that you discuss any fee(s) with the experts. More information about and the brokers we work with can be found here.
RAMSEY LOMAX IS A CREDIT BROKER, NOT A LENDER. Ramsey Lomax & The FCA: We are directly authorised by the Financial Conduct Authority. Our licence number is 704282.
THE ICO: Ramsey Lomax & The ICO: We are authorised and regulated by the Information Commissioners Office (ICO). The ICO ensures that companies adhere to data protection legislation such as GDPR. We take your data protection and privacy very seriously. All of your information is held securely and confidentially. You can read more about this in our privacy policy section.
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