Lifetime Mortgage Plans in Essex
Lifetime Mortgage Plans allow you to raise capital secured against the value of your property usually at a fixed rate of interest. The plans can be on a “roll-up” basis, where no monthly payments are required, or an “interest-only” basis where you can choose to pay the interest, normally on a monthly basis.
The balance (plus any interest, if applicable) is typically paid off upon the sale of the property, once the homeowner has moved into long-care arrangements on upon their death. Read our blog on Lifetime Mortgages and care in later life.
You could be eligible if:
- You’re a homeowner aged 55 or over (if you are married, in a civil partnership or co0-habiting, you will both need to be over 55)
- You live permanently in your home and it is your main residence
- You are mortgage-free or only have a small mortgage
- The property is in the UK – different lenders have different borrowing criteria that help them decide what they will accept
We only recommend plans with a no negative equity guarantee that means you nor your estate will ever have to pay back more than your property is sold for. Use our calculator to see how much money you could release.