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    A range of products to match your individual circumstances

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    Available to homeowners aged 55 and over

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    Retain ownership of your home - no negative equity guarantee

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    Get started today with a free initial consultation

What is a lifetime mortgage?

If you are over 55, a lifetime mortgage allows you to release some of your property’s equity as cash to spend as you please, while continuing to own and live in your home.

Releasing equity with a lifetime mortgage isn’t complicated. How much you can borrow depends primarily on your age, the value of your property and the equity available.

Find out how much you could release from your home »

How do lifetime mortgages work?

With a lifetime mortgage you will always retain ownership of your home (as long as you abide by the terms and conditions of the loan).

There are many different lifetime mortgages available for different individual circumstances. Depending on the product, you can choose to make monthly interest payments, a more flexible arrangement of one-off voluntary payments, or no payments at all.

The outstanding mortgage and any interest will be repaid when you die or move into long-term care, using the cash generated from the sale of your home. The no negative equity guarantee ensures that your estate will never have to pay back more than the amount that is received from the eventual sale of your home.

Are there any risks involved?

Whilst there are many reasons why people use a lifetime mortgage, it is important to state that there are some risks you may face. A lifetime mortgage will reduce the value of your estate (as the lifetime mortgage needs to be repaid) and it may affect your current or future entitlement to means tested state benefits, as well as the amount of tax that you have to pay.

Releasing equity from your property needs careful consideration. The regulations around lifetime mortgages mean that you cannot buy this product directly. You can only get a lifetime mortgage through a specialist regulated lifetime mortgage adviser who will check your eligibility and help you to consider all your options.

OneFamily can help you find out if a lifetime mortgage is right for you. We charge a simple fixed fee of £500 for our advice, only payable if you accept our recommendation, and offer a free initial consultation with one of our advisers.

Find out more about OneFamily Advice

Why do people choose a lifetime mortgage?

There are no restrictions on how you use the cash lump-sum from your lifetime mortgage. Our OneFamily advisers can help you find the perfect lifetime mortgage to suit your needs but here are some of the most popular reasons for taking a lifetime mortgage.

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Enjoy retirement
to the full

After years of paying off mortgages, putting children through university and supporting family members, some homeowners want to celebrate their retirement. Be it a big purchase or the trip of a lifetime, many of those taking out lifetime mortgages do so to release the equity from their home and enjoy retirement to the full.

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Help out
loved ones

Many people use the money released by a lifetime mortgage to help out their family financially at the times when they need it the most. Sometimes to help children buy their first property, pay for a wedding or just help them through an expensive time in their life.

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Home
improvements

For some people releasing money from their property allows them to upgrade their home, perhaps to make more room for when the family comes to visit by adding a conservatory, or landscape their garden. Retirement is a great time to tackle those long-overdue home improvement plans, and a cash lump-sum from a lifetime mortgage can make those plans a reality.

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A better quality of life
in retirement

An increasing number of people are using the lifetime mortgages as a way of adding to their pension to secure a better quality of living in retirement. Lifetime mortgages are often used as an alternative to downsizing too – allowing homeowners to continue the lifestyle they’ve become accustomed to, without the hassle of needing to relocate.

Find out how much you could release

Find out how much you could release

You might be surprised by the amount of equity you can release from your home.
Interested in finding out more?

Try our calculator

Getting a lifetime mortgage

OneFamily offer expert lifetime mortgage advice that puts you in the driving seat, letting you dictate the pace and ensuring you feel informed and confident in your decisions.

 Step 1: Speak to an adviser

Your personal OneFamily lifetime mortgage adviser will be with you every step of the way. Over the course of an initial consultation, followed by a discovery meeting, they will take the time to get to know you and to really understand your individual needs and circumstances and whether a lifetime mortgage is suitable. Only then will they search the whole of the lifetime mortgage market to recommend the right product for you.

Find out more about lifetime mortgage advice from OneFamily »

 Step 2: Apply

We will take the time to explain our recommendation to you. If you’re happy to go ahead then we’ll help complete all the paperwork and submit the application for you.

 Step 3: Appoint a solicitor

You need to appoint a solicitor at or shortly after the point of application.

If you don’t have a solicitor, you can contact the National Solicitors’ Network or a member of the Equity Release Solicitors’ Alliance (ERSA). Whichever solicitor you appoint, they’ll ensure you understand the terms and conditions of the mortgage and will provide impartial legal advice.

You can find a list of solicitors who specialise in lifetime mortgages here »

 Step 4: Valuation and underwriting

Once the application has been received by the lender, your property will be valued to confirm how much can be released.

 Step 5: Receive your offer

When the valuation has been carried out, and assuming everything is acceptable, you’ll receive an Offer Letter confirming how much can be released. You’ll be able to discuss this offer with your solicitor before you accept it.

 Step 6: Legal work

Over the next few weeks, solicitors working on behalf of the lender will carry out the necessary legal checks on your property and will speak to your solicitor to get the information they need. Once all the checks have been made, your solicitor will ask you to sign a Mortgage Deed and a Certificate.

 Step 7: Receive your funds

Finally, once all of this has been completed, the funds will be released to you through your solicitor.

Frequently asked questions »

More information

OneFamily Advice is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of the Equity Release Council. We adhere to a strict code of conduct. Where recommending a lifetime mortgage, our advisers will supply a personalised illustration for a lifetime mortgage, to ensure you understand the benefits and risks.

More about getting a lifetime mortgage »

Your free initial consultation

Your free initial consultation

Interested in finding out more? If you’ve got a few minutes to spare, why not have a free consultation? Ask any questions you like and see how much you could borrow.

Speak to an adviser now

Speak to an adviser now

Our friendly team are on hand to help Monday to Friday, 9am-5pm.

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Speak to an adviser later

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*Open Monday to Friday 9am to 5pm. Calls may be recorded and monitored for training purposes. Calls to freephone numbers are free from UK landlines and personal mobile phones. With business mobiles the cost will depend on your phone provider. If you'd like to know more, please ask your provider.