What is a Lifetime Mortgage?

February 13, 2023
,

A Lifetime Mortgage is a non-income assessed mortgage, which is only repayable when you either pass away or enter long term residential care, and can be used for the following:

  • Home improvements
  • Gift to family
  • Improve lifestyle
  • ‘Top up’ income / pension

But it can also be used to buy a new home!

 

Picture this…

Your client would like to move to their forever home, but it is out of their budget and they have an existing mortgage which they would like to pay off.

Using a Lifetime Mortgage allows them to clear their outstanding mortgage, while also obtaining additional funds with which to purchase their new property.

The property sale, mortgage repayment and new property purchase are all finalised at the same time!

What’s more, this is without having to make any monthly payments, if they do not wish to.

They may, however, wish to consider paying all or some of the interest off, either with regular monthly payments or ad-hoc voluntary payments.

Once they have found the property they wish to buy, they sell their old property, clear the mortgage and move into their new home.

It will be their new home that will then have the Lifetime Mortgage on it.

The process is very similar to a conventional property purchase and the result is that they have the new property they desire without the need to make monthly mortgage payments, if they do not wish to.

Of course, Equity Release is not right for everyone and I always carry out a thorough financial review to look at all available options.

What I can offer:

I’m looking to work with Estate Agents who may have clients over the age of 55 that could benefit from a Lifetime Mortgage.

As I specialise in Lifetime Mortgages only, I am offering a 50% procuration fee split for any cases that complete. This referral commission amount equates to approximately 1.5% of the total loan amount.

Please get in touch if you have any questions or would just like a friendly chat about how Equity Release / Lifetime Mortgages work and could potentially help your clients.

www.millerlife.co.uk

lee@millerlife.co.uk

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

Mortgage approvals down 11% in May

The latest mortgage approval data from the Bank of England show that: –   Mortgage approvals on house purchases for May sat at 56,205 down (-14.9%) from 66,034 seen in April. Approvals are down (-10.8%) when compared to the 62,980 seen in May 2025. This annual decline was expected due to wider political and economic uncertainty;…
Read More →
Breaking News

Money and Credit – May 2026

Overview These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system. Key points: Net borrowing of mortgage debt by individuals decreased to £2.9 billion in May, from £4.4 billion…
Read More →
Breaking News

More than 5,300 land listings currently available in Britain

The latest research from LandSale, the property portal dedicated to land and rural property, has revealed that there are an estimated 5,373 land listings currently available across Great Britain, with almost a quarter, 24.9%, listed in the past 30 days. The analysis examined all land-only listings currently being marketed across Great Britain. LandSale assessed the…
Read More →
Breaking News

Build to rent completions rise 11.7%

New research from Zero Deposit reveals that the UK’s build-to-rent sector has continued its strong growth trajectory in 2026, with both delivery and investment volumes increasing year on year as demand for professionally managed rental accommodation remains robust. As the sector expands and operators manage larger portfolios of high-value rental homes, protecting rental income is becoming…
Read More →
Estate Agent Talk

Has the doer-upper lost its shine?

First-time buyers, once the doer-upper’s natural market, have changed their priorities – and what they want now is certainty. For decades, the doer-upper held a particular place in British life: the tired house bought cheap, done up over years of weekends and sold on as the home it always promised to be. It was a…
Read More →
Crowded beaches - Clacton-on-Sea in Essex
Breaking News

1 in 7 consider moving home to manage cooling costs in hotter weather

Two in five adults (40 per cent) say they would prefer to invest in home improvements to reduce overheating from the outset, rather than rely on cooling devices Three in 10 (30 per cent) are concerned about the impact of using electricity for cooling on their energy bills, while over four in 10 (44 per…
Read More →