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

Council funding to crack down on rogue landlords

English councils are set to receive additional funding and training to help tackle rogue landlords, ahead of taking on new responsibilities when renters’ rights reforms come into force next month. All 317 local authorities in England will share £41 million in funding, building on an earlier £18 million allocation made last autumn. The funding is…
Read More →
New Builds 2020
Breaking News

Fewer than 1 in 5 new properties securing buyer

New-build demand remains subdued as fewer than 1 in 5 homes find buyers in Q1 2026 The latest New-Build Stock and Demand Index from Property Inspect has found that demand for new-build homes remained subdued in the first quarter of 2026, with fewer than one in five new properties securing a buyer. New-build stock levels…
Read More →
Estate Agent Talk

Top five AML red flags in UK property transactions

Cash-heavy and internationally supported purchases continue to shape the UK market New data from client due diligence platform Thirdfort reveals the most common anti-money laundering (AML) red flags identified in UK property transactions. Analysis of more than 415,000 completed Source of Funds (SoF) checks shows that the top five red flags are: Savings mismatch – 43.04% Gifted…
Read More →
Estate Agent Talk

Discover Northern Ireland’s top emerging investment hotspots

Derry/ Londonderry and Fermanagh named Northern Ireland’s top emerging investment hotspots Northern Ireland’s emerging investment hotspots are delivering compelling opportunities for landlords in 2026, with new research from Belfast-based estate agency John Minnis revealing a shift in where investors are finding the strongest returns. Drawing on insights from the latest John Minnis Investment Guide, the…
Read More →
Breaking News

Breaking Property News 13/4/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why customisation matters more than capability Thought Leadership by Wes Snow CEO & Co-founder of Ascendix Technologies ‘There’s a persistent misconception that success with Artificial Intelligence comes down to selecting the most advanced or sophisticated tool. In reality, that’s not where the value lies. The real…
Read More →
Rightmove logo
Breaking News

First-time buyers pay extra £307m in stamp duty since relief ended

New Rightmove analysis reveals that since the end of the temporary relief measure in April 2025, first-time buyers in England have paid an estimated £307 million extra in stamp duty, averaging £4,618 more per buyer: The total estimated first-time buyer stamp duty bill over the past year was £408 million, versus £101 million the previous year In April 2025 the first-time buyer stamp duty threshold was lowered from £425,000 to £300,000. Before the change 62% of homes for sale were stamp-duty free for first-time buyers and that has…
Read More →