FCA Authorised
Lifetime Mortgages are authorised and regulated by the Financial Conduct Authority
Expert Advice
Chat with an FCA authorised expert to find out if you qualify for a Lifetime Mortgage
No Obligation
Get free, no obligation quotes and information so that you can make an informed choice.
Top 7 myths about Lifetime Mortgages
Pros
Keep 100% ownership
You own the home. A Lifetime Mortgage does not mean that you transfer ownership to any provider or lender.
Tax Free Cash
Take a lump sum, smaller instalments or a monthly income. Your mortgage will be designed to your requirements.
No monthly repayments
You can decide the mortgage repayment terms with the option to pay nothing, pay only interest or pay interest and capital.
Use the money as you wish
Pay off an existing mortgage, travel, gift to friends or family or get those long awaited home improvements done. It's up to you.
Homeowner benefits
You can still move home, benefit from any future house price rises and do the home improvements you may have been planning.
Fixed interest for life
Lifetime Mortgages have interest that is fixed for life with some providers charging interest from just 2.5% APR
The pros and cons
Cons
Compound interest
If you choose not to make monthly repayments to the mortgage, the interest charged will be compounded and added to the loan
Only for homeowners
As with a typical remortgage, you need to be a homeowner to take advantage or a Lifetime Mortgage.
Maximum 55% LTV
The maximum the you can borrow with a Lifetime Mortgage is 55% of the value of your property. Age will affect the maximum LTV.
Minimum £70k property
To qualify for a Lifetime Mortgage the property that you wish to take out the mortgage on must have a value of at least £70,000
Early repayment charges
Paying off the mortgage within the first 10 to 15 years will usually incur an early repayment charge. That charge decreases over time.
Affect to benefits
If you are receiving certain means tested benefits then a Lifetime Mortgage could affect your eligibility for these benefits.
Find out if you qualify
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.
REPRESENTATIVE EXAMPLE: If you borrow £42,205.00 over 15 years at a lifetime fixed rate 3.58% per month your representative APR is 3.5%. The total amount payable after 15 years would be £67,995.00. You have the ability to make the payments but this calculation assumes you make some payments towards any interest rolling up.
We help people to compare Retirement Mortgages and to provide them with free, no obligation quotes as well as answering all questions to ensure that it is the right option for our customers.
This website is owned and operated by Ramsey Lomax LTD, United House, North Road, London, N7 9DP.
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.
The Mortgages Designed For Retirement
Interest fixed for life from just 2.5% APR. No monthly repayments and tax free income when you need it most.
Multiple Repayment Options
Tax free income
Borrow from £20k to £500k*
Find The Best Deals
Over 60,000 people a year now use retirement mortgages but our customers tell us that these are the main reasons:
What are retirement mortgages used for?
Pay off an existing mortgage
To benefit from lower or no monthly repayments.
Home improvements
That long awaited home or garden upgrade
Helping friends or family
Used for big events or getting loved ones on the property ladder
Debt consolidation & income
Paying off expensive debts or receiving an income in retirement
You choose how you wish to repay your retirement mortgage. If you pay nothing then the mortgage and interest is repaid when you die or go into long-term care.
Flexible repayment options
Pay nothing
Pay interest only
Pay interest and capital
You can be approved for a Retirement Mortgage but only take tax free money when you need it.
For example, if you are approved for a £100,000 mortgage, you could use £50,000 now and have another £50,000 available when you need it and you only pay interest on the money that you take out.
Cash when it's needed
We understand that everyone's home and financial requirements are unique. We tailor a Retiremenst Mortgage to your needs.
Ensuring ring-fenced inheritance, the flexibility to move and take your mortgage with you*, repayments that suit you and much more.
A mortgage tailored to you
* Subject to the terms and conditions of your chosen mortgage
Retirement Mortgages are frequently used to gift money to friends and family now rather than waiting to pass on a property as inheritance (often incurring tax) but with this type of mortgage you can do both.
Retirement Mortgages can be designed to ring-fence inheritance and provide a 'no negative equity' guarantee for your loved ones.
Inheritance protected
As with a typical mortgage, you keep 100% ownership of the property.
You can move home, sell the property*, continue to benefit from any house price rises (in the last ten years house prices have gone up 49%**) and you can make those long planned home improvements*.
It's your home
* Subject to the terms and conditions of your chosen mortgage. Early repayment charges may apply.
** Land Registry data between Q1 2010 and Q2 2021
We are an FCA authorised mortgage and credit broker and not a lender. We have partnered with companies that will help you to explore two main types of Retirement Mortgages, namely 'Retirement Interest Only (RIO) Mortgages and 'Lifetime Mortgages'. We do not compare or provide options for 'Home Reversion Equity Release'. If you use this website and complete the form then you will be contacted by a Retirement Mortgage specialist. 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.