Lifetime Mortgage

Specialising in pairing people with their perfect mortgage

Looking for a Lifetime Mortgage?

A Lifetime Mortgage is a form of Equity Release that gives you access to equity that has built up in your home. Lifetime mortgages are the most popular type of equity release because they are extremely flexible and allow you to retain 100% ownership of your property.

What is a Lifetime Mortgage?

A lifetime mortgage is essentially a long-term loan secured on your property. With a lifetime mortgage, you won’t be required to make any repayments before the end of your plan. As a lifetime mortgage is a type of equity release, it allows you to unlock tax-free cash from the value of your home, without you having to move out. So you can remain a homeowner and still own 100% of your property once you’ve released its equity and not have to make monthly repayments.

Lifetime mortgages also come with a no negative equity guarantee, ensuring that you never pay back more than what your property is sold for, as long as it’s the best price, reasonably obtainable.

Is a Lifetime Mortgage For Me?

During your hard-earned retirement following a lifetime of hard work, you want your lifestyle to be as comfortable as possible and a lifetime mortgage can provide you with just that. A lifetime mortgage is designed to help homeowners aged 55 and over raise funds to pay for whatever matters the most in life.

A lifetime mortgage can help meet your day-to-day living costs and provide you with a more comfortable lifestyle. It can even be a way of funding your future plans, too. Whatever you choose to do with the money, a lifetime mortgage allows you to use the value of your home to live your life your way.

Kiran
Kiran
2024-01-15
Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!
L Fowler
L Fowler
2024-01-04
Matthew and his team have gone above and beyond to help us with our mortgage. As first time buyers we decided to seek advice from a mortgage advisor. After having an offer accepted on a house we needed some support with the mortgage fairly quickly and Matthew managed to fit us in out of usual hours to suit us. We had a very detailed call with him and all our questions were answered. From this point onwards Kirsti managed our application and the whole process was fast and effortless as they managed everything. We made the best decision using Regal finance. If you choose to go with Regal you’ll be in good hands.
Jamie Wells
Jamie Wells
2024-01-04
I can’t recommend regal finance group enough. Kirsti and Matthew have been amazing. They are so quick to respond and the advice they give has been so helpful. Don’t hesitate to get in contact if you need a mortgage. Thanks Jamie and Lauren
Sam Powell
Sam Powell
2023-12-07
Excellent service and company
Erion Andoni
Erion Andoni
2023-10-10
I recently had the pleasure of working with Rick to secure a mortgage for my new home and a buy-to-let mortgage for my existing property. Rick's assistance was truly invaluable throughout the entire process. Rick effortlessly guided me through both processes, making sure every detail was covered. His commitment to assist and his availability and willingness to answer my questions, no matter how small was exemplary. Rick's expertise in mortgages was impressive. He made a complex process seem straightforward. I wholeheartedly recommend Rick as a mortgage broker. He is not only skilled but also genuinely cares about his clients' success.
Yolanda
Yolanda
2023-09-27
I did my due dilligence looking at various brokers and was pleased to have received excellent help and direction from the Regal Finance Group. From the lead advisor to the administration team we were kept updated and communication was steady. Our situation was not an easy one for the team but they persevered and assisted us well.
Peter Nelson
Peter Nelson
2023-08-22
We've had a great experience with Regal Finance Group both getting our mortgage initially and now re-mortgaging a few years later. Particulalry during the current turbulent market we really appreciated how calm they made us feel by presenting our options clearly and answering all of our questions. We'd highly recommend them, they have really taken the stress out of mortages!
samantha sothcott
samantha sothcott
2023-08-02
Matthew and Kirsti at Regal Finance have been absolutely brilliant through a difficult remortgage. Always available to talk through anything and explain processes when needed. I would definitely recommend their services and thank them for their guidance.
amy evans
amy evans
2023-08-01
Kirsti and Matt were super helpful and always at the end of the phone to explain everything in detail to me. They saved us a lot of money and had great contacts to use and everyone worked together really well to get it over the line in time. Would highly recommend
izzy P
izzy P
2023-06-15
Can not recommend enough! Matthew and his team gave me the most amazing support throughout my process. Buying a property for the first time can be daunting and Matthew gave me fantastic advice and talked me through everything in as much detail as I needed.

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How Much Can I Borrow?

The amount you can borrow depends on your age and the value of your property. You can choose to release a single lump sum or you have the option to release a smaller lump sum and set up a reserve to borrow additional sums from in the future.

Unlike a standard residential mortgage, you don’t make any monthly repayments. Instead, interest builds upon the loan each year and is charged on the total of the original loan amount, and any interest previously added, which increases the amount you owe.

The loan and interest are repaid in full, usually from the sale of your home, when you (and your partner, for a joint lifetime mortgage) die or go into long-term care, subject to terms and conditions.

Advantages of a Life Mortgage

With a lifetime mortgage, you can get full control back of your debt. No matter how much you choose to release with a Lifetime Mortgage, you will never owe more than the value of your property and you can never pass on any debt to your estate with these plans. If you want to move and not repay the money, you can transfer your plan to another suitable property.

Lifetime mortgages provide you with flexibility, as there are plans available where you can take as little as £10,000 tax-free and leave more funds in the reserve for when you need it.

Different Types of Lifetime Mortgage

There are three main types of Lifetime Mortgage:

Roll-Up Lifetime Mortgage

With a Roll-Up Lifetime Mortgage, you will receive a cash lump and there are no monthly repayments to make, interest will accrue on the amount of cash you choose to release. The interest and lump sum amount will be paid off when the last homeowner on the deeds dies or moves into permanent long-term care.

Drawdown Lifetime Mortgage

A Drawdown Lifetime Mortgage works the same as a roll-up lifetime mortgage except you have more freedom to choose to release the funds, as and when you need it. You can choose to have money in a reserve account ready to draw down when you need it most. A good thing about a drawdown lifetime mortgage is that the interest will not accrue on the money held in the reserve until you have released it, allowing you to minimise the interest charged, whilst having the safety of a cash reserve.

Flexible Lifetime Mortgage

A Flexible Lifetime Mortgage is a type of plan which allows you to make voluntary payments towards the mortgage. Some of these plans have monthly interest payment options. However, if you decide that you don’t want to make any payments at all, you don’t have to. As with the roll-up and drawdown lifetime mortgage, you will still receive a lump sum and maintain 100% homeownership.

You can get flexible lifetime mortgage plans with variable and fixed interest rates. With a fixed rate you can see exactly what you are being charged, whilst a variable rate plan may offer an initial lower rate.

With all lifetime mortgages no matter how much equity you take out, you will never owe more than the value of your property and you can never pass on any debt to your estate.

Lifetime Mortgages Provide a Tax-Free Lump Sum

The money you release from your property is tax-free and can be used to spend however you want. You could use it to fund those home improvements that you’ve always wanted to carry out, clear your debt or take a much deserved holiday.

The only thing to consider with a lifetime mortgage is that any existing mortgage or secured loans against your property must be paid upon completion of the plan. This can be with the funds you have released or any other savings you have.

Want to find out how much you could borrow?

If you want to find out how much you could borrow with a lifetime mortgage or to find out if you are eligible, give us a call today and we will help guide you in the right direction.

Get A Mortgage With Regal in 3 Easy Steps

One

Step 1

Complete an enquiry form and an advisor will call you back.

Two

Step 2

Send us the documents we need.

Three

Step 3

Receive a Decision in Principle from one of our lending panel.

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