A Lifetime Mortgage is a type of Equity Release that lets you unlock some of the money tied up in your home - while you continue living there.
It works a bit like a traditional mortgage, but it’s designed with later life in mind. You stay in control of your home and your choices.
All lifetime mortgages are regulated by the Financial Conduct Authority (FCA) and come with the Equity Release Council’s guarantees:
These safeguards make lifetime mortgages one of the most secure financial products available for older homeowners.
Andy is often asked if you can buy a new home using an equity release lifetime mortgage. The answer is a resounding Yes! - a lifetime mortgage can help you buy your next home.
Use your existing property sale proceeds or savings as a deposit, and the lifetime mortgage covers the rest - perfect if you’re downsizing, relocating, or moving closer to family.
The amount available depends on:
If it’s a joint plan, the lender bases it on the younger partner’s age.
Our Equity Release Lifetime Mortgage Calculator can give you an idea of the maximum that you may be able to release.
You can guarantee a set portion of your home’s value will always pass to your loved ones.
For example: If you protect 20% of your home, your estate will always receive at least 20% of the sale proceeds - whatever happens.
Naturally, the more you protect, the less you can borrow - but many find that peace of mind is well worth it.
Guaranteeing a part of your equity in this way will reduce the amount you can borrow.
If you don’t need everything at once, you can add a drawdown facility which is a pre-agreed sum available from outset.
That lets you access more funds quickly, without the need for an adviser or solicitor each time.
You’ll only pay interest on the money you actually take - a simple way to manage interest costs sensibly.
Drawdown reserves agreed at the start of the plan may not always be available to you in the future.
If you’ve retired due to ill health or have certain medical conditions, you may qualify for an enhanced lifetime mortgage.
This can mean:
It’s not always the best option. Andy will help you weigh the pros and cons carefully.
Yes! You can move house at any time and take some or all of your lifetime mortgage with you, subject to the new property meeting lending criteria.
If you move to a cheaper property, you may need to repay part of the loan - but you’ll always keep your right to move.
Lifetime mortgages are designed to run for life, but you can repay early if you wish or you come into money.
If you do, there might be a charge. Two main types exist:
There is no penalty charge if you repay the loan due to moving into long term care or move in with family who care for you. There is also no charge after death.
For joint borrowers, there is usually a period - often 3 years - during which the surviving partner can repay the loan or sell the property without a penalty.
Today’s products are much clearer about these rules, so you’ll always know where you stand.
Still have some questions? Here are a selection of questions our clients often ask about Equity Release.
Get In TouchYes, absolutely. A lifetime mortgage can be arranged to add to your own funds to buy your next home. This means you may be able to buy a higher priced home than you could otherwise afford, or move to a more expensive area, buy a bungalow or even an apartment.
Yes, many of our clients do exactly that. Your existing mortgage must be cleared as part of the process, and the lifetime mortgage can be used for this.
You are not required to pay anything each month, but all plans allow some voluntary payments without penalties. You can pay the interest to help control the loan, or even repay some capital if you want to. It’s very flexible.
Yes. You must have your own solicitor - it’s a requirement for your protection. They review the legal documents with you before anything is completed.
That’s what proper advice is for. Andy’s job is to understand your needs, explain every option clearly and help you decide what’s genuinely best - whether that’s equity release or something else entirely. You will receive honest, ethical and professional advice to decide what is best for you.
Your family will never be left with a debt.
Even if property prices fall or you live to 110, the lender can only ever reclaim up to your home’s value - never more.
And they will only ever take what they are owed at the point of repayment. The rest of the property value will go to you or your beneficiaries.
It’s one of the strongest consumer protections in the financial world.
Equity release is a big decision - and it needs expert, honest advice. Andy Wilson is a qualified, independent specialist with years of experience helping people make confident, informed choices.
We are proud Adviser Members of the Equity Release Council, committed to clear, caring, and transparent advice.
You can access the latest Equity Release Newsletter download by filling out the form. We will publish the latest newsletter roughly twice-yearly.
Equity release includes lifetime mortgages and home reversion schemes. We can advise and arrange lifetime mortgages and will refer to an approved specialist for home reversion schemes.
If you’re curious about how equity release could work for you, start by exploring our other pages on the topic - they’ll help you get a feel for the options and what to consider.
Then, when you’re ready, book a free, no-obligation chat with Andy Wilson, our qualified and very experienced equity release specialist. Initial consultations are completely free of charge. There's no obligtion to proceed and our broker fee of £1,295 will only become payable if we proceed to a full application.
Andy will:
There will be no pressure. No jargon. Just straightforward advice from someone who genuinely wants you to make the right choice - for you, your family, and your future.
Get in Touch
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