David Allan

Expertly compared by David Allan

Products Updated March 17, 2018

Fixed Repayment Lifetime Mortgages

If you wish to release equity tied up in your home or to find out how much you can get then our approved experts can help with advise and finding the best solution.

Calculator - Find out how much equity you could release today:

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Rated 5/ 5

Age Partnership Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

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Compares Equity
Release Marketplace

Proud to have provided over 10 years of award-winning retirement income services. Don't miss out on unlocking tax-free cash from your home. Apply with Age Partnership to use their free equity release calculator.

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Rated 4/ 5

Just Retirement

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Lifetime Mortgages
Home Reversion Schemes

There are two main types of equity release product: lifetime mortgages, which are mortgages that are secured against your home; and home reversion plans, where you sell all or part of your property to a reversion company in exchange for money. Request a quote via our approved advisors

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Rated 4/ 5

Legal & General

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Equity Release
& Lifetime Mortgages

A Legal & General Lifetime Mortgage allows homeowners who are over 55 and have a property worth at least £100,000 (£150,000 for ex-council properties) to release cash from their home.

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Rated 5/ 5

Key Retirement

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Compares Equity
Release Marketplace

Our Lowest Rate Promise is designed to find you the lowest applicable equity release rate on the market. If we cannot beat or match the rate from another provider we will pay you £500!

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Rated 4/ 5

Aviva

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Equity Release
& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors

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Rated 4/ 5

Liverpool Victoria

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Equity Release
& Lifetime Mortgages

Equity release from LV lets you release tax-free cash from your home, without having to move, which you can then spend on your garden or home, on a holiday, to treat family or friends or to make your retirement more comfortable.

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Rated 4/ 5

Pure Retirement

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Equity Release
& Lifetime Mortgages

Pure Retirement was founded on the belief that everyone deserves to enjoy their later years. As recent winners of the Moneyfacts Age award for Equity Release Lender of the Year, they provide a simple and straightforward solution for accessing the value tied up in your home.

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Rated 4/ 5

Bath Building Society

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Equity Release
& Lifetime Mortgages

Our Retirement Mortgages are aimed to meet the needs of older borrowers who are either looking to release equity, remortgage with us because your current lender has an age limit or move home. The Society can lend a minimum of £50,000 and up to a maximum of £200,000.

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Rated 4/ 5

One Family

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Equity Release
& Lifetime Mortgages

OneFamily Lifetime Mortgages enable you to borrow a one-off lump sum, and then choose whether you want to make monthly interest payments, a more flexible arrangement of one-off voluntary payments, or no payments at all.

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Rated 4/ 5

Hodge Lifetime

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Equity Release
& Lifetime Mortgages

Hodge Lifetime launched the first equity release plan in 1965, and is the longest established equity release provider in the UK. Its products are provided by Julian Hodge Bank Limited. The 55+ Mortgage has been designed specifically with the older borrower in mind.

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Rated 4/ 5

Canada Life

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Equity Release
& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors

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Rated 4/ 5

Prudential

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Equity Release
& Lifetime Mortgages

Equity release is a way of supporting yourself later in life by unlocking tax-free cash from the value of your home, without having to move out. Request a quote today via our approved advisors.

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Rated 4/ 5

More 2 Life

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Equity Release
& Lifetime Mortgages

more 2 life provides a wide range of lending solutions for the over 55s. They work exclusively with qualified advisers and their lifetime mortgage plans help customers release cash from their homes to help deliver a more comfortable and flexible retirement.

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Rated 4/ 5

Retirement Advantage

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Equity Release
& Lifetime Mortgages

As part of Canada Life, Retirement Advantage has more capability than ever before to help customers feel better equipped to make the most of their retirement. Request a quote via our approved advisors

 

FAQ's

What is a fixed repayment lifetime mortgage?

With this type of scheme rather than having to pay interest like an interest only lifetime mortgage or have interest build up to be paid at the end of the scheme like a roll up lifetime mortgage. A fixed repayment lifetime mortgage works differently. With this type of scheme you agree with your equity release provider that you will pay an agreed larger sum in the future when your home is sold. This amount is fixed and agreed upfront when you initially take out the mortgage. You can decide to take a lump sum payment now or regular income payments for life.

As with other types of lifetime mortgage the fixed repayment scheme is approved by the Equity Release Council and has a no negative equity guarantee. This means that you’ll never owe more than the value of your home even if the value of your home decreases in the future.

As with the other types of schemes available you, under the fixed repayment lifetime mortgage you can continue to live in your home until you die or go into long term care.

What are the benefits?

  • The amount you repay is fixed therefore you have certainty of how much you will have to pay back.
  • You can still fully 100% benefit from any increased value in your home as unlike a home reversion scheme you have not agreed to give up a percentage of your homes equity.
  • You have the flexibility to choose a receive a lump sum payment now or a regular payment for life.

What are the disadvantages?

  • The scheme doesn’t offer good value in the event that you were to die early.
  • You may be limited to the amount you can raise when compared against other schemes such as a home reversion plan.
  • There is a limited choice of fixed repayment lifetime mortgages available.

To get a complete picture of all the advantgages and disadvantages that are applicable to your personal circumstances we would recommend you speak with one of our equity release experts. They will be able to explain the fixed repayment product in detail and how it compares against other equity release options that are available to you.

Where can I get further advice on fixed repayment schemes?

Our equity release experts are approved and FCA regulated advisors who can provide you with independent advice and assistance on the options that are available to you. The type of lifetime mortgage that is best for you will very much depend on a range personal factor such as your age, condition of your health, home value and who much equity you wish to release.

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