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Products Updated March 17, 2018

Interest only lifetime mortgages

If you wish to release equity in your home and are interest in a lifetime mortgage or to learn what options are available to you then our experts can help.

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

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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 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

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

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

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

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 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

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

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

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 an interest only lifetime mortgage?

Interest only lifetime mortgages were released into the market in 2006 and allow lifetime mortgage customers to make monthly interest payments on their mortgage. The payments can either but full or partial payments and will go towards reducing or eliminating the roll-up of interest. Unlike a standard roll-up mortgage making regular interest payments allows you to reduce the overall amount of interest you may throughout the scheme.

Taking out a lifetime mortgage allows you to release a tax free cash lump sum that can be used for a varity of reasons such as help with money in retirement, home improvements, financial help for children and grand children. The money you receive can be spent as you wish.

How much will my interest payments be?

The amount you pay each month will be worked out between yourself and your financial advisor and will depend on how much you can comfortably afford to pay each month. This is then submitted to the lender as part of your mortgage application. Our equity release experts can provide you with a detailed quote and personal advice on these types of mortgages.

What happens if I can no longer afford to make interest payments?

If you were no longer able to make interest payments or you changed your mind then your mortgage would simply revert to the roll-up lifetime mortgage. This means that the interest due would roll-up and be paid at the end of the mortgage term. It is important to discuss the consequences of this with your equity release advisor.

Can I release more equity later on?

Yes this is possible and if you would like further funds then you will need to speak with your equity release advisor who can provide advice and guidance on your options. They can also provide you with advice and a quote on how much additional money you may be able to receive. As done previously you can also then decide whether to make monthly interest payments or allow the interest to roll-up.

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