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A lifetime mortgage is designed for those aged 55+ who own or are planning to buy a property valued at £70,000 or more in Birmingham. With a lifetime mortgage, you will retain full ownership of your home, and they are available on both freehold and leasehold properties.
A lifetime mortgage can be used for:
Alternative mortgages for the over 50’s, 60’s and 70’s in Birmingham are available and will be recommended by our team when you attend you’re free mortgage appointment.
A lifetime mortgage lets you access tax-free equity from your home, offering the flexibility to receive funds in various ways, including a lump sum or a smaller increments, this is also known as a drawdown lifetime mortgage.
The most popular reasons why people look into a lifetime mortgage to release equity are:
A lifetime mortgage can be used by those aged 55+ in Birmingham purchase a new home. The lifetime mortgage would be secured on the new property. Buying a new house with a lifetime mortgage will allow you to buy a bigger property than you would otherwise be able to afford. Below are some of the reasons customers choose to purchase a new home with a lifetime mortgage:
When using a lifetime mortgage to purchase a new property, monthly payments are optional.
Looking at mortgage advice in Birmingham for a lifetime mortgage is recommended because these products are complex and have long-term implications. Our Head of Later Life Lending Dan Osman and his team can help you understand the different options available, the costs involved, and how a lifetime mortgage might impact your future financial situation, including your inheritance plans.
There are two main types of lifetime mortgages:
Some lifetime mortgages also offer the ability to make interest repayments or voluntary payments, helping to manage the loan balance.
A lifetime mortgage might be right for you if you are over 55, own your home, and want to access some of its value without having to move. It can provide a tax-free lump sum or a regular income to supplement your retirement, fund home improvements, or help your family financially. However, it’s important to consider the long-term impact, including the interest that will accumulate and the reduction in the equity of your home. Speaking to a laterlife mortgage advisor in Birmingham can help you determine if a lifetime mortgage aligns with your financial goals and circumstances.
No, you’re not necessarily stuck with a lifetime mortgage once you’ve taken it out. Many lifetime mortgages are portable, meaning you can transfer the loan to a new property if you decide to move, as long as the new property meets the lender’s criteria. Additionally, some lifetime mortgages offer the option to make repayments or pay off the loan entirely, although early repayment charges might apply. It’s important to discuss these options with your mortgage advisor before committing.
Yes, you can move home if you have a lifetime mortgage. Most lifetime mortgage products are portable, allowing you to transfer the loan to a new property, provided it meets the lender’s criteria. If the new property is of lower value, you may need to repay part of the loan to ensure it remains within the lender’s acceptable limits. Your mortgage advisor in Birmingham can guide you through the process and help ensure a smooth transition if you decide to move.
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Brian
I am very impressed and pleased with the service provided. Both Dan and Jonathan are consummate professionals who kept me informed at every stage of the process and were always on hand to answer any questions. They were sympathetic and eager to...
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Mandy
They have been very helpful ,very patient helping sort any hiccups sorted everything in the end
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The service that we received from Wayne and the team at UKMoneyMan was amazing. A straightforward and easy process. We highly recommend MoneyMan, especially to those that are first time buyers, everyone was so knowledgable and helpful. Friendly...
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Anonymous
Dan was very helpful and knowledgeable and dealt with our mortgage quickly and efficiently.
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Philip
Dan and Jonathan were very helpful and explained everything in detail. We were able to then make an informed decision on our lifetime mortgage.
5 months ago
Philip
Dan and Jonathen explained everything in a clear and concise manner and were quick to address any concerns. All in all it has been a straightforward experience.
6 months ago
Anonymous
Great brokers, very helpful and efficient.
9 months ago
Charlotte
Fantastic! So quick and efficient and answered all of my questions! Jason and Jo were great, i couldn’t recommend them more! As first time buyers it was an overwhelming process but they made each step so easy! We would certainly recommend!
9 months ago
Rasna
Dinah and Stacey, both have been amazing dealing with my mortgage. I can’t recommend them enough, Dinah has been helpful and has gone above and beyond to get the support/advice I need. I’ve had to change my property and both Dinah and Stacey...
1 year ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
1 year ago
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Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
1 year ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
1 year ago
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I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
1 year ago
Anonymous
Incredibly helpful, supported throughout whole process
1 year ago
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Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
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Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
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Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process. They even...
2 years ago
During your free appointment with a later life mortgage advisor in Birmingham, you will have an in-depth discussion about your goals and plans related to inheritance.
While releasing equity and obtaining lifetime mortgages are still viable options, we view them as solutions of last resort. We will first explore alternatives that are tailored to your unique situation.
We highly recommend that you include your family members or other individuals you trust in our conversations because of the importance of getting a mortgage in later life.
We will present a tailored recommendation to you that is based on the information that you have provided. We work for you, and we would never recommend a deal that does not benefit your situation.
After your free mortgage appointment in Birmingham, our team will proceed to locate the most suitable later life mortgage option in Birmingham that aligns with your present and future personal and financial situation. With over two decades of experience as a mortgage broker in Birmingham, we have assisted numerous clients in reaching their mortgage goals.
Our team is dedicated to guiding you through the mortgage process and tackling any obstacles that may arise. We put in the extra effort for our clients and tailor to your best interests. We deliver an open and honest approach to our service, making sure that you get the best deal in your specific circumstances.
We will search through 1000s of mortgages to find a tailored recommendation for your unique situation. Our mortgage advisors in Birmingham have access to both high street and specialist lenders.
If you are looking for a mortgage over 50 in Birmingham, you can speak to an expert 7 days a week!
Reach out to us at a time that best suits you and your busy schedule.
If you need more money later with a lifetime mortgage, there are a few options available, depending on the type of mortgage you have. If you have a drawdown lifetime mortgage, you can access additional funds from your pre-agreed cash reserve without having to arrange a new loan, and interest will only accrue on the amount you withdraw.
If you have a lump sum lifetime mortgage and require more money, you might need to apply for a further advance from your lender or consider remortgaging, though this would be subject to your lender’s approval and may involve additional costs. It’s important to discuss these options with your mortgage advisor in Birmingham to understand the best course of action.
When taking out a lifetime mortgage, you’ll need to ensure that you meet all the lender’s criteria and fulfil certain obligations to maintain the mortgage. This typically includes keeping your home well-maintained and adequately insured.
You’ll also need to keep your lender informed of any significant changes to your circumstances, such as moving to long-term care. Additionally, it’s wise to regularly review your lifetime mortgage with your advisor, especially if your financial situation or goals change over time, to ensure that it continues to meet your needs.
A lifetime mortgage can reduce the amount of inheritance you leave behind, as the loan and accumulated interest are repaid from the sale of your property when you pass away or move into long-term care.
However, some lifetime mortgages offer features like inheritance protection, allowing you to ring-fence a portion of your home’s value for your beneficiaries. It’s crucial to discuss your inheritance goals with your mortgage advisor in Birmingham, who can help you choose a product that balances your immediate financial needs with your desire to leave something for your loved ones.
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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