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Lifetime mortgage

We could help you release the equity in your home. While you keep 100% ownership. Unlock your options as a homeowner with us.

Call us now for FREE

0808 1686 719

Monday to Friday 9am to 5pm

Looking for other ways to get debt help? Find out how to contact us.

  Mortgage advice is available throughout the UK. This service is provided by StepChange Financial Solutions, part of StepChange Debt Charity. We are not a lender. We find products that suit your needs.

If you are aged 55 or over, a lifetime mortgage could allow you to:

  • Release a cash lump sum, or
  • Give you access to a flexible borrowing facility if you need to borrow more money in the future

You will not have to make any monthly payments on your mortgage. You will also keep 100% ownership of your property.

Our expert advisors offer free advice on which type of equity release is your best option.

Read our guides about debt and money for homeowners

Benefits

  • When you sell your home, your mortgage and accrued interest are repaid
  • Plans can benefit from a lifetime fixed interest rate. Your advisor can show what the costs will be for each year
  • 'No negative equity' guarantee. This makes sure that no matter what the amount owed and the future value of your property is, your liability can never be more than the value of your home
  • You can customise your plan to suit your needs. Whether that is making lump sum repayments, or protecting an inheritance
  • A drawdown option lets you release an initial cash lump sum while establishing access to a pre-approved further borrowing facility

Risks

  • Allowing the interest to 'roll up' over time could be more expensive than a traditional mortgage
  • You do not pay tax by releasing equity. But the way it is released might affect:
  •  Your tax position
  •  Entitlement to means-tested benefits

To understand the features and risks of an interest only lifetime mortgage ask for a personalised illustration.

How to apply

  1. Speak to our expert advisors for free advice. You can call us for free on 0808 1686 719
  2. We will talk through your situation to see whether a lifetime mortgage could be your best option
  3. If you qualify we will guide you through the full process. There is no need for a home visit. We will do everything over the phone
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Elisa on Feefo says:

"The person who dealt with me, was very friendly, helpful and informative."

"StepChange helped to sort my lifetime mortgage. They were very helpful. Always keeping me up to date. Would definitely recommend. Thank you, StepChange."

Get help like Elisa

Is a lifetime mortgage right for me?

Call us now for free on 0808 1686 719 for advice.

Common lifetime mortgage questions

Usually, the amount you can release depends on your age. The older you are, the greater the cash sum that can be released.

Most providers will release a fixed percentage based on your age.

For example:

  • A 60-year-old could release 20%
  • A 65-year–old could release 25%, and so on

The amount you can get varies between providers.

The amount you can borrow also depends on:

  • The value of your property
  • Your age
  • Sometimes your health

New rules mean any lifetime mortgage applications will be assessed based on whether you can afford to repay the loan.

The amount of inheritance available will be the difference between:

  • The proceeds from the sale of the house, and
  • The amount outstanding on the plan when it is redeemed

Property prices rise and fall. We cannot predict the future value of your property when it is eventually sold. This means we cannot predict what inheritance will be available.

If your plan has a lifetime fixed interest rate, you will have the certainty of knowing exactly what your future liability will be.

Some providers offer an inheritance protection facility. This allows clients to protect a percentage of the property’s future value.

Your advisor will discuss this option if protecting an inheritance is one of your priorities.

There are four main costs.

1. Advice fee

A service fee of £495 is payable on completion should you wish to go ahead.

We do not charge any advice fees.

2. Valuation fee

This is payable when you submit your application. It usually depends on the estimated value of your property.

3. Legal fee

We recommend that you agree a fixed fee with your solicitor once your equity release offer is confirmed. Typical legal fees range between £400 and £500.

If you are purchasing a property, or the legal position of your property is complex, additional costs may apply.

4. Application fee

Some lenders may charge an application fee. Where this is the case it typically costs £695..

All plans that meet the standards of the Equity Release Council:

  • Guarantee lifetime tenancy in your property. No matter what happens to future interest rates, property values or investments
  • Can be transferred to a new property. Subject to the approval of the plan provider
  • Carry a ‘no negative equity’ guarantee. This means the amount owed can never be more than the value of the property

You must:

  • Maintain your home to a good standard
  • Fulfil the terms of the agreement

Ready to find out more?

We will help you understand your choices. For free advice:

Debt happens. We deal with it.

We have helped millions of people since 1993.

Find out how.

"The advisers were very professional and helpful."

"StepChange helped me with an application for Equity Release and guided me through the process through phone calls and access to their online Portal. And what's more it was free!"

Neil, Feefo Review

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674