Lifetime mortgages.eu, an Impartial Lifetime mortgage and equity advice
site brought to you from Independent retirement specialists Advice on Money

Freephone 0800 970 4882

Mortgages

Unlike specialist equity release Lifetime mortgages, with ordinary mortgages the amount you can borrow is based on your retirement income(s), and monthly repayments will be required.

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Interest Only mortgages

There are a few Building Societies and Banks that are prepared to offer ordinary mortgages to retired people, to allow them to release capital. However, unlike specialist equity release Lifetime mortgages, the amount you can borrow is based on your retirement income/s, not on property value and age.

Such mortgages can be on a repayment basis or Interest Only. Interest only mortgages mean that you only repay the interest not the capital to the lender, therefore, the monthly repayments can be relatively affordable. Providing you pay the interest each month, your debt remains the same, unlike other specialist lifetime mortgage schemes, but at some stage (at the end of the selected term) the capital must be repaid although one lender is prepared to allow you to repay it from sale of your current home when you die or go into care.

Your home may be repossessed if you do not keep up repayments on your mortgage.

For arranging ordinary mortgages we can be paid by commission, or a fee of usually £750 or a combination of both.

To understand the advantages and disadvantages of taking out an ordinary mortgage click here

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At Advice on Money we are always happy to give impartial financial and mortgage advice to help people make the right decision. This site gives details about Lifetime Mortgages and alternative equity release schemes. If you would like to contact us to discuss the suitability of a Lifetime Mortgage or indeed any other form of equity release then you can do so by calling 0800 970 4882 or emailing enquiries@adviceonmoney-ifa.co.uk

Advice on Money
8a Richfield Avenue
Reading
RG1 8EQ

Tel: 0118 958 6421

Fax: 0118 958 8431

e-mail:
enquiries@adviceonmoney-ifa.co.uk

Principal:
Keith Hargraves.

Advice on Money is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register (www.fsa.gov.uk/register/) under reference 150427.

The information contained in this web site is for general information only and is not financial, investment or tax advice. It is also subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.

For researching and arranging the best scheme for you, we will charge a fee on completion usually 1.5% of the amount released or facility arranged with a minimum of £795.