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Compare Lifetime Mortgage Schemes

See below for a selection of equity lifetime mortgage schemes from leading UK lenders. You can search based on lender, rate, minimum age, minimum value of property, minimum loan, maximum loan to value (LTV) and whether you can move the schem from one home to another.

For an indicative quote based on your age and property value see our equity release calculator »

Details Sort by rate termLenderRateMin ageMin property valueLoans fromMax LTVPortable Enquire
Lender: Just Retirement
Rate term: 6.75%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 52%
Portable: No
6.75% 60 years £70000 £10000 52% is portable get quotes
Lender: Just Retirement
Rate term: 6.85%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 52%
Portable: No
6.85% 60 years £70000 £10000 52% is portable get quotes
Lender: Just Retirement
Rate term: 6.20%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 45%
Portable: No
6.20% 60 years £70000 £10000 45% is portable get quotes
Lender: LV=
Rate term: 5.79%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 50%
Portable: No
5.79% 60 years £70000 £10000 50% is portable get quotes
Lender: LV=
Rate term: 6.19%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 50%
Portable: No
6.19% 60 years £70000 £10000 50% is portable get quotes
Lender: More 2 Life Ltd
Rate term: 6.08%
Min age: 60 years
Min property value: £70000
Loans from: £10000
Max LTV: 45%
Portable: No
6.08% 60 years £70000 £10000 45% is portable get quotes
Lender: AVIVA
Rate term: 6.19%
Min age: 55 years
Min property value: £75000
Loans from: £10000
Max LTV: 45%
Portable: No
6.19% 55 years £75000 £10000 45% is portable get quotes
Lender: Newlife
Rate term: 5.99%
Min age: 55 years
Min property value: £70000
Loans from: £10000
Max LTV: 51%
Portable: No
5.99% 55 years £70000 £10000 51% is portable get quotes
Lender: Newlife
Rate term: 5.99%
Min age: 55 years
Min property value: £70000
Loans from: £10000
Max LTV: 49%
Portable: No
5.99% 55 years £70000 £10000 49% is portable get quotes

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

Notes: * Rate will depend on age

Lifetime Mortgage Schemes

You could enjoy a more comfortable retirement with a lifetime mortgage

A lifetime mortgage allows you to release money tied up in your home by providing a loan secured against the value of your property.

The amount you receive will depend on several factors, including your age and your property’s value. The idea of a lifetime mortgage is that it allows you to stay in your current home, while releasing tax-free cash which you can then use as you wish.

How does a lifetime mortgage work?

When you apply for a lifetime mortgage the mortgage provider calculate the amount of money that you can release, based on factors such as your age, your life expectancy, and the value and type of property you own. Any other outstanding mortgages or debts will also be taken into account.

A lifetime mortgage is repayable when you sell your home, or in the event of your death. It is important to remember that, with a lifetime mortgage, the interest charged on your cash lump sum is added to your outstanding debt, which can, over time, affect the proportion of your home that you actually own outright.

Who is eligible for a lifetime mortgage?

If you want to apply for a lifetime mortgage you will need to meet several criteria, one of which is the minimum age. This is typically 55 or 60. The percentage of your property that you can borrow as a tax-free lump sum depends on your when you take out the lifetime mortgage.

Generally speaking, the older you are, the more you can borrow. If you apply for a lifetime mortgage at 65 you can normally borrow around a quarter of the value of your property, but if you are older you may be able to borrow up to half the value of your home.

Not all properties are eligible for lifetime mortgages - your home will have to meet a minimum value specification before many lifetime mortgage providers will consider your application. This minimum value tends to be around £70,000 to £100,000.

To find the best lifetime mortgage deals, use our FREE equity release mortgage calculator - For an indicative quote use our equity release calculator »

Advantages of lifetime mortgages

  • A lifetime mortgage could allow you to retain ownership of your home - this means that you can still benefit from any house price increases.
  • Lifetime mortgages can offer flexibility - you can choose to take the money you release as either a lump sum, as regular payments, or on an ad hoc basis when you need it
  • There are normally no repayments to be made
  • Most offer fixed rates of interest, irrespective of what happens to interest rates
  • Reputable providers offer a no negative equity guarantee which means you will never owe more than your property's value

Disadvantages of lifetime mortgages

  • With a conventional mortgage, interest is charged on a decreasing amount (i.e. as you pay off the mortgage, the sum owed and thus the interest goes down). Lifetime mortgages, on the other hand, charge interest on an increasing amount of money. With most lifetime mortgage plans you make no repayments until you die or go into residential care – a situation which can be beneficial in the short term, but can mean that the interest accumulated on the loan can be significant. 
  • Lifetime mortgages are designed to be held for the long term, so if you choose to repay the loan early you may incur repayment charges.
  • The interest rate on a lifetime mortgage is usually higher than that of a conventional mortgage.
  • As with any type of mortgage, remember that the application process for a lifetime mortgage can involve fees for valuation, legal advice, and other charges. 
  • Taking out a lifetime mortgage could affect the amount of means-tested benefits you are eligible to receive, so it is important to check if you will be affected before making a decision.

 

To find the best lifetime mortgage deals, use our FREE equity release mortgage calculator - For an indicative quote use our equity release calculator »

If you are thinking about taking out a lifetime mortgage, make sure you speak to an expert first to go through all your options, our free service can put you in touch with a lifetime mortgage specialist. 

Before you apply…

Make sure you qualify

Permanent UK resident
Minimum age
Minimum property value
Available in England
Available in Scotland
Available in Wales
Available in Northern Ireland