Can I use a lifetime mortgage to move home?

Yes, a lifetime mortgage can provide funds for those aged 55 and over to move to a new property. This option is particularly useful if you’re downsizing, relocating to Essex to be closer to family, or purchasing a home that better fits your lifestyle needs. By releasing equity, you can cover the costs of moving while still retaining ownership of your new property. A mortgage broker in Essex can guide you through the process and find a plan suited to your financial situation.

Once I have a lifetime mortgage, am I stuck with it?

No, having a lifetime mortgage doesn’t mean you’re permanently tied to it. Many plans include options such as voluntary payments to reduce the balance over time or remortgaging to a new product if your needs change. Regular reviews with a mortgage broker in Essex can help ensure your plan remains suitable and aligns with your long-term goals.

Is there anything else I need to do for a lifetime mortgage?

As well as speaking with your later life mortgage advisor about whether equity release, and subsequently a lifetime mortgage, is right for you, it’s worth taking the time to consider any additional arrangements for the future. There are several over 50’s life insurance policies available from our team that, if suitable for your circumstances, can help offset the cost of a lifetime mortgage over the life policy term. We would also recommend discussing your lifetime mortgage plans with your family, updating your will, and setting up arrangements for any lasting powers of attorney. These steps are important, as it is often your family, either as beneficiaries after your death or as attorneys should your mental capacity become impaired, who will be involved in selling the property to repay the lifetime mortgage. Proper planning now not only ensures a smoother process for your loved ones later but can also make things more cost-effective in the long run.

Lifetime Mortgages in Essex & Later Life Borrowing

What is a lifetime mortgage in Essex?

A lifetime mortgage in Essex is a popular choice for those aged 55 and older who want to unlock their property’s value while continuing to live there.

This type of equity release product offers tax-free funds to support your financial goals, whether that’s travelling, improving your home, or providing for family.

With a lifetime mortgage, you’ll retain full ownership of your home, and they are available on both freehold and leasehold properties.

Our mortgage advisors in Essex will help you explore your options and make an informed decision.

Two Main Types of Lifetime Mortgages in Essex

Lifetime mortgages are typically available in two forms for those aged 55 and over. Lump sum lifetime mortgages provide a single payment for significant costs, while drawdown lifetime mortgages allow funds to be accessed gradually over time.

As a trusted mortgage broker in Essex, we often recommend lifetime mortgages for situations like:

Large purchases such as a motor home or boat.
Buying a new home.
Paying off an existing mortgage and/or debts.
Gifts to family.
Topping up their retirement income to maintain a good lifestyle.
Home improvements.
Paying for care and/or home adaptations.

Is a lifetime mortgage in Essex right for me?

Through our lifetime mortgage advice in Essex, we often help older borrowers who use these products to purchase a property. Common reasons include:

Divorce or separation later in life
Moving closer to family and friends
Upgrading to a larger or more expensive home
First-time buyers in Essex, aged over 55
Couples moving in together

When a lifetime mortgage isn’t the most suitable fit, we’ll recommend alternative mortgage products for the over-50s in Essex that align with your goals.

Speak to an Advisor

Important information

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

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.

Lifetime Mortgages in Essex FAQs

Our Customers Love Us

5.00 Rating5 Reviews

Evan

Couldn’t be happier with the service from Jason and Stacey. Very professional and so helpful. Highly recommend this company. Thanks for everything

3 months ago

Richard

Very good service and excellent communication - definitely recommended

1 year ago

Shane

I cannot praise this team enough, they have been amazing. Especially Tom who went above and beyond to sort out my really complex mortgage and get me a deal which meant I could move to my new house. I would thoroughly recommend Essexmoneyman, they...

2 years ago

Shane

5 years ago

Imogen

We shopped around trying to find the most suitable deal, should have come straight to Essexmoneyman, Nathan and Laura found me a perfect mortgage. When we had picked our product, they were speedy in ensuring they processed our applications quickly...

2 years ago

Imogen

We shopped around trying to find the best deal, should have come straight to Essexmoneyman, Nathan and Laura found me a perfect mortgage. When we had picked our product, they were speedy in ensuring they processed our applications quickly and taking...

5 years ago

Jim

Matt and anna made the whole process super easy during the pandemic. as first time buyers we were worried but they made sure we were able to enjoy our first home together. thank you !!

2 years ago

Jim

Matt and anna made the whole process super easy during the pandemic. as first time buyers we were worried but they made sure we were able to enjoy our first home together. thank you !!

5 years ago

Our Simple 4-Step Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment in Essex with one of our experienced mortgage advisors in Essex. This no-obligation session allows us to explore your financial goals and discuss whether a lifetime mortgage is the right choice for you. During this meeting, you’ll receive expert mortgage advice in Essex tailored to your individual needs and future plans.

Personalised Equity Release Advice

Equity release may not always be the most suitable solution, and as a trusted mortgage broker in Essex, we’ll help you consider all the available alternatives. Depending on your situation, options like downsizing, accessing savings, or exploring other financial products could be more suitable. Our impartial mortgage advice in Essex ensures you make the right choice for your circumstances.

Property Valuation and Application

Deciding on a lifetime mortgage is an important step, and we encourage you to discuss your plans with family or other trusted individuals. Open communication ensures everyone understands the implications for the future. Our mortgage advisors in Essex are happy to assist during these discussions, offering clear guidance to help all parties feel confident about the decision.

Completion

After carefully assessing your situation and exploring all alternatives, we’ll provide a tailored lifetime mortgage recommendation. As a trusted mortgage broker in Essex, we ensure our recommendations include the most suitable lender and product features to meet your goals. Our mortgage advisors in Essex will guide you through the process step by step, ensuring you feel supported and secure in your decision.

Reasons to Choose Us

Free Initial Mortgage Review

Enjoy a free initial mortgage review with our expert mortgage advisors in Essex. This no-obligation session is designed to provide you with tailored mortgage advice in Essex, helping you explore your options and make informed decisions about your financial future.

Finding You the Perfect Deal

As a trusted mortgage broker in Essex, we compare products from a variety of lenders to find the perfect deal for you. Whether it’s a lifetime mortgage or another financial solution, we’ll ensure it aligns with your goals and circumstances.

Our Service

From start to finish, our mortgage advisors in Essex are dedicated to delivering exceptional service. You’ll receive honest and professional guidance throughout the process, ensuring you feel confident every step of the way.

7 Days a Week

Our mortgage advisors in Essex are available seven days a week to accommodate your schedule. Whether you need mortgage advice in Essex during the week or on the weekend, we’re here to provide the support you need.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Finding you the Right Lifetime Mortgage Deal in Essex

Common Lifetime Mortgage Scenarios

Our Mortgage Guides

First Time Buyer
Mortgage Guides in Essex

Remortgage
Guides in Essex

Moving Home
Mortgage Guides in Essex

Buy to Let
Mortgage Guides in Essex

Specialist
Mortgage Guides in Essex

Age 50+
Mortgage Guides in Essex

Essexmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

Purchase

Remortgage

Age 50+ Options

Mortgage Schemes

Specialist

Insurance

Guides

Our Service

Calculators

Your Perks

Lifetime Mortgages in Essex