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If you think that a conventional mortgage isn’t for you then there are alternatives. A lifetime mortgage is one of them.
Unlike a standard mortgage with a term of 25 or 30 years, a lifetime mortgage is paid off not month on month or at the end of a pre-defined period, but when you die or move out. As such, getting a lifetime mortgage can be a tricky process.
With a lifetime mortgage your pay off your loan when you move out or die, using money from the sale of the property. If upon sale of the property there is not enough money to pay off the loan the remaining debt will pass to your beneficiaries. This undesirable situation is usually catered for in lifetime mortgage by a no-negative-equity guarantee that states that you or your beneficiaries will never have to pay back more than the sale value of your property,
Think carefully before securing any debts against your home. Your home may be repossessed if you do not keep up repayments on your homeowner loan or mortgage.
While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider. You will be referred to an authorised mortgage broker who may charge a fee. They will inform you of the details of any fees before an application is made.