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If you’re living in your current house mortgage free and don’t really want to down size, but would love to take things easy and more cash would help you with just that, then talk to us here at Steeples Mortgages and we’d be happy to help. Your family can sell your house and use the proceeds to pay off the lifetime mortgage (plus any interest) on your behalf. So why not live your live now? Go on that once in a lifetime holiday, pay for your son or daughter’s wedding, or help them out with a deposit for a property of their own?
If you’re contemplating taking things a little easier and access to more cash would help you do just that, then talk to us here at Steeples Mortgages and we’d be happy to help. If you own your current house either with an outstanding mortgage or are mortgage free and don’t really want to down size, then we can help.
Many clients have interest only mortgages that they worry about having to repay by a certain date whereas taking an equity release (or lifetime) mortgage is a common way of repaying this so that you can remain in your own home and retain 100% ownership.
Your family can sell your house and use the proceeds to pay off the lifetime mortgage (plus any interest) on your behalf. So why not live your life now? Go on that once in a lifetime holiday, pay for your son or daughter’s wedding, or help them out with a deposit for a property of their own?
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Lifetime Mortgage Frequently Asked Questions
A lifetime mortgage is a type of equity release that allows you to access some of the equity that’s tied up in your home. It’s a long-term loan that’s secured on your property. Even though it’s a mortgage, you don’t have to make regular repayments. The loan and interest will be paid back in full, usually by selling your property when you (and your partner if it’s a joint lifetime mortgage) die or move into long-term care. You’re charged interest on the amount you borrow as well as on the interest that’s already been added, which quickly increases the amount you owe. Taking out a lifetime mortgage will reduce the amount of inheritance you are able to leave and may affect your tax position and eligibility for welfare benefits.
Yes, many products allow you to make additional payments. You can choose to just cover the interest so that the balance does not increase, or you can choose to pay another amount. There is usually a limit on how much you are able to repay without incurring an early repayment charge. Many products are flexible and will allow you to vary the amount that you pay and/or even stop and start your payments.
Yes, everything will be much the same as it is now. You just need to make sure that your home continues to be insured and kept in good shape. You can then remain in your home until you pass away or go into long term care.
In most cases, the sale of the house is when the lifetime mortgage is repaid. Should you go into long-term care, it will be you or your solicitor who manages the sale. If you live in your home until you die, it’ll be sold by an executor looking after your estate if you have a will – or by administrators if you don’t have one. Any money that’s left afterwards belongs to you or your estate.
You might be able to borrow more later if your home goes up in value or you don’t borrow the full amount that’s available to you at the start, subject to our lending conditions at the time. The interest rate is calculated on any extra amount that’s released when we get your application. The terms and conditions that apply to any additional borrowing will be the ones applicable at the time – they might be different from those that applied to your previous borrowing.
Yes. Equity release has many safeguards and is regulated by the Financial Conduct Authority (FCA).The FCA is an independent organisation, and it reports to the Government, helping to make sure that financial products offered to the public are fair and meet certain standards. Steeples Mortgages are also a member of the Equity Release Council – an organisation set up in 1991 to help protect people taking out equity release. We make sure we meet the standards set out in their Statement of Principles.
You’ll need to get legal advice when you take out a Lifetime Mortgage, so the time it takes to finish your application can vary. Typically, once we have submitted your lifetime mortgage application it takes about 6-8 weeks before you get your money.
Yes, we have arranged Lifetime Mortgages for clients looking to move property in the past. The new property needs to meet the lenders criteria and the application is based on the same information required for if you were releasing equity from an existing property.
Rest easy knowing that we won’t ever rush the process and you’ll have plenty of time to think about your options. Family members are welcome, and in fact encouraged, to come to our meetings so they know what’s going on too, and you won’t be pressured into signing anything. You can pull out during the application process, as long as it’s before you sign the contractual agreement.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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Steeples Mortgages is a trusted and respected independent mortgage and financial solutions business based from our high-street office in Brighouse, West Yorkshire. We’ve built our reputation on friendly, client-focused, transparent advice.
As a member of The Equity Release Council and certified in Mortgage Advice and Practice, Steeples Mortgages is all about doing the right thing. We want each and every client to be a lifelong client and as such, we provide the very best customer service, coupled with the most suitable advice all underpinned by honesty, integrity and trust.
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Meet The People Behind Steeples
A dedicated team committed to giving you the best mortgage and protection advice.
Aaron Steeples
Founder & Managing Director
Founded Steeples Mortgages in 2017. Two decades in finance with a client-first approach built on honest, transparent advice.
Kylie Waite
Client Completion & Office Manager
Oversees every client’s journey from application to completion, ensuring a smooth and stress-free experience.
Duncan Schofield
Mortgage & Protection Advisor
40 years in financial services. Specialist knowledge with self-employed clients and complex mortgage cases.
Adnan Ahmed
Mortgage & Protection Advisor
Dedicated to helping clients find the right products with clarity and care, from first-time buyers to remortgages.
Cheryl Whitehead
Mortgage Administrator
Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.