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Lifetime Mortgage
Purchase your Baker Estates Home with a Lifetime Mortgage
If you are aged 55 or over, you could be eligible for a Lifetime Mortgage (also known as Equity Release), which is a mortgage secured against your home. The interest rate you take out is fixed for the lifetime of the loan and the interest is added to the mortgage each month, meaning no monthly payments are required!
A Lifetime Mortgage doesn't have to be paid until the last borrower dies or moves out of the home into long term care. It will also come with a no negative equity guarantee meaning you will never owe more than the property is sold for.
Frequently Asked Questions
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Am I too young for a Lifetime Mortgage?
A Lifetime Mortgage is available if you are aged 55 or above. For joint applications the younger applicant needs to be aged 55 or over.
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How much can I borrow?
The amount you can borrow depends on your age and the value of the property, irrespective of your income. Fees may be payable when applying for a mortgage. Please talk to your mortgage advisor about this in more detail. Your property may be repossessed if you do not keep up repayments on your mortgage. Authorised & regulated by the Financial Conduct Authority.
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Do I have to pay monthly?
The choice is yours! You are not required to pay anything monthly unless you choose to do so. We will explore the different options and help you decide what is right for you.
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How long is the ‘mortgage’?
The mortgage will never expire and only becomes repayable when the last borrower dies or goes into long term care.
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Are Lifetime Mortgage options limited to certain property types?
Absolutely not, just as long as the Lifetime Mortgage provider deems the property as suitable security. We can do this on a purchase or even remortgage your current property.
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I’ve heard bad things, is it safe?
The advice and arrangement of Lifetime Mortgages, also known as Equity Release, is now much more regulated than it ever has been. To ensure you are well looked after, you should always look out for products and services that are regulated by the Equity Release Council as well as the FCA.
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When do I have to pay back the Lifetime Mortgage?
You will not need to repay the mortgage until the last borrower dies or goes into long term care.
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Should I speak to my family?
We will always recommend that you should speak to your family, however this is not compulsory and the choice is yours
““We looked into home exchange which made sense and it took all the hassle out of moving for us. I can’t recommend the service we received enough. Everything was sorted for us, and it meant we didn’t miss the boat buying the home we fell in love with.”
Peter & Joan Murphy
Fees may be payable when applying for a mortgage. Please talk to your mortgage advisor about this in more detail. Your property may be repossessed if you do not keep up repayments on your mortgage. Authorised & regulated by the Financial Conduct Authority