Can I use a lifetime mortgage to move home?

Yes, a lifetime mortgage can be used to help those aged 55 and over fund a move to a new property. This option is especially popular with those looking to downsize, relocate to Doncaster to be closer to loved ones, or purchase a more suitable home for their needs. With a lifetime mortgage, you can access funds to help with the move while retaining ownership of your property. A mortgage broker in Doncaster can provide expert guidance to ensure the plan aligns with your financial goals.

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

No, a lifetime mortgage doesn’t mean you’re permanently tied to the plan. Many lifetime mortgages include flexible options, such as voluntary payments to reduce the balance or remortgaging to a new product if your needs change. Working with a mortgage broker in Doncaster ensures that your plan is reviewed regularly and continues to meet 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 Doncaster & Later Life Borrowing

What is a lifetime mortgage in Doncaster?

A lifetime mortgage in Doncaster provides a way for those aged 55 and over to access the wealth in their home without the need to sell or move out.

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

This type of equity release product is ideal for retirees looking to enhance their lifestyle, pay off debts, or assist loved ones.

With options for lump sums, regular payments, or a combination, it offers flexibility to meet your needs.

Our mortgage advisors in Doncaster can help you navigate the process and find a plan that suits you.

Two Main Types of Lifetime Mortgages in Doncaster

Lifetime mortgages in Doncaster generally come in two forms for those aged 55 and above. Lump sum lifetime mortgages offer a single, tax-free payment, perfect for covering large expenses, while drawdown lifetime mortgages provide flexibility by allowing funds to be accessed over time.

As a trusted mortgage broker in Doncaster, we often recommend lifetime mortgages for the following:

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 Doncaster right for me?

Providing lifetime mortgage advice in Doncaster, we often see older borrowers using these products to purchase a home for reasons such as:

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

If another product would better meet your needs, we’ll suggest alternative mortgage options for the over-50s in Doncaster.

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 Doncaster FAQs

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Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment in Doncaster with one of our experienced advisors. This no-obligation session allows us to understand your financial goals and explore whether a lifetime mortgage is right for you. It’s a chance for you to ask questions, learn about the options available, and receive expert mortgage advice in Doncaster tailored to your individual needs and future plans.

Alternatives to Equity Release

Equity release may not always be the most suitable option, and our advisors will ensure you consider all alternatives before making a decision. Depending on your situation, options like downsizing, accessing savings, or exploring other financial products could be more suitable. We provide impartial advice to help you choose the most effective solution for your circumstances in Doncaster.

Discuss With Family / Trusted Parties

Deciding on a lifetime mortgage is an important step, and we encourage you to involve your family or other trusted individuals in the process. Open conversations can help ensure that everyone understands the potential implications for the future. Our mortgage advisors in Doncaster are available to provide clarity and support during these discussions, helping everyone feel confident about the decision.

Tailored Lifetime Mortgage Recommendation

After fully assessing your needs and exploring all alternatives, we’ll provide a personalised lifetime mortgage recommendation. This includes details about the product, lender, and features that match your financial goals. Our mortgage advisors in Doncaster will guide you through the process with transparency and care, ensuring you feel secure in your choice every step of the way.

Reasons to Choose Us

Free Initial Mortgage Review

Take advantage of a free initial mortgage review with our experienced mortgage advisors in Doncaster. This no-obligation service provides tailored mortgage advice in Doncaster, helping you explore your options and make the right financial decisions for your future.

Finding You The Perfect Deal

As a reliable mortgage broker in Doncaster, we work with a wide range of lenders to find a deal that fits your financial needs. Our goal is to ensure you’re matched with the most suitable product for your circumstances, whether it’s a lifetime mortgage or another option.

Our Service

Our mortgage advisors in Doncaster pride themselves on delivering outstanding service from start to finish. We provide honest, professional guidance at every stage of the process to ensure your experience is smooth and stress-free.

7 Days a Week

We know flexibility is important, so our mortgage advisors in Doncaster are available seven days a week. Whether you need mortgage advice in Doncaster during the week or at the weekend, we’re here to provide support whenever it’s convenient for you.

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Lifetime Mortgages in Doncaster