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In this video our head of later life lending discusses using Equity Release or a lifetime mortgage to buy a property to live in, but it depends on various factors and the specific terms of the lifetime mortgage you obtain.
A lifetime mortgage is a type of equity release scheme where you borrow money against the value of your home while retaining ownership. Unlike a traditional mortgage, you don't typically make monthly repayments. Instead, the loan plus interest is usually repaid when you die or move into long-term care, and the property is sold.
Equity release certainly isn’t for everyone and that is why it is always crucial to speak with a company like UK Moneyman that offer a truly holistic over 50s lending approach.
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All views are purely that of Dan Osman & do not constitute professional mortgage advice. Moneyman TV provides video coverage of the Mortgage Industry with the purpose of informing the consumer. Topics covered refer to popular mortgage situations presented by real customers on a regular basis, including First-Time Buyers, Remortgages, Home Movers and more.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
Can I Buy a House with a Lifetime Mortgage?
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