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 can be particularly helpful if you’re looking to downsize to a smaller home, relocate to Beverley to be closer to loved ones, or purchase a property that better suits your retirement needs. The funds from a lifetime mortgage can be used towards the cost of your new home while allowing you to retain ownership. A mortgage broker in Beverley can guide you through the process, helping you choose a plan that aligns with your goals and ensures the move is financially feasible.

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

No, having a lifetime mortgage doesn’t mean you’re stuck with it permanently. Many plans include flexible features, such as voluntary repayment options that allow you to pay off some of the balance over time, potentially reducing the amount owed. Additionally, if your circumstances change, you may have the option to switch to a new lifetime mortgage with better terms or features. Regular reviews with a mortgage broker in Beverley can help ensure your plan remains suitable and beneficial as your needs evolve.

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 Beverley & Later Life Borrowing

What is a lifetime mortgage in Beverley?

A lifetime mortgage in Beverley is a popular equity release product designed for those aged 55 and above.

It allows you to access funds tied up in your property without selling or moving out, making it ideal for those looking to enhance their retirement lifestyle.

The amount you can borrow depends on factors like your age, property value, and the type of plan you choose.

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

Whether you want to fund home improvements, support family, or enjoy leisure activities, our mortgage advisors in Beverley can guide you through the options.

Two Main Types of Lifetime Mortgages in Beverley

When exploring lifetime mortgages in Beverley, those aged 55 and above typically choose between a lump sum lifetime mortgage, which provides a single, tax-free payment perfect for covering significant expenses, and a drawdown lifetime mortgage, where funds can be released gradually as needed.

As a trusted mortgage broker in Beverley, we often suggest lifetime mortgages if you’re considering options like:

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 Beverley right for me?

As providers of lifetime mortgage advice in Beverley, we often find that older borrowers use lifetime mortgages to purchase a property for a variety of reasons, including:

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

If a lifetime mortgage isn’t the most suitable option for your circumstances, our team will recommend alternative mortgage products for the over-50s in Beverley, finding you the right solution for your needs.

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 Beverley FAQs

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Tom

I needed a DIP asap over the Christmas holidays (which I thought impossible) but Jason was my guy. He was super helpful, very responsive, and answered all my questions. Over the proceeding weeks, he guided me through the full mortgage process and...

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Uk Moneyman was amazing in getting us through this process, specifically Dinah she gave us the best advice during a process we’ve never been through before, she went through every stage in great detail and was so quick in her responses I felt safe...

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James

Very helpful the whole way through the process

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Samantha

Jason and Mike were incredibly helpful and supportive. I have used Beverleymoneyman three times now, and each time they provide a professional and efficient service. This time my move is precipitated by divorce, which they handled in a senstive and...

6 months ago

Have used Beverleymoneyman several in the past and am never disappointed with their excellent service.

9 months ago

Annie

Excellent service

11 months ago

Hannah

I can't thank everyone enough for their help. They went above and beyond to make sure everything went smoothly - it would have been far more stressful had I not had their support. I'd recommend the company to anyone.

1 year ago

Anonymous

Yery good and professional.

1 year ago

Samuel

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1 year ago

Sophie

Highly recommend! Chris talked me through everything and made sure I understood it all, great communication and a pleasure to deal with!

1 year ago

Kerry

Absolutely fantastic from start to finish, would highly recommend 😀 5*

2 years ago

Anonymous

My advisor Leo provided the personal tour ch through the whole process and his communication was very good, even texting me at weekends with any updates on my mortgage progress.

2 years ago

Anete

During mortgage application process my mortgage advisor and case handler was communicating with me very often which for me as a first time buyer was very important. Always open for questions and super flexible with first initial mortgage...

2 years ago

Anonymous

From start to finish perfect, friendly, professional and everything made clear and easy, Matt and Lizzi have been absolutely superb and ALMOST got use to my 'colourful language' Many thanks for all your help. Cheers 🍻

2 years ago

David

We use Beverleymoneyman - Mortgage Brokers for all our mortgage and insurance needs. They never fail to deliver and apply professionalism combined with insightful advice to obtain the best possible deal. Thanks to Leo and Jo for their help and...

2 years ago

Neil

This is the second time we have used Beverleymoneyman and we are not disappointed. Daniel talked us through the options we had and was really good at answering our questions. Jo ensured our application progressed and kept us informed at each...

2 years ago

Barbara

These people saved my life during the most stressful house purchase ever. All sorts of things happened and when most of the professionals involved were impossible to get hold of, everyone at UK Moneyman was just amazing, kind, thoughtful and...

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Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment to speak with one of our experienced mortgage advisors in Beverley.

It’s a chance for you to ask questions, learn about the options available, and receive expert mortgage advice in Beverley tailored to your individual needs and future plans.

Exploring All Options

Our mortgage advisors in Beverley will ensure you consider all alternatives before making a decision.

We provide impartial advice to help you choose the most effective solution for your circumstances in Beverley.

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.

Tailored Lifetime Mortgage Recommendation

After fully assessing your needs and exploring all alternatives, we’ll provide a personalised lifetime mortgage recommendation.

Our mortgage advisors in beverley 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 Mortgage Review

Our mortgage advisors in Beverley offer a free mortgage review to help you explore your options and make informed decisions about your future.

Whether you’re considering a lifetime mortgage or need advice on alternative financial products, this no-obligation service is designed to provide expert mortgage advice in Beverley tailored to your needs.

Finding You the Perfect Deal

As a trusted mortgage broker in Beverley, we work with a wide range of lenders to find the perfect deal for you.

Our goal is to match you with a mortgage product that fits your financial goals and lifestyle, ensuring you feel confident and secure in your choice.

Our Service

We pride ourselves on offering exceptional service to every client. From your first conversation with our mortgage advisors in Beverley to the completion of your mortgage process, you’ll receive clear, honest, and professional guidance every step of the way.

7 Days a Week

We understand that life doesn’t stop for financial decisions. That’s why our mortgage advisors in Beverley are available seven days a week, offering flexible appointments to fit around your schedule.

Whether it’s a weekday or weekend, we’re here to provide expert mortgage advice in Beverley whenever you need us.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Finding you the Right Lifetime Mortgage Deal in Beverley

The Home Buying App

Our Home Buying App is a digital mortgage coach designed to help you save up, plan, and track your home buying journey – whether you’re buying your first home, or fancy a move.

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Beverleymoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

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