Lifetime mortgage animations
You can use our short animations with your clients. They're designed to give short overviews of lifetime mortgages to help your client understand the choices available, the risks and benefits and what lifetime mortgages could be used for.
Transcript: What is a lifetime mortgage?
Lifetime Mortgages: What are they and how do they work?
You and your home have been on quite a journey
But it’s not over yet. So how can your home help you now?
Well, with a lifetime mortgage that’s secured against your home, you could unlock some of the cash tied up in your property, as either
A larger single amount, or several smaller amounts, that you can apply to take when you need them.
Interest is only owed when you take the money. You won’t make any monthly repayments.
Instead, interest is charged on both the loan and any interest already owed, and added to the total amount that’s secured against your home.
That means the total you owe can grow quickly, reducing the equity in your home and the value of any inheritance you may leave.
The loan and the interest are only repaid when you die or enter long term care.
The money you release could be the savings you never knew you had, helping you in your retirement.
It’s a big decision, and there are many factors to consider. That’s why you can only get a lifetime mortgage through a qualified adviser.
They’ll ensure that you’re eligible for the product, and can check if it’s the best solution for you.
For more information about our Lifetime Mortgages please visit our website.
Transcript: What could a lifetime mortgage be used for?
What could a lifetime mortgage be used for?
Your home’s amazing.
It’s provided for you and your family, and it’s full of memories
So how can it help you now?
Well, with a lifetime mortgage – a loan secured against your home – you could release some of the money tied up in your home to use now.
Some people use the money they release for paying off their existing mortgage, so that they don’t have to make monthly repayments
Although it’s important to think carefully about securing a debt against your home.
Making daily life more comfortable by helping meet the monthly bills.
Giving family members some of their inheritance now rather than later for example, with the deposit for their first home – so that they can see for themselves the difference it makes.
The fun things – like holidays and outings.
Home or garden improvements, perhaps making them more manageable as they get older.
How does a lifetime mortgage work?
It creates a debt secured against your home. Interest is charged on the total loan amount plus any interest already charged.
This means that the amount you owe grows quickly.
Reducing the equity left in the property and the value of any inheritance.
You should consider other options to borrow money which may be more cost effective.
Find out how much you could release – for more information please speak to your financial adviser.
Transcript: What to expect from a lifetime mortgage adviser
What to expect from a lifetime mortgage adviser
You’ve had some interesting decisions to make about your home over the years
And by securing a loan against your home with a lifetime mortgage you could release some of the money tied up in your property to use now.
You can only get a lifetime mortgage through a specialist lifetime mortgage adviser.
You choose your own adviser, and they’ll explain the type of advice they can give you.
So what would an adviser do? First, they’ll collect your details – perhaps by phone – and check that you qualify.
They’ll help you consider all the types of lifetime mortgage available and if you have more cost effective options to borrow money.
Then, they’ll explain how much you could release, the risks, benefits and the costs too – like the charges for repaying your loan early.
It’s a good idea to include your family in the meeting, so they understand how a lifetime mortgage works and how it will reduce their future inheritance.
If it’s right for you, your adviser will provide you with personalised information to review before you make a decision.
If you proceed, they’ll support you throughout the application process.
For more information, please speak to your financial adviser.