7 simple steps to taking out a lifetime mortgage

When you take out a lifetime mortgage with us, we're with you every step of the way. You'll have your own personal advice team who'll guide you through the advice journey.


  1. 1. Call us

    Just call us to find out more. No question is too small, we're ready to take your call and very happy to help whatever the query. There's no obligation and no pushy sales tactics. We will also check you meet the basic eligibility if you would like us to. This will mainly focus on property type and ownership, as well as confirming you are aged 55 or over. If you meet the eligibility criteria and would like to progress, we can then arrange a convenient time for our adviser to call you.

  2. 2. Introducing your adviser and information gathering

    The next person you will speak to is your personal adviser. Your adviser will call you to gain a deeper understanding of your financial circumstances and discuss any particular needs.

    The information gathered by the adviser will then be taken away to create a personalised recommendation for you.

  3. 3. Recommendation

    Your adviser will talk you through their recommendation, so that you can ask questions and take time to fully understand the product they’re recommending. This is an important meeting so do feel free to invite family or a close friend along to join the call. This can be carried out using a three-way call, which the Adviser will be able to provide full details on how this works. If you choose to proceed with our recommendation, we’ll do all the paperwork and submit the application for you.

    Ahead of your meetings, you will be sent a short biography and photo of your adviser, so that you know exactly who you’re talking to when they introduce themselves.

  4. 4. Appoint a solicitor

    You’ll need to appoint a solicitor who specialises in equity release to act on your behalf and to provide you with independent legal advice. If your own solicitor isn’t a specialist, we do have a panel of solicitors available who we work closely with.

    Alternatively, you can contact the Equity Release Council which has a list of equity release solicitors. To help you understand the legal process further, we also have a guide you can download:

    Download our guide to the lifetime mortgage legal process

  5. 5. Valuation

    Once we have received your application, the next step is for your property to be valued by our independent valuers. 

    We have two ways of carrying out a mortgage valuation:

    • a physical valuation, where a valuer will visit your property and carry out an external and internal assessment. Providing it's safe to do so based on the Government guidelines on COVID-19 restrictions.
    • a desktop valuation, which does not require a valuer to visit your property.

      The surveyor will call you to complete a questionnaire and understand whether it's more appropriate for a valuer to visit your property in person, or value it using publicly available information without the need to enter your home (a desktop valuation).

    If a desktop valuation is the most appropriate option, this will be completed by an independent valuer using publicly available information to assess the value of your home. This includes getting details about your property from the Land Registry and using online information to review any previous sales history. The final valuation figure will also consider the actual sale prices of similar properties in your area.

    Because a desktop valuation may provide us with less information than a valuer visiting your property, we will use 95% of the desktop valuation when we calculate the amount we can lend to you.

    Read our valuation guide to find out more on what to expect during the two types of mortgage valuation.

    If everything is acceptable to us, we’ll send you your Offer of Loan and the application process will continue.

    Your financial adviser will be able to provide more information on the options available.

  6. 6. Offer and legals

    Once the valuation is complete and your application is approved, we’ll send you and your solicitor the offer. Your solicitor will discuss the offer with you and make sure you understand the implications of a lifetime mortgage. It’s important to take their legal advice before you sign and accept the offer.

    If you have applied for a lifetime mortgage you must insure your property for at least the amount set out in your Mortgage Offer. This should be sufficient to cover the cost of rebuilding the property.

  7. 7. Money received

    A completion date will be agreed and the money will be released to your solicitor, who will repay any existing mortgage including any early repayment charge. Think carefully before securing an debt against your home. If you’ve chosen to pay the solicitor costs out of the loan, they’ll deduct these before paying the remainder to you.

Frequently asked questions

Commonly asked questions about lifetime mortgages.

Getting advice

Find out how to get more information and advice about taking out a lifetime mortgage.