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. This is the process we follow but the steps are similar when using an independent adviser.
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 can check you meet the basic eligibility criteria if you would like us to.
Getting to know you
Now it’s time to find out more about you. Your Customer Service Agent will call you to gain a deeper understanding of your financial circumstances and particular needs. This information forms the basis of our research and final recommendation to you.
Introducing your Adviser
We’ll send you a short biography and photo of your Adviser so that you know exactly who you’re talking to when they call to introduce themselves, and who to expect at the door when they arrive for the recommendation meeting.
This meeting is in your home. Your Adviser will take you through their recommendation in person, 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. If you choose to proceed with our recommendation, we’ll do all the paperwork and submit the application for you.
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 or you’d just like some help finding a suitable solicitor, we recommend you contact the Equity Release Council who have a list of equity release solicitors. To help you understand the legal process further, we also have a guide you can download:
We’ll arrange for an independent valuation of your house. The surveyor will call you to book a time that is convenient for you. You can also watch our short video about the lifetime mortgage valuation process.
Offer and Legals
Once the valuation is done 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.
A completion date will be agreed and the money will be released to your solicitor, who will repay any existing mortgage or 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.
Once you have your money
Your lifetime mortgage comes with built-in flexibility around when you receive the money, how you repay the loan and what happens when you move home.
Spend it however you want
Home improvements, pay off an existing mortgage or just top up your monthly income – it’s up to you how you spend the money. And it’s tax-free too.
Take more money whenever you like
Unless you’ve chosen a monthly income, you can take more money from your lifetime mortgage so long as you haven’t exceeded your limit. This will be explained to you at outset so you’ll know how much you can take.
You can still move house
You may not want to move now, but sometime in the future it may make sense. You can move house at any time, but you do need to talk to us first. We need to check that the property is of a type we would normally lend against - no thatched roofs, for example. And we need to make sure there’s enough equity in the new property to meet the loan and interest. If not, you may have to repay part of the loan when you move.
Paying off the loan
You can repay some of the money you’ve borrowed at any time. This will reduce how much you owe. However, there are limits on how much you can repay and how often you can make repayments. If you exceed the limits, or you want to pay back all of the loan and interest, there may be an Early Repayment Charge.
Would you like more information on the process?
We can answer any questions you might have. And don't worry, we won't hurry you.