Lifetime Mortgage Lump Sum
Designed to let you release a tax-free sum of money in the form of a loan from your property
What is Lifetime Mortgage Lump Sum?
A Lifetime Mortgage Lump Sum is ideal if you’re looking to release a cash amount from your property, which can be used to pay for a specific expense such as home improvements or a holiday.
There is no requirement to make regular monthly repayments as the amount that you release, plus any interest accrued, is repaid from the money made when the property is sold. This happens when you die, move into long-term care or permanently leave the property.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
Make an enquiry
To find out if you’re eligible and how much equity you could release from your home, call one of our specialist advisers at Simply Lifetime Mortgages today.
0800 051 4475
Lines open:
Mon to Sat 8am - 9pm
Sun 9am - 5.30pm
Calls will be recorded and may be monitored for training and audit purposes.
Please note that the information given on these pages should not be seen as advice to take out this product.
benefits of a lifetime mortgage lump sum
It's a big decision to make, so it's important you make the right choices when thinking about releasing money from your property.
Advantages of Lump sum
- Products are available from the age of 55
- The cash you release is tax-free and can be spent in a variety of ways
- You continue to own your home, thereby benefiting from any future increase in its value
- There is no requirement to make monthly repayments
- All products come with a ‘no-negative-equity guarantee’, meaning that your estate will never owe more than your property is worth when it is sold
- Some equity release products will offer an inheritance protection guarantee which can allow you to protect a percentage of your property value so that your family could inherit a part of the property value
- No more monthly repayments for your mortgage as it is a condition that you pay off your mortgage with the money you release from your home
Things to consider
- The size of the lifetime mortgage will grow over time. This is because interest is added to the original loan amount and it continues to roll up as future interest is added on top of this
- If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which would not be guaranteed
- The amount that you will leave as an inheritance will be reduced
- If you wish to pay off the equity release product early, you may have to pay an early repayment charge, these differ from product to product
- In some cases the lump sum of money that you release could affect your entitlement to any means-tested benefits that you may receive now or in the future
- Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property and may reduce the value of your estate and impact funding long-term care. To understand the features and risks ask for a personalised illustration
Try our free Equity Release calculator
We know your home is important to you, that’s why lifetime mortgages are clear and straightforward
alternatives to lump sum
Rather than just receiving a one-off lump sum, you have the option to release your cash over time, as and when you need it.
Financial Advice on equity release
Need help?
We’ve chosen to partner with Simply Lifetime Mortgages to offer you advice on Equity Release.
Mon to Sat - 8am - 9pm
Sun - 9am - 5.30pm
Calls will be recorded and may be monitored for training and audit purposes.