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Lifetime mortgage

StepChange Financial Solutions could help you release the equity in your home while keeping 100% ownership.

Lifetime mortgages are available throughout the UK.

If you’re aged 55+ a lifetime mortgage could allow you to release a cash lump sum or give you access to a flexible borrowing facility if you need to borrow more money in the future.

You won’t have to make any monthly payments on your mortgage and you’ll keep 100% ownership of your property. Our expert advisors offer free, impartial advice on which type of equity release is your best option.

Equity release advice is provided by StepChange Financial Solutions, a subsidiary of StepChange Debt Charity. It is not a lender but works on behalf of our clients to search the market for a range of mortgage and equity release products that will best suit their needs.

Benefits of a lifetime mortgage

  • Your mortgage and accrued interest are only repaid when your home is eventually sold
  • Plans can benefit from a lifetime fixed interest rate so your advisor can demonstrate what the costs will be for each year of your life to remove uncertainty
  • A 'no negative equity' guarantee ensures that regardless of the amount owed and the future value of your property your liability can never exceed the value of your home
  • You can customise your plan to suit your needs whether that's making lump sum repayments or protecting an inheritance
  • A drawdown option lets you release an initial cash lump sum while establishing access to a pre-approved further borrowing facility

Risks of a lifetime mortgage

  • Allowing the interest to 'roll up' over time could be more expensive than a traditional mortgage
  • You don’t pay tax by releasing equity, but the way it’s released might affect your tax position and entitlement to means-tested benefits
  • Future property prices might be higher or lower than they are today
  • Releasing equity from your home will reduce the value of your estate, affecting the amount of inheritance you might leave
  • Consider the implications of securing other debts against your home
  • Consolidating debts over a longer period may mean you pay more overall


To understand the features and risks of a lifetime mortgage ask for a personalised illustration.

How to apply

  1. Speak to our expert advisors for free, impartial advice. You can call us for free on 0808 1686 719.
  2. We'll talk through your situation to see whether a lifetime mortgage could be your best option. 
  3. If you qualify we'll guide you through the entire process. There's no need for a home visit; we'll do everything over the phone.

Considering a lifetime mortgage?

Call us now for FREE on 0808 1686 719 for no-obligation advice.

Common lifetime mortgage questions

Usually, the amount you can release is linked to your age; the older you are the greater the cash sum that can be released. 

Most providers will release a fixed percentage based on your age. For example a 60-year-old could release 20%, a 65-year–old could release 25%, and so on. The amount available varies between providers.

The amount you can borrow also depends on the value of your property, your age, and sometimes your health. 

New mortgage rules mean any lifetime mortgage applications will be assessed based on whether you can afford to repay the loan.

The amount of inheritance available will be the difference between the proceeds from the sale of the house and the amount outstanding on the plan when it’s redeemed. 

However as property prices rise and fall, we can't predict the future value of your property when it's eventually sold, so we can’t predict what inheritance will be available.

If your plan has a lifetime fixed interest rate, you'll have the certainty of knowing exactly what your future liability will be.

Some providers offer an inheritance protection facility which allow clients to protect a specific percentage of the property’s future value. Your advisor will discuss this option if protecting an inheritance is one of your priorities.

There are four main costs associated with equity release.

1. Advice fee

At StepChange Financial Solutions we don't charge any advice fees.

2. Valuation fee

This is payable when you submit your application and usually depends on the estimated value of your property.

3. Legal fee

We recommend that you agree a fixed fee with your solicitor once your equity release offer is confirmed. Typical legal fees range between £400 and £500. If you’re purchasing a property, or the legal position of your property is not straightforward, additional costs may apply.

4. Application fee

Some lenders may charge an application fee. Where this is the case it typically costs £695.

All plans that meet the standards of the Equity Release Council:

  • guarantee lifetime tenancy in your property, regardless of what happens to future interest rates, property values or investments
  • can be transferred to a new property, subject to the approval of the plan provider, and
  • carry a ‘no negative equity’ guarantee meaning the amount owed can never exceed the value of the property.

Providing you maintain your home to a reasonable standard and fulfil the terms of the agreement.

Is a lifetime mortgage right for me?

Call us now for FREE on 0808 1686 719 for no-obligation advice.

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674.