Can I use a lifetime mortgage to move home?

Yes, a lifetime mortgage can help those aged 55 and over fund a move to a new property. This option is ideal for individuals looking to downsize, relocate to Durham to be closer to family, or purchase a home better suited to their lifestyle needs. Lifetime mortgages allow you to access equity to support your move while keeping ownership of your new property. A mortgage broker in Durham can provide expert guidance to ensure the plan works for your financial goals.

Once I have a lifetime mortgage, am I stuck with it?

No, you’re not permanently tied to a lifetime mortgage. Many plans offer flexibility, such as voluntary repayment options to reduce the overall balance or the ability to switch to a new plan if your circumstances change. Regular reviews with a mortgage broker in Durham can ensure your lifetime mortgage remains a good fit for your needs.

Is there anything else I need to do for a lifetime mortgage?

As well as speaking with your later life mortgage advisor about whether equity release, and subsequently a lifetime mortgage, is right for you, it’s worth taking the time to consider any additional arrangements for the future. There are several over 50’s life insurance policies available from our team that, if suitable for your circumstances, can help offset the cost of a lifetime mortgage over the life policy term. We would also recommend discussing your lifetime mortgage plans with your family, updating your will, and setting up arrangements for any lasting powers of attorney. These steps are important, as it is often your family, either as beneficiaries after your death or as attorneys should your mental capacity become impaired, who will be involved in selling the property to repay the lifetime mortgage. Proper planning now not only ensures a smoother process for your loved ones later but can also make things more cost-effective in the long run.

Lifetime Mortgages in Durham & Later Life Borrowing

What is a lifetime mortgage in Durham?

For those aged 55 and above, a lifetime mortgage in Durham can offer a practical way to release equity tied up in your property.

With a lifetime mortgage, you’ll retain full ownership of your home, and they are available on both freehold and leasehold properties.

The funds can be used for anything from making home improvements to enjoying more financial freedom in retirement.

With professional mortgage advisor in Durham, we can guide you through the various plans and lenders available to ensure the most suitable fit for your needs.

Two Main Types of Lifetime Mortgages in Durham

Those aged 55 and above in Durham have two main types of lifetime mortgages to choose from. A lump sum lifetime mortgage provides a single payment for larger expenses, while a drawdown lifetime mortgage offers flexibility by allowing smaller withdrawals over time.

As a trusted mortgage broker in Durham, we often suggest lifetime mortgages for purposes such as:

Large purchases such as a motor home or boat.
Buying a new home.
Paying off an existing mortgage and/or debts.
Gifts to family.
Topping up their retirement income to maintain a good lifestyle.
Home improvements.
Paying for care and/or home adaptations.

Is a lifetime mortgage in Durham right for me?

As trusted providers of lifetime mortgage advice in Durham, we frequently assist older borrowers who use these products to purchase a property for reasons such as:

Divorce or separation later in life
Moving closer to family and friends
Upgrading to a larger or more expensive home
First-time buyers in Durham, aged over 55
Couples moving in together

If a lifetime mortgage doesn’t suit your situation, our team will explore alternative mortgage options for the over-50s in Durham to ensure you find the right solution.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.

Lifetime Mortgages in Durham FAQs

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5.00 Rating22 Reviews

Graeme

Malcolm gave excellent advise and helped us through the first time buyer process!

3 weeks ago

Kayleigh

Very good, very helpful and always on the ball. Answer calls outside of normal working hours which was helpful, sent lots of prompting emails to guide us.

5 months ago

Anonymous

I don't think I've written one of these before so hopefully that will mean some weight gets attached to this. Leo was an outstanding mortgage broker and smoothly secured me an offer of a mortgage, after years of aspiring to buy a house. This was...

9 months ago

Jenni

Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.

11 months ago

Joanne

Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...

1 year ago

Fiona

Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.

1 year ago

Katie

We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...

1 year ago

Mr Darren

An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.

1 year ago

Anonymous

Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly

1 year ago

Duncan

Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.

2 years ago

Martin

Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...

3 years ago

Kayleigh

Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!

3 years ago

Karen

Was very professional and very helpful.

4 years ago

Anonymous

We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...

4 years ago

Niall

Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!

4 years ago

Sarah

Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...

5 years ago

Donna

I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...

5 years ago

Sandra

Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...

5 years ago

Louis

I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.

6 years ago

Michelle

Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.

6 years ago

Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment in Durham with one of our experienced advisors. This no-obligation session allows us to understand your financial goals and explore whether a lifetime mortgage is right for you. It’s a chance for you to ask questions, learn about the options available, and receive expert mortgage advice in Durham tailored to your individual needs and future plans.

Alternatives to Equity Release

Equity release may not always be the most suitable option, and our advisors will ensure you consider all alternatives before making a decision. Depending on your situation, options like downsizing, accessing savings, or exploring other financial products could be more suitable. We provide impartial advice to help you choose the most effective solution for your circumstances in Durham.

Discuss With Family / Trusted Parties

Deciding on a lifetime mortgage is an important step, and we encourage you to involve your family or other trusted individuals in the process. Open conversations can help ensure that everyone understands the potential implications for the future. Our mortgage advisors in Durham advisors are available to provide clarity and support during these discussions, helping everyone feel confident about the decision.

Tailored Lifetime Mortgage Recommendation

After fully assessing your needs and exploring all alternatives, we’ll provide a personalised lifetime mortgage recommendation. This includes details about the product, lender, and features that match your financial goals. Our mortgage advisors in Durham will guide you through the process with transparency and care, ensuring you feel secure in your choice every step of the way.

Reasons to Choose Us

Free Initial Mortgage Review

Our mortgage advisors in Durham offer a free initial mortgage review to help you explore your options and plan for your future. This no-obligation consultation is an opportunity to receive personalised mortgage advice in Durham tailored to your financial goals.

Finding You The Perfect Deal

As a trusted mortgage broker in Durham, we work with a variety of lenders to find the perfect mortgage deal for you. Whether you’re considering a lifetime mortgage or another financial product, we’ll ensure the solution matches your circumstances and goals.

Our Service

We’re committed to delivering exceptional service at every step of your journey. From your first enquiry to the completion of your mortgage process, our mortgage advisors in Durham are here to offer honest, professional support.

7 Days a Week

Life doesn’t stop for financial planning, which is why our mortgage advisors in Durham are available seven days a week. Whether you need mortgage advice in Durham during the week or on the weekend, we’ll work around your schedule to assist you.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Finding you the Right Lifetime Mortgage Deal in Durham

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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

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