Lifetime Mortgages.

Lifetime mortgages Benfleet

Your Local
Mortgage Expert.

We are your friendly specialists in Lifetime Mortgages, based in Benfleet, Essex.

With over twenty years of dedicated experience in property and mortgage services, Lee Berry has built a wealth of knowledge. Throughout his extensive career, he has helped countless clients secure the perfect mortgage, tailored precisely to their needs and goals. What sets Lee apart is his commitment to delivering a personalised and attentive service, offering clients a level of care that goes beyond the ordinary. Lee aims to not only meet but exceed each client’s financial objectives and homeownership dreams. His in-depth industry knowledge and dedication to understanding his clients’ specific requirements make him a trusted advisor in property finance. Whether you’re a first-time buyer or a seasoned property investor, Lee Berry’s expert guidance and tailored service can help you achieve a successful mortgage experience.

Equity Release

What is a lifetime mortgage?

A lifetime mortgage is one of the most popular ways to release equity, allowing you to keep full ownership of your home while accessing a tax-free lump sum based on its value.

There are no monthly repayments required, as the entire amount, including interest, is repaid when you pass away, move into long-term care, or permanently leave the property.

A lifetime mortgage is secured against your home. To fully understand its features and potential risks, it’s advisable to request a personalised illustration.

Equity release requires paying off any existing mortgage. Upon your death or move into long-term care, any funds released, plus any accrued interest, will be repaid.

The benefits of a lifetime mortgage.

Plans are available from the age of 55

Tax-free release and can be used to achieve goals

No monthly repayments with a lifetime mortgage

The ‘no-negative-equity’ guarantee ensures that you never pass on debt to your estate

Lifetime mortgage plans allow you to protect a percentage of your property’s value. This allows your family to inherit a part of the property value

No more monthly repayments on your mortgage as this is paid off when you are no longer in the property.

The size of your lifetime mortgage will increase over time. This is due to interest being applied to your original loan amount and continuing to roll up as future interest in accrued.

Should you want to increase your amount of equity released beyond the original amount agreed, you would usually have to apply for a further advance, which would not be guaranteed.

Your tax position and eligibility of which means-tested benefits could be affected going forward and could impact on your options for moving or selling your home in the future

The amount that you will leave as an inheritance will be reduced.

You can pay off your equity release plan early, however you may have to pay an early repayment charge. These differ depending on the plan.

20 Years Experience

Local Essex Expert

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Friendly & Reliable

Why People Use Us.

“Lee was instrumental in helping us get our last mortgage. We weren’t sure if we could even get a mortgage as we had a few problems in the past however Lee knew exactly which lender to go to and got the deal through. I cannot recommend Lee highly enough”

Karen S.

“Highly recommended. Lee helped us get a mortgage when we thought we had exhausted all options elsewhere. After being declined several times by other lenders, Lee was able to help us get the mortgage we wanted straight away and with minimal fuss.”

Vanessa W.

Over 20 years of experience in the mortgage and property industry.

Lee Berry has vast amount of experience working within the house buying and selling process. Selling and buying a property can be one of the most stressful things you will ever do. Having an expert on hand will help you through the tricky process and help you to avoid the pitfalls on the way.

Location

Based in Rayleigh, Essex, can offer home visits, evening and weekend appointments if required to clients in the South Essex areas.

For clients outside the Essex area, telephone appointments are available.

Our Service

A service designed for people that want a personal and on-hand service. Available at all times to find the best mortgage deal available but also to help throughout the whole process, whether it be a remortgage, buy to let or home moving process.

Frequently Asked Questions about Lifetime Mortgages

What is a lifetime mortgage?

A lifetime mortgage in Benfleet is a popular equity release option for homeowners aged 55 and over, allowing them to access funds by borrowing against the value of their property. With this type of mortgage, homeowners can release a tax-free lump sum without needing to make monthly repayments. Instead, the loan amount, along with any accrued interest, is repaid when the property is sold, the homeowner passes away, or they move into long-term care. This solution allows individuals to retain ownership of their home while unlocking financial flexibility.

How does a lifetime mortgage work?

With a lifetime mortgage in Benfleet, you can choose to borrow a lump sum or receive regular payments, all while retaining full ownership of your home. Interest accumulates on the amount borrowed, but there’s no need for monthly repayments. Instead, the loan and accrued interest are repaid when your property is sold, either after you pass away or if you move into long-term care. This option allows you to access funds while remaining in your home, offering financial flexibility tailored to your needs.

How much can I borrow with a lifetime mortgage?

The amount you can borrow depends on several factors, including your age, the value of your property, and the specific terms of the lifetime mortgage product. Generally, the older you are and the higher your property’s value, the greater your borrowing potential.

Can I move house if I have a lifetime mortgage?

Some lifetime mortgage products are portable, allowing you to move to a new property as long as it meets the lender’s criteria. However, the process can be complex and may require extra borrowing or partial repayment if the new property is of higher value.

Can I pay off a lifetime mortgage early?

Some lifetime mortgage products provide the option for early repayment, though this may involve early repayment fees. It’s essential to carefully review the terms and conditions of your specific product.

What are the interest rates on lifetime mortgages?

The interest rates associated with lifetime mortgages can vary significantly based on the lender and the chosen product type. Certain lifetime mortgages feature fixed interest rates, whereas others involve variable rates. It is crucial to compare various products, and we can assist you in finding the most suitable option for your circumstances.

Are there any eligibility criteria?

Usually, eligibility for a lifetime mortgage requires you to be a minimum of 55 years old and possess property in the UK. Lenders might also impose particular criteria concerning the property type and its condition.

What are the risks associated with lifetime mortgages?
Lifetime mortgages can be expensive in the long run due to the compound interest that accrues. If you don’t carefully manage the loan, it can eat into the equity of your property over time. It’s important to understand the potential impact on your inheritance and consider other options.
What happens when I die or move into long-term care?

Upon your death or transition into long-term care, your home is usually sold to settle the lifetime mortgage, along with any accrued interest. Any remaining equity is then typically passed on to your beneficiaries as inheritance.

Should I get financial advice before taking out a lifetime mortgage?

Certainly, it’s highly advisable to seek independent financial guidance before contemplating a lifetime mortgage. A financial advisor can assist you in comprehending your choices, evaluating your financial circumstances, and deciding whether a lifetime mortgage is suitable for you.

A lifetime mortgage will be secured against your home. Equity release products are limited to lifetime mortgages only and does not include home reversion schemes. Think carefully before securing other debts against your home.

Other Services

Mortgage Advice
Remortgage Advice

Contact us today to see how we can help you with your mortgage.

Website Created by Scott Pearson Design

Authorised and regulated by the Financial Conduct Authority. 

Lee Berry Mortgage Services is a trading name of LB FINANCIAL LIMITED and is entered on the Financial Services Register under reference 841329.

Registered office address; 35 Ferndale Road, Rayleigh, Essex SS6 9NN

Registered in England and Wales. Company number - 10798151.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. 

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