Can I use a lifetime mortgage to move home?

Yes, a lifetime mortgage can provide funds to help those aged 55 and over move to a new property. This can be a great option if you’re downsizing, relocating to Cambridge to be closer to family, or purchasing a home better suited to your lifestyle. Lifetime mortgages allow you to release equity to cover the cost of your move while retaining ownership of your property. A mortgage broker in Cambridge can offer expert advice to ensure the plan aligns with your financial goals.

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

No, you’re not stuck with a lifetime mortgage indefinitely. Many plans offer flexible features such as voluntary repayments to reduce the balance or options to remortgage to a new plan if your needs change. Regular reviews with a mortgage broker in Cambridge can help ensure your lifetime mortgage remains a good fit for your circumstances.

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 Cambridge & Later Life Borrowing

What is a lifetime mortgage in Cambridge?

For those seeking financial flexibility in retirement, a lifetime mortgage in Cambridge is an excellent solution.

This type of equity release option allows those over 55 to unlock a portion of their home’s value while retaining full ownership.

You can choose to receive the funds as a lump sum, regular payments, or a combination of both, depending on your needs.

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

With tailored mortgage advice, our mortgage advisors in Cambridge can help you explore the benefits and considerations of a lifetime mortgage.

Two Main Types of Lifetime Mortgages in Cambridge

When exploring lifetime mortgages in Cambridge, those aged 55 and above usually have two key options. Lump sum lifetime mortgages offer a single, tax-free payment, ideal for covering larger costs, while drawdown lifetime mortgages provide the flexibility to access funds as needed over time.

As a trusted mortgage broker in Cambridge, we often recommend 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 Cambridge right for me?

As providers of lifetime mortgage advice in Cambridge, we tend to find that older borrowers use lifetime mortgages 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 Cambridge, aged over 55
Couples moving in together

Where appropriate, our team will explore alternative mortgage products for the over-50s in Cambridge, helping you make a well-informed decision.

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 £495.

Lifetime Mortgages in Cambridge FAQs

Our Customers Love Us

4.83 Rating6 Reviews

Angela

Very helpful and very friendly would highly recommend very happy with the service

4 months ago

Angela

I found Cambridge money man so helpful would recommend highly and so friendly

4 months ago

Jessica

Very responsive even in late evenings! Answered all of the questions that I had, explained the whole process through out and made the house buying process so much easier!

6 months ago

Anonymous

Great service, very efficient.

3 years ago

Anonymous

Helen was lovely to chat with, she booked me in for an appointment with a broker within minutes of me sending an email enquiry on a Sunday and explained everything about the process really well.

8 months ago

Steven

Great service. Would definitely recommend to people struggling to get a mortgage. Cambridgemoneyman, a huge thank you from us

5 years ago

Eamonn

Spoke to several Mortgage Brokers about my situation and having talked to Malcolm, he fully understood my views and gave me his honest opinion. A very professional, friendly, and efficient service that enabled us to the most suitable mortgage on the...

2 years ago

Bailey

Massive thank you to Malcolm and the team at Cambridgemoneyman. We were very impressed with the level of service we received. As first time buyers, we were thrilled with the mortgage rate that got recommended for our circumstances, and we will...

5 years ago

Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment in Cambridge 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 advice 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 mortgage advice in Cambridge to help you choose the most effective solution for your circumstances in Cambridge.

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 Cambridge 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 Cambridge 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 Cambridge provide a free initial mortgage review to help you explore your options and make the right decision for your future. Whether it’s a lifetime mortgage or other financial products, you’ll receive tailored mortgage advice in Cambridge designed to meet your needs.

Finding You the Perfect Deal

As a mortgage broker in Cambridge, we work closely with a variety of lenders to find the most suitable deal for you. Our goal is to ensure you’re matched with a mortgage product that aligns perfectly with your financial goals and circumstances.

Our Service

We’re committed to delivering outstanding service from start to finish. Our mortgage advisors in Cambridge will guide you through the process with professionalism and care, ensuring you feel supported every step of the way.

7 Days a Week

We know how busy life can be, which is why our mortgage advisors in Cambridge are available seven days a week. Whether you need mortgage advice in Cambridge on a weekday or weekend, we’re here to make the process as convenient as possible for you.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Finding you the Right Lifetime Mortgage Deal in Cambridge

The Home Buying App

Our Home Buying App is a digital mortgage coach designed to help you save up, plan, and track your home buying journey – whether you’re buying your first home, or fancy a move.

Download For Free

Purchase

Remortgage

Age 50+ Options

Mortgage Schemes

Specialist

Insurance

Guides

Our Service

Calculators

Your Perks

Lifetime Mortgages in Cambridge