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 especially useful for those downsizing, relocating to Cardiff to be closer to loved ones, or purchasing a property that better meets their needs. A lifetime mortgage lets you access equity to support your move while retaining ownership of your property. A mortgage broker in Cardiff can guide you through the process and ensure the plan aligns with your goals.

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

No, having a lifetime mortgage doesn’t mean you’re permanently tied to it. Many plans include flexible options, such as voluntary repayments to reduce the balance or switching to a new plan if your circumstances change. A mortgage broker in Cardiff can help you review your plan regularly to ensure it continues to meet your needs over time.

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 Cardiff & Later Life Borrowing

What is a lifetime mortgage in Cardiff?

A lifetime mortgage in Cardiff is a type of equity release that can provide a financial lifeline for those aged 55 and above who want to make the most of their retirement years.

This product enables you to borrow against the value of your home without needing to sell it, offering flexibility and peace of mind.

The funds can be used for a variety of purposes, such as clearing existing debts, helping family members, or enjoying a more comfortable retirement.

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

Our experienced mortgage advisors in Cardiff will assess your individual situation and recommend a solution that suits you.

Two Main Types of Lifetime Mortgages in Cardiff

Lifetime mortgages in Cardiff typically come in two forms for those aged 55 and over. A lump sum lifetime mortgage provides a single payment to cover major expenses, while a drawdown lifetime mortgage offers flexibility by allowing you to access funds in stages.

As a trusted mortgage broker in Cardiff, we may suggest lifetime mortgages for those looking to:

Make large purchases such as a motor home or boat.
Buy a new home.
Pay off an existing mortgage and/or debts.
Give gifts to family.
Top up their retirement income to maintain a good lifestyle.
Complete home improvements.
Pay for care and/or home adaptations.

Is a lifetime mortgage in Cardiff right for me?

Providing lifetime mortgage advice in Cardiff, we often assist older borrowers who use lifetime mortgages to buy a property for a range of reasons, including:

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

If a lifetime mortgage doesn’t suit your circumstances, we’ll recommend alternative mortgage products for the over-50s in Cardiff to ensure the right choice for your needs.

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 Cardiff FAQs

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Very helpful throughout the whole process. Useful advice and no nonsense. Worked quickly and I received regular updates and did not need to chase people up for things to get done. Very satisfied and will definitely use the service again if needed in...

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Wayne was absolutely fantastic, and a pillar of support before, during and after we obtained our mortgage offer. I would absolutely recommend Wayne and MoneyMan again!

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Wayne was great throughout whole process of buying our first home, he gave us great confidence and simplified the whole process for us. Would defintiely recommend.

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Matt, Jo and all those involved have been excellent it helping me and my partner navigate the mortgage process. Their guidance have been invaluable and without the support we would have really struggled. Would highly recommend.

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Anonymous

Brilliant service. Quick response to any questions we had and explained everything clearly. Kept the process moving for us which was greatly appreciated. Thanks!!

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Justine

As a first time buyer and someone who doesnt know much about the process, Malcolm and the team were very informative and helpful during the entire process. We were allowed to ask a list of questions about our blind-spots to do with taking on a...

1 year ago

Matthew

Can’t thank Cardiffmoneyman enough in helping me buy my first home. Leo my appointed advisor has been monumental in getting me the best deal and explaining the whole process and making it as easy as possible in what would be a stressful time. Also...

1 year ago

Elizabeth

Excellent service . Dan explained equity release clearly and ensured I got the best interest rate.

1 year ago

Owain

Cardiffmoneyman have been fantastic at guiding me through the home buying process. Great and friendly communication with excellent pacing on the amount of information presented at once. Truly helped simplify the home buying process.

2 years ago

Charleigh

Very efficient, communication was excellant, and really helped as first time buyers advising the steps as we went!

2 years ago

Daniel

Matt has been brilliant throughout the whole process, very knowledgeable and helpful. The process has been smooth throughout. The application was submitted on Wednesday and the mortgage offer was approved by Friday! Talk about that for service.

2 years ago

Jane

I recently had the pleasure of working with UK Moneyman, and I couldn't be more impressed with the level of professionalism and care that they provided me. As someone with a poor credit rating at the age of 60, I never thought it would be possible...

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Josh

Leanne was very friendly, build up an instance rapport and helped me with my all questions prior to my meeting with another Advisor tomorrow. Thank you Leanne for your help. Josh 😀

3 years ago

Thomas

Cardiffmoneyman has been perfect for us as First Time Buyers. Charlie & Leo were both great at sorting everything out for us promptly and explaining things clearly. Everyone we’ve spoken has been super friendly and helpful. We’re very grateful...

5 years ago

Stacie

We were recommended to use Cardiffmoneyman, by friends who used them looking to remortgage. They were fantastic. From start to finish, we were kept informed throughout the entire process, and their working hours were handy, as I and my husband both...

5 years ago

Emma

Jason was great! Being self employed I thought I would never get a mortgage, but here we are and im happily moving into my new home. Couldn't have done this without you and your team, thank you!

5 years ago

Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

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

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 Cardiff 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 Cardiff 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

Take advantage of a free initial mortgage review with our expert mortgage advisors in Cardiff. This no-obligation service is tailored to help you explore your financial options and find the right solution, with clear and reliable mortgage advice in Cardiff.

Finding You the Perfect Deal

As a trusted mortgage broker in Cardiff, we compare a wide range of lenders to find the perfect deal for you. Whether it’s a lifetime mortgage or another financial product, we’re dedicated to matching you with a solution that fits your needs and goals.

Our Service

From start to finish, our mortgage advisors in Cardiff provide exceptional service, offering honest and straightforward advice. We aim to make the entire process stress-free, giving you confidence at every stage.

7 Days a Week

Our mortgage advisors in Cardiff are available seven days a week to fit around your busy lifestyle. Whether you need mortgage advice in Cardiff during the week or at the weekend, we’re here to help whenever it suits you.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

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Cardiffmoneyman 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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