Home Property & Conveyancing Lifetime Mortgages

Lifetime Mortgages Solicitor, Scotland

A lifetime mortgage is a form of equity release, which allows you to borrow money using your home as security.

This can be taken as a lump sum or as regular payments. It makes sense to discuss your options with a lifetime mortgage solicitor.

They will be able to take you through the options, and ensure you get the right deal for you. This is especially important if you are a first time lifetime mortgage borrower and are new to the market.

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Types of lifetime mortgages

There are several types of lifetime mortgages. It makes sense to discuss the options with a specialist solicitor, so you can be sure you choose the option that is right for you.

The main types of lifetime mortgages are:

A lump sum mortgage. You will receive the entire amount as a lump sum. When the house is sold, the mortgage and any accrued interest is paid off.
A drawdown mortgage. This allows you to withdraw instalments whenever you want. Again, the loan and any interest are paid off when the property is sold.
An income lifetime mortgage. This allows you to receive regular payments as income.

Interest is accrued throughout the lifetime of the mortgage, which will need to be paid, along with the balance, when the property is sold.

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Lifetime Mortgages – what are they?

When most people think of equity release, they think of selling a portion of their home.

This is not always the case and is worthwhile checking with your solicitor exactly what a product marketed as equity release involves.

With many forms of equity release, and indeed with a lifetime mortgage, you still own 100% of the home. The property is used as security against which the mortgage or loan is made. As with all loans, there will typically be interest payable for the duration of the loan and it is important to understand the financial implications of this and seek independent financial advice.

Other property services

At Jones Whyte, we offer a full range of property services, whether you are buying, selling or remortgaging.

Our services include:

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At Jones Whyte, our property team is highly experienced in all aspects of property law and conveyancing

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Nick Hay Partner

Taylor Gibson Paralegal

Neil Robertson Associate