Lifetime Mortgages

A Lifetime Mortgage is a scheme that allows you to borrow a sum of money against the value of your home.
There are no monthly payments to be made as all interest accumulates and is repaid when the property is eventually sold on either your death or when you move into residential care. These schemes are usually only available to people over 60 years old. The amount you receive will depend on your age – the older you are the higher the amount that can be released.
If you are looking to provide income, most schemes allow a ‘draw-down’ facility.
Since October 2004 lifetime mortgages have been regulated by the Financial Services Authority. This means that only authorised firms are able to advise you on these products. Lenders of lifetime mortgages are insurance companies, banks, building societies and other well known and reputable financial organisations.
Blacktower is regulated by the Financial Services Authority. Our FSA Register number is 188611. Our permitted business is Investment, Pension, Protection and Mortgage advice.
Also Blacktower only recommend lifetime mortgages from members of Safe Home Income Plans (S.H.I.P.). The S.H.I.P. code of practice includes the valuable ‘no negative equity’ guarantee.
This is a lifetime mortgage. To understand the features and risks ask for a personalized illustration.
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