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Lifetime mortgage

Over 50s

Want to borrow in later life? Consider a Lifetime Mortgage

At Tembo, our award-winning team of mortgage experts can help you explore Lifetime Mortgages and other lending options, so you can discover the best option for you and your family.

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How does it work?

A Lifetime Mortgage is a type of loan that is secured against your home, allowing you to free up some of the equity tied up in your property for your own use - in this way, a Lifetime Mortgage is a common type of equity release for older borrowers. Unlike standard mortgages, a Lifetime Mortgage doesn't need to be repaid until you pass away or move into long-term care. Allowing you to enjoy your retirement, without having to worry about repaying the loan each month.

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Things to consider


What are the benefits?

Stay in the home you love

With a Lifetime Mortgage, you can release money locked up in your home without needing to downsize or sell up, allowing you to stay in the home and community you love.

Borrow into retirement

Lifetime Mortgages are specifically designed to allow retirees and older homeowners to borrow into later life when age restrictions cross out alternatives.

Unlock equity in your home

Lifetime Mortgages can offer a way to unlock equity in your property, which you can use for travel plans, home improvements or even helping a loved one buy a home. The amount you can unlock depends on the value of your home and the loan is secured against your property.

Get a lump sum or regular installments

With Lifetime Mortgages, you can choose between receiving the money you unlock from your property in a lump sum, or in stages - this is known as drawdown.

You won't pay back the loan immediatley

Because the loan is repaid when you die or move into long-term care, you don't have to make any capital repayments month-to-month with a Lifetime Mortgage.

Risks & considerations

You may pay more interest

With a roll-up set up, the interest on your Lifetime Mortgage is added to your mortgage loan each year. This means that each year, your annual interest bill gets more expensive because it's calculated on the original loan, plus the interest rolled over from all the previous years. This can result in the size of your debt eating into your equity and reducing the amount you can pass on to loved ones when you die.

If you repay your loan, you may be charged

Because Lifetime Mortgages are designed to be taken out for life, if you repay your loan before you die you'l be charged a penalty - although some deals allow you to make overpayments in certain circumstances.

Your interest rate may be higher

Lifetime Mortgages can have higher interest rates than Retirement Interest-Only mortgages, standard interest-only or repayment loans, resulting in you paying more interest overall. However, there are some products which allow you to fix your mortgage rate for life, which can be a good way to keep your rate consistent, even if market rates fluctuate.

Your home’s value needs to be sufficient

Providers can have minimum property value requirements to ensure that your home provides adequate security for the mortgage. If your home does not meet these requirements, you may not be able to get a Lifetime Mortgage.

The loan balance remains

Because you only pay back the interest each month, the full repayment of the loan is deferred until you move into long-term care or pass away. If you become concerned about repaying the full loan, get in touch with your lender. There are ways to reduce the loan size, such as paying off some of the debt using savings or investments.

Your estate will be less

As you are sacrificing some of your future estate, if you don't repay this yourself and it’s repaid when you die or move into long-term care, this will reduce any inheritance you can leave to your loved ones.

Why Tembo?

We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.


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The application process

4 simple steps to getting a Lifetime Mortgage

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Make a Tembo recommendation

Create your own Tembo recommendation to discover live interest rates, monthly repayments and product explainers for all the schemes you're eligible for. After that, you'll be invited to book a free, no-obligation call with one of our award-winning team.


Talk to a mortgage expert

We'll complete the qualification process, and help you understand which deals are best for you from our panel of lenders. After that, you'll be looked after by your own dedicated team: a CeMAP qualified mortgage advisor and a case manager.


Apply for your new mortgage

Once you're happy with the product that's been recommended, your mortgage advisor will prepare and submit the mortgage application. Your case manager will act as the liaison between you, the lender and any solicitors to guide you to completion.


Fee-free advice for life

If you do decide in a few years' time that you'd like to switch to a new rate, or consider other options, you'll have fee-free advice for life with Tembo once you've taken out your first mortgage. So you can contact your advisor again to get our expert support.

Looking for alternatives?

There are a few reasons why you might want to borrow into retirement. If you’re looking for something more specific, try these options.

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Retirement Interest-Only

Unlock money from your home or manage your finances in retirement with a Retirement Interest-Only mortgage.

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Enhanced Interest-Only

Borrow up to 6-7x your income with an Enhanced Interest-Only mortgage.

See details


Long-Term Fixed Rate

Fix your interest rate for your whole term with a Long-Term Fixed Rate mortgage.

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Got questions? We've got answers

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Frequently asked questions

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Further reading

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