When thinking about a lifetime mortgage, it is important to understand the options available to you. Your adviser will talk you through the key considerations but here are some examples.

Are there any more suitable alternatives that you should consider, for example:

• Would you be better off selling your home and moving to a less expensive property?
• If you need the money to carry out repairs to your home, are there government or council grants available to fund the cost instead?

Is a lifetime mortgage right for me?

• Because you don't need to pay anything back during your lifetime, the interest has more time to build up, so it will cost more in the long run than paying the interest as you go.
• You can pay back the loan and interest early but there could be a substantial Early Repayment Charge.

Are you happy with the terms and conditions?

• If you don’t follow the Terms and Conditions of the loan it could mean that you have to sell your property.  The Terms and Conditions will accompany the Offer of Loan and you should therefore ensure you're familiar with them before you proceed. Your solicitor will advise you on this.

What is the impact on my tax or benefits?

• The loan could affect your right to State benefits or other concessions such as Council Tax benefits or any tax credits.
• You should ask your adviser about any other possible tax liabilities.

For further information and advice on any of the above you should speak to a qualified financial adviser.

For IFA's - to get a quote please call 0845 108 7240.