Lifetime Mortgage

Lifetime Mortgage

A lifetime mortgage is a type of equity release plan. With all lifetime mortgages you can release a lump sum of tax-free money or regular extra income from the value of your property to spend however you choose.

There are no regular payments to make as the amount that you have released, plus any interest, is repaid from the money made when the property is sold.  Generally this is when you move in to long-term care, die or permanently leave the property.

Try our Lifetime Mortgage Calculator to find out how much you can release from your home today.

Lifetime Mortgage Advice

Taking professional advice is essential if you are considering a lifetime mortgage. Bower Retirement Services has an award winning team of national, specialist advisers who can discuss your needs and help you decide if a lifetime mortgage is suitable for you and also advise you on what the alternatives are. We offer plans from all lifetime mortgage providers and we only recommend SHIP plans or those that have the same guarantees.

Call us free on 0800 411 8668 to find out more

Types of Lifetime Mortgage

Lump Sum Lifetime Mortgage

A percentage of the value of your property is taken in tax-free cash. No monthly repayments are needed. Interest is added onto the original amount taken and the total amount is repaid when the property is eventually sold or the mortgage repaid from other means.

Interest only

With this plan the amount borrowed from your property remains the same for the duration of the plan, as interest is paid monthly. This way you and your family will always know how much is owed when the decision is made to sell the property. Part interest only payments can also be made depending on your budget.

Flexible Drawdown

This type of plan allows for the option of a cash reserve from which you can drawdown sums as and when needed until the reserve has been used. An initial lump sum can be taken and then sums as low as £2000 can be taken at any time. These plans offer greater flexibility because you do not pay for any cash releases until you need it.

Benefits of a lifetime mortgage with Bower

  • No monthly repayments (unless you opt for an interest only lifetime mortgage plan)
  • You can remain in your own home for as long as you choose
  • You retain ownership of your home and will benefit from any future increases in its value
  • No negative equity guarantees
  • FCA regulated and multi- award winning team


Call us free on 0800 411 8668 to book your free initial, no-obligation consultation


Helpful pages

You may find the following pages helpful.

Compare all leading equity release providers

Our equity release preferential providers including names such as Aviva, Halifax, LV, Just Retirement

This is a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

If you are considering equity release we strongly recommend that you read our ‘Advantages and Disadvantages of Equity Release’ page carefully.