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What is an enhanced lifetime mortgage?

An enhanced lifetime mortgage is a type of equity release plan for homeowners aged 55+ who have certain health conditions or lifestyle habits. Because of your health, you might be able to unlock more money from your home – or even get a better interest rate – than you would with a standard plan.

You won’t need to have a medical to apply for an enhanced lifetime mortgage. You’ll just need to answer some simple health and lifestyle questions during the application. If you’re eligible, the lender may ask your GP to confirm the details, but only with your permission.

And remember, the cash you release is completely tax-free and yours to use however you like. Many people use it to clear a mortgage, cover big expenses, treat themselves to a holiday or give a helping hand to loved ones.

Why choose an enhanced lifetime mortgage?

Most older homeowners have the bulk of their wealth tied up in their property. And while that’s great on paper, it doesn’t help much if you need extra money now – for things like home improvements, paying off debts, helping family or simply enjoying retirement.

That’s where an enhanced lifetime mortgage comes in. It works just like a regular lifetime mortgage, but takes your health and lifestyle into account too. Depending on your situation, you could release more money or secure a better rate than someone the same age in perfect health.

You might qualify for enhanced terms if you have certain health conditions or lifestyle factors that could shorten your life expectancy, many of them common to over-55s. Conditions such as diabetes and high blood pressure or a history of cancer or heart disease can all qualify you, as well as lifestyle habits such as smoking or obesity.

An enhanced lifetime mortgage might be right for you if you’re looking for:

  • More tax-free cash: Unlock a higher percentage of your home to boost your finances.

  • No mandatory repayments: Voluntary interest payments and ad hoc payments up to a certain amount each year are possible with many plans.

  • The option to pay interest: either in full or partially, if you’d prefer to manage the balance.

  • Portability: You can still move house as long as your new home meets the lender’s criteria.

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Everything explained to me every step of the way and always time to ask questions which are always fully answered. I never felt pressured to make a decision but help was always on hand.

What options do I have with an enhanced lifetime mortgage?

The lifetime mortgage market is packed with flexible features these days, and enhanced plans are no exception. Just because you qualify for extra borrowing or a better rate doesn’t mean you miss out on any of the usual options.

With an enhanced lifetime mortgage, you can:

  • Take a lump sum: Unlock all your available cash in one go, great for clearing big expenses upfront or tackling large projects.

  • Choose a drawdown plan: Take a smaller, initial lump sum then release further amounts over time, only paying interest on what you’ve taken.

  • No monthly repayments: The interest is typically left to roll up each month and added to the overall loan amount. This means you’ll never have to make a monthly repayment unless you choose to.

  • Make voluntary interest payments: Keep costs down by choosing an interest-only plan. Pay all or some of the interest each month for as long as you wish.

  • Repay up to 10% a year: Many lenders let you make ad hoc payments of up to 10% of your original loan amount every year, with no overpayment penalties.

  • Stay in your home for life: You’ll continue to own 100% of your home and will have the right to stay there until you pass away or move into long-term care. At this point your home is sold to repay the loan, with any remaining money paid to your estate.

How much can I release with an enhanced lifetime mortgage?

The amount you can release with an enhanced lifetime mortgage depends on a few key factors, including your age, property value, and health.

Typically, the older you are and the more qualifying health conditions you have, the more you may be able to borrow from your home. Enhanced plans are specifically designed to offer higher loan amounts or better rates to those who qualify.

Here’s what lenders usually take into account:

Your age

Borrowing amounts increase with age. A younger applicant might unlock around 20% of their property’s value, while older applicants may access 50% or more.

Your health and lifestyle

If you have certain medical conditions or lifestyle factors (like smoking or high BMI), you may qualify for enhanced terms that let you borrow more than a standard plan.

Property value

The higher your home’s value, the more money you could release, up to a maximum loan-to-value set by the lender.

Property type and location

Some homes (like leasehold flats or non-standard construction) may have restrictions on how much you can borrow.

To be eligible, you’ll usually need to be aged 55 or over, own a UK home worth at least £70,000, and be able to repay any existing mortgage or secured debt using the money you release.

Things to consider

Equity release can free up cash to help you to do more of the things you want, but there are potential disadvantages to consider. Here are some important points to bear in mind:

  • Unlocking your property wealth will reduce the size of inheritance you can leave. The loan plus interest is repaid from the sale of your home, so there’s less equity to pass on.

  • If you leave the interest to roll-up each month, the amount owed can grow quickly. Lifetime mortgages work on a compound interest basis, where interest is applied to the loan amount plus any interest already accrued.

  • When you release money, it might affect your eligibility for homecare funding and other means-tested benefits.

  • Early repayment fees will typically apply should you wish to repay the loan plus interest early. However, lenders may waive these fees in some circumstances.

  • If you gift some of the money you release to family or friends, they may be liable to pay inheritance tax when you pass away.

How to get your lifetime mortgage quotes

At Compare More we work with specialist partners who bring you quotes from the UK’s leading lifetime mortgage providers. To show quotes that match your circumstances and needs, we’ll need to know:

Your property type and value

The type and value of your property will impact how much you can release: the higher the value, the more you can release. We also ask whether you have an outstanding mortgage, as you will need to use the money you release to clear your existing mortgage.

The reason you are considering equity release

This can help tailor the service to your circumstances – but if you’d rather not say at this stage, just select ‘other’.

Your personal details

You’ll need to share details like your age and postcode as these will also affect how much you can release. We also need some contact details so we can get in touch with information about your quotes. 

Equity release guides

Answering your questions about enhanced lifetime mortgages

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