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Lifestyle Options

Make the most out of your retirement

Tim and Laura’s story

Freedom from mortgage repayments

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About Tim and Laura

Tim and Laura are both 61 and recently retired. They still have an outstanding mortgage of £60,000 on their four bedroom house in Sussex, valued at £360,000. They’d like some extra cash to pay off their mortgage as they don’t have enough spare money at the moment. They’re worried that due to their circumstances, it would be impossible to get another mortgage.

Tim and Laura contact their financial adviser to discuss their options.


We were looking for ways to pay off our existing mortgage without the burden of monthly repayments. As we don’t have children, we weren’t concerned about leaving an inheritance. It was great to be able to use the value of our home to repay our mortgage without having to move.


Using their home to repay their mortgage

Tim and Laura’s financial adviser confirms that due to their age and income restrictions, they wouldn’t pass the affordability tests on a traditional mortgage. He advises them to take out a lifetime mortgage.

Their financial adviser recommends Lifestyle Gold, which lets them to release up to £63,000 from their property.

This allows them to repay their existing mortgage without any monthly payments. The interest on their loan is added to their balance each month.

No more monthly repayments

Tim and Laura were able to borrow the amount they needed to stay in their home mortgage-free, without any monthly repayments. They are also able to use the money to cover their solicitor and adviser fees.

Important information

This case study is a worked example and is for illustrative purposes only. We have taken care to ensure the information is accurate, but we accept no liability for any of the information we provide that you decide to use or for the suitability of any of the statements made. Individual financial advice and tax advice should be sought prior to taking out a lifetime mortgage, as releasing equity can change the inheritance tax position of the borrower and their estate, as well as potentially altering their eligibility for welfare benefits.

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