Can I use a lifetime mortgage to move home?

Yes, a lifetime mortgage can help those aged 55 and over fund a move to a new property. Many people in Derby use this option to downsize, move closer to loved ones, or purchase a more suitable home for their needs. A lifetime mortgage lets you release equity to support your move while keeping ownership of the property. A mortgage broker in Derby can help you navigate the process and choose the right plan for your circumstances.

Once I have a lifetime mortgage, am I stuck with it?

No, having a lifetime mortgage doesn’t mean you’re permanently tied to it. Many plans offer flexible features, such as voluntary payments to reduce the balance or the option to remortgage to a different plan if your needs change. Regular reviews with a mortgage broker in Derby can ensure your plan remains appropriate and beneficial for your situation.

Is there anything else I need to do for a lifetime mortgage?

As well as speaking with your later life mortgage advisor about whether equity release, and subsequently a lifetime mortgage, is right for you, it’s worth taking the time to consider any additional arrangements for the future. There are several over 50’s life insurance policies available from our team that, if suitable for your circumstances, can help offset the cost of a lifetime mortgage over the life policy term. We would also recommend discussing your lifetime mortgage plans with your family, updating your will, and setting up arrangements for any lasting powers of attorney. These steps are important, as it is often your family, either as beneficiaries after your death or as attorneys should your mental capacity become impaired, who will be involved in selling the property to repay the lifetime mortgage. Proper planning now not only ensures a smoother process for your loved ones later but can also make things more cost-effective in the long run.

Lifetime Mortgages in Derby & Later Life Borrowing

What is a lifetime mortgage in Derby?

For those aged 55 and over, a lifetime mortgage in Derby can unlock the equity tied up in your property.

This type of equity release product offers tax-free funds that can be used for a variety of purposes, from home renovations to supplementing your income or even helping family members.

With competitive rates and flexible repayment options, this could be a valuable tool in your retirement planning.

With a lifetime mortgage, you’ll retain full ownership of your home, and they are available on both freehold and leasehold properties.

Contact our experienced mortgage advisors in Derby to explore your options.

Two Main Types of Lifetime Mortgages in Derby

When considering lifetime mortgages in Derby, those aged 55 and over usually choose between two main options. A lump sum lifetime mortgage provides a single payment for significant costs, while a drawdown lifetime mortgage gives you the flexibility to access funds when needed.

As a trusted mortgage broker in Derby, we often suggest lifetime mortgages for purposes like:

Large purchases such as a motor home or boat.
Buying a new home.
Paying off an existing mortgage and/or debts.
Gifts to family.
Topping up their retirement income to maintain a good lifestyle.
Home improvements.
Paying for care and/or home adaptations.

Is a lifetime mortgage in Derby right for me?

Through our lifetime mortgage advice in Derby, we often support older borrowers who find these products beneficial for purchasing a property. Common reasons include:

Divorce or separation later in life
Moving closer to family and friends
Upgrading to a larger or more expensive home
First-time buyers in Derby, aged over 55
Couples moving in together

When a lifetime mortgage isn’t the most suitable solution, our team will recommend alternative mortgage products for the over-50s in Derby to suit your individual needs.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.

Lifetime Mortgages in Derby FAQs

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Victor Abrams

I found Warren Bailey to be a very helpful and knowledgeable advisor when I discussed with him the potential options for a retirement mortgage . He had contacted me within a day of my seeking an initial conversation with him , and he reassured me there were lenders out there who would consider a mortgage paid out of pension , despite my own bank nort even talking to me as I was over 70 ! Within a couple days Warren had led me through the onboarding process , had explained what documents were needed and had found me a lender suited to my requirements. An excellent experience, and I would recommend him strongly to people looking for a retirement mortgage, and generally . Victor Abrams

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We would have given them 20 stars. Both Warren & Lizzi have worked so hard on our behalf, in what has not been the smoothest of circumstances. They have been so professional and kept us updated. Would thoroughly recommend this company. With grateful thanks in getting us our mortgage.

12 May 2026

Abdul khaliq Mayar

I would highly recommend UK Money Man, especially Matthew Collinson and Paula. They have done an amazing job for me from start to finish. My previous mortgage broker got my application declined through TMW, and I was very stressed and worried. When I came to UK Money Man, they completely changed the game for me. Matthew was always helpful, professional, and kept me updated at every stage — even on his day off. That level of service really meant a lot to me. Paula was also fantastic and worked hard on my application. Thanks to their hard work and support, my mortgage was approved. I truly appreciate everything they have done for me and my family. I would definitely recommend Matthew, Paula, and UK Money Man to anyone looking for a reliable and supportive mortgage broker.

11 May 2026

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5 May 2026

William Thompson

I would like to say Thankyou to Jonathan and Dan for giving me an easy experience in sorting out my equity release.They were polite,friendly and very professional in their duties,and they made everything as easy as possible for me

29 Apr 2026

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The team at UK Moneyman, especially Stacey Waudby and Matt Collinson, were fantastic. They have been really helpful throughout the process and in keeping me in the loop, with any update regarding the application

16 Apr 2026

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Great service, very professional and I felt my adviser really was interested in helping me get the best deal for a repayment mortgage for my age group.

29 Mar 2026

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What a fantastic team. Can’t recommend them highly enough. Warren and Johnathan were so professional and so easy to talk and explain things to. Everything about my remortgage went smoothly thanks to them. I will certainly be recommending them to friends and family. Thank you guys for all of your help, couldn’t have done it without you.

20 Mar 2026

Our Simple Mortgage Process

Free Initial Lifetime Mortgage Appointment

We start with a free initial lifetime mortgage appointment in Derby with one of our experienced advisors. This no-obligation session allows us to understand your financial goals and explore whether a lifetime mortgage is right for you. It’s a chance for you to ask questions, learn about the options available, and receive expert mortgage advice in Derby tailored to your individual needs and future plans.

Alternatives to Equity Release

Equity release may not always be the most suitable option, and our advisors will ensure you consider all alternatives before making a decision. Depending on your situation, options like downsizing, accessing savings, or exploring other financial products could be more suitable. We provide impartial mortgage advice in Derby to help you choose the most effective solution for your circumstances in Derby.

Discuss With Family / Trusted Parties

Deciding on a lifetime mortgage is an important step, and we encourage you to involve your family or other trusted individuals in the process. Open conversations can help ensure that everyone understands the potential implications for the future. Our mortgage advisors in Derby are available to provide clarity and support during these discussions, helping everyone feel confident about the decision.

Tailored Lifetime Mortgage Recommendation

After fully assessing your needs and exploring all alternatives, we’ll provide a personalised lifetime mortgage recommendation. This includes details about the product, lender, and features that match your financial goals. Our mortgage advisors in Derby will guide you through the process with transparency and care, ensuring you feel secure in your choice every step of the way.

Reasons to Choose Us

Free Initial Mortgage Review

Our mortgage advisors in Derby offer a free initial mortgage review to help you make informed decisions about your future. Whether you’re considering a lifetime mortgage or exploring other financial products, this no-obligation consultation provides expert mortgage advice in Derby tailored to your individual circumstances.

Finding You The Perfect Deal

As a trusted mortgage broker in Derby, we search through a wide range of lenders to find the perfect deal for you. Whether you’re looking for flexibility or a specific set of features, we’ll match you with a product that suits your financial goals.

Our Service

From your first enquiry to the completion of your mortgage process, our mortgage advisors in Derby are dedicated to providing exceptional service. With clear and professional advice, we’ll support you every step of the way.

7 Days a Week

We understand how busy life can be, so our mortgage advisors in Derby are available seven days a week. Whether you need mortgage advice in Derby on a weekday or the weekend, we’re here to help at a time that works for you.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Finding you the Right Lifetime Mortgage Deal in Derby

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Lifetime Mortgages in Derby