Enhanced Lifetime Mortgage

If you're looking for the maximum equity release from your property, an enhanced lifetime mortgage could provide the solution.


Enhanced lifetime mortgages are a 'roll-up' equity release scheme where lending criteria is based on your personal health records. In principle, these schemes will allow more cash to be released depending on your answers to a health & lifestyle questionnaire.

Basically, the poorer your health, the greater the tax free lump sum that could be made available.



The enhanced lifetime mortgage is a ‘roll-up’ equity release scheme.
The application will require the completion of a health & lifestyle questionnaire.
Based upon these answers, the lender will underwrite the application based on these condition(s).
The poorer your state of health, the greater the cash lump sum will be.
No monthly payments are required, with the enhanced lifetime mortgage plan being eventually repaid upon death, or moving into long term care.


Do I Qualify for an Enhanced Lifetime Mortgage?


This will depend on the type of health issues you have on your medical records. The lender works on the underwriting principle that life expectancy is likely to be reduced if ill-health has been experienced. The enhanced lenders can therefore afford to offer greater lump sums to these people, than for someone who is likely to live much longer.


Upon calculating the size of these maximum enhanced equity release schemes, these companies assess your health and lifestyle, as well as your age. Based on this information they are usually able to offer a loan that can be much higher than the standard equity release loan-to-values.



Which Types of Illnesses Apply?


A simple health & lifestyle questionnaire will ask for answers to the following: -

whether you smoke

height & weight including body mass index (BMI)

high blood pressure

suffer from diabetes

medical problems such as angina, heart attack, stroke, cancer

multiple sclerosis or Parkinson's disease

retired early due to ill health

whether you are on prescription medication


This list is not exhaustive and other health and lifestyle factors that could qualify which if more severe could provide a larger amount of cash from your release of equity.

A full list of conditions that qualify can be obtained by finding your local equity release adviser.


In addition to the above features, these enhanced equity release plans have the following advantages/disadvantages: -

Enhanced plans provide bigger lump sums than standard equity release schemesLifetime mortgage scheme where you can benefit from having a poor health recordReleased funds can assist with property alterations if health issues are mobility relatedEnhanced drawdown lifetime mortgage option is available to withdraw funds in stagesNo medical is required by any of the enhanced lifetime mortgage companiesEven taking the maximum enhancement you are protected by a 'no negative equity guarantee'Simple health and lifestyle questionnaire is required to be completed on application


Taking the maximum enhanced equity release could leave no inheritanceInterest rates tend to be higher than on standard lifetime mortgage schemesEnhanced equity release plans could take longer to set up if a doctors report is requiredTaking a larger lump sum could affect entitlement to certain means tested benefitsEarly repayment charges could be levied if plans are settled earlier than intended



Contact our impaired life equity release team today to see if you qualify for any of the enhanced lifetime mortgages currently available at...


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