Mortgage Market Review
Stephen and John Murphy, of Lifetime Mortgages Limited
In the last ten years, the mortgage market has witnessed phenomenal growth in Later Life Lending and Equity Release products, particularly as more people look to maximise the lifestyle opportunities of their senior years.
It’s a trend which has emerged largely off the back of people living generally longer and healthier, more active lives, and at Lifetime Mortgages, we are thankfully seeing more and more mortgage providers respond to this shift, by upping their equity release offerings.
To this end, the mortgage market has seen a recent uptick in the availability of drawdown facilities and ‘portable’ mortgages, as well as a surge in options for helping reduce or stop interest accrual (eg. via the option of ‘servicing’ a loan, via monthly or ad hoc payments.)
This change has coincided with the introduction and mainstreaming of much stricter consumer protection practices, driven by the FCA (Financial Conduct Authority), and formal Equity Release qualifications (ER1) are now mandatory.
John Murphy, Director of Lifetime Mortgages, attained this particular specialist qualification in 2012, and has gone on to become an authority in the area of Equity Release. His specialist knowledge and qualifications in this area are propped up by a rich personal understanding of the retirement experience, and its bigger picture implications for both lifestyle…and finances.
John is fortunate enough to be supported in this endeavour by his son Stephen, who is a fully qualified CeMAP Mortgage Advisor, and who previously worked in a variety of positions within financial services, before joining the family business.
Stephen is primarily responsible for the mortgage and protection side of the business, which allows John to concentrate on Equity Release and Later Life products.
About us
At Lifetime Mortgages, we take great pride in eradicating ‘jargon’ and making sure our customers understand the mortgage process from start to finish. We also ensure our fees structure is fair, simple and transparent, and most importantly, that it is highly COMPETITIVE.
For Equity Release cases we charge a flat fee of up to £499; for standard mortgages the fee is capped at £299. The actual amounts can vary depending on the loan size, our agreed fee may well be reduced, or indeed sometimes we can charge no fees at all.
We feel our fees are very competitive, any fees charged are only payable upon completion. There are no consultation fees and we offer no obligation consultations as part of our service. Should the application not complete for whatever reason (even if you change your mind) there will be no fees payable.
Taking an Equity Release Mortgage is a big commitment and may not be the best option for your circumstances. We will advise you honestly and fairly on the route we think is best for you personally and in addition, we recommend you visit the following site, supported by the Government and (we think) really useful and highly informative: www.moneyadviceservice.org.uk