What does 'Lifetime Mortgage' mean when buying a property?
Find out what Lifetime Mortgage means when you are buying a property. 'What does Lifetime Mortgage mean?' plus over 150 other property related terms and jargon in plain English
Lifetime Mortgage
Traditionally mortgages were offered over 25 years. You had 25 years in which to pay back the loan and become the true owner of a property.
However, as property prices have risen, some lenders have started offering longer terms such as 35 or 45 years. These time-scales can represent the entire working life of an individual and so are known as "lifetime mortgages".
To find out more about mortgages and other ways to fund a property purchase pick up a copy of my ebook How to Really Buy a Property.
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