Why Choose Prosper Home Loans LTD for Equity Release
Prosper Home Loans LTD offers unbiased, CeRER-qualified advisers, providing access to a broad panel of leading equity release lenders. With decades of collective experience, we guide clients with clear, tailored advice — always FCA-regulated and protected by the Equity Release Council's standards.
Understanding Lifetime Mortgages & Equity Release
A lifetime mortgage allows homeowners aged 55+ to access tax-free cash tied up in their property while retaining full ownership. Options include: Lump sum — a one-off amount for immediate needs or purchases; Drawdown — release funds in stages, paying interest only on amounts withdrawn. Funds can be used for property purchases, lifestyle improvements, family support, or debt clearance.
Eligibility & How It Works at Prosper
Eligibility Requirements: Age 55+, UK homeowner, typically with property value above £70,000. Loan amount depends on age and property value. How Prosper Helps: FCA-regulated, independent advice ensures suitability; access to multiple providers for competitive deals; Lifetime mortgages from Prosper include a No Negative Equity Guarantee.
Step-by-Step Process with Prosper
1. Initial Consultation 2. Property Valuation & Advice 3. Application & Offer
4. Legal & Completion 5. Ongoing Support
Costs, Interest & Repayment Options
Lifetime mortgage interest is typically fixed for life and compounds over time. Drawdown facilities mean you only pay interest on what you withdraw. Repayment occurs when you pass away or move into long-term care. No Negative Equity Guarantee ensures your estate is protected. Optional early repayment flexibility available (may incur fees in some cases).
In-Depth Case Studies
Case Study 1 — Upsizing to a Countryside Home
A couple aged 65 wanted to relocate from a suburban property to a spacious countryside home for their retirement. Prosper arranged a lifetime mortgage to release equity, enabling them to purchase their dream property. They opted to make voluntary interest payments, helping preserve their estate for their children and controlling interest build-up.
Case Study 2 — Assisting a Daughter’s Home Purchase
A couple in their early 60s wanted to help their daughter stay in the family home after divorce. Prosper arranged a drawdown lifetime mortgage with an initial lump sum and reserve facility. The couple cleared their small remaining mortgage and gifted funds to their daughter, allowing her and her child to remain in their home and school.
Case Study 3 — Funding a Child’s First Home
David and Linda, retired, used a lifetime mortgage to help their daughter Sophie buy her first flat. Sophie made voluntary interest contributions to help manage debt growth. A flexible plan allowed David and Linda to make overpayments without penalty, preserving the estate’s value.
Case Study 4 — Debt Clearance, Travel & Charitable Giving
Jane, recently retired, wanted to clear debts, travel, and give to charities. Prosper set up a drawdown lifetime mortgage: an initial withdrawal cleared debts, while a reserve remained for future travel and giving. Jane achieved her financial goals while retaining access to additional funds.
Case Study 5 — Buying a Second Home
George, a retiree, used a lifetime mortgage on his primary residence to buy a coastal holiday home outright. He remained in his main residence while enjoying weekends at his coastal retreat. He made no monthly repayments unless he chose to contribute voluntarily.
