Is available to anyone aged 60 or over, who is eligible to live in the UK – it is not just for people who are retired
Includes a "Lifetime Lease" - a legal agreement that is registered at the Land Registry
Is fully protected and enables customers to be free of any monthly rent, mortgage, or interest repayments for their lifetime - it is not a mortgage, loan, or equity release plan, and cannot be used in conjunction with a mortgage
Is an option for people aged 60+ to live in a property they may not have been able to afford otherwise - it is not shared ownership or a help-to-buy scheme
Can only be applied on the purchase of a new property and cannot be used on a property currently owned by the customer
Is applied to the customer’s permanent residence - it cannot be used for a holiday home or a buy-to-let property
Can be applied to a property located anywhere in England or Wales only and cannot be purchased for a property of non-standard construction (such as a Park Home) - property criteria applies, see Homewise for details
Is portable and can be moved to another property in the future, subject to terms and conditions and property criteria
Includes the option to secure a guaranteed inheritance, by safeguarding up to 50% of the property’s future resale value
General Terms
All parties moving must be aged sixty or older and have the right to reside in the UK to qualify for a Home for Life Plan
The cost of a Home for Life Plan is always thousands less than the market value of a property
Savings against the property value vary (see table below) and depend on the customer’s age, personal circumstances, safeguarding wishes, and property criteria
Every customer has the option to purchase 0% to 50% of the property value to safeguard for the future
The customer does not own the property, they purchase a Home for Life Plan from Homewise and are known as the "Lifetime Lease Owner"
The Lifetime Lease Owner is responsible for their usual household outgoings, including any Service Charges and Ground Rent where applicable (subject to their chosen property)
Additional terms apply as part of the Home for Life Plan – for further information please talk to Homewise.
Saving Rates
The cost of a Home for Life Plan is calculated based on the market value of the customer's chosen property, along with the type of property and other factors including age.
Savings against the property's value range from...
Property Type
Savings Rate
Freehold
8.5% - 59%
Leasehold
7% - 56%
Retirement Leasehold
3.5% - 49%
Example: A 75-year-old customer wants to live in a freehold property that has a market price of £300,000. Homewise buys the property for £300,000 and the customer purchases a Home for Life Plan for £180,000, saving £120,000 which represents a 40% saving.
Every Home for Life Plan is bespoke to the individual and accurate quotations must be obtained from Homewise via telephone.
Call 0800 043 4488
Preparing for the future
A Home for Life Plan ends when the Lifetime Lease Owner(s) permanently vacates the property, having passed away or moved into care. A Plan may also end if the Lifetime Lease Owner voluntarily chooses to end it.
Any additional occupants do not have the legal right to remain living in the property when the Plan ends and would be required to vacate within an agreed timeframe.
The property is valued and any safeguarded percentage of the value is paid to the estate, less any associated selling fees, where applicable.
Do you have a question?
It's perfectly natural to have questions about Homewise and the Home for Life Plan, and we're here to help explain how the Plan works in detail. So get in touch with our friendly team today and ask us anything.
Are you exploring your options and considering a Home for Life Plan? Discover how Homewise could help you secure your ideal home.
Bespoke Solution
Although every Home for Life Plan is unique and tailored to your needs, discover how it may compare to alternative options and how the process could work, should you choose a Home for Life from Homewise.
We go to great lengths to ensure that your interests are protected throughout every stage of your journey, including insisting every customer receives independent legal advice. We cannot and will not proceed without this.
It’s perfectly normal to have questions about Homewise and choosing a Home for Life Plan. If you've explored the site and still have questions, take a look at our FAQs area to instantly get answers on key topics.
We pride ourselves on the first-class service we provide but don't just take our word for it. Take a moment to read what genuine customers say about their experience with Homewise and the Home for Life Plan.
Learn more about Homewise, our services, and read real-life customer stories exploring how we've helped people find happiness & security over the years.
