For many of us, buying or mortgaging a home will be the biggest financial commitment we’ll ever make. As this may be your last home purchase, you should also consider the following: 

• Put in place a lasting power of attorney (LPA). This is the legal tool that allows you to state who you would like to make decisions on your behalf, should you become unable to do so in the future – perhaps through a loss of mental capacity. Importantly, it lets you choose the individual or individuals you trust to act for you and be your attorney(s). In this event, the appointed person can manage your finances for you and make any decisions regarding your future welfare. There are two different types of LPA: a ‘property and financial affairs LPA’ and a ‘health and welfare LPA’. You can choose to establish either one or both, and you can appoint the same attorney for both, or you can have different attorneys. We would usually recommend taking out both types of power of attorney; but there may be reasons why such an action is not suitable for you. 
• In all cases, except for a Home Reversion Plan, the property still belongs to you so you must have buildings and contents insurance in place. 
• We strongly recommend that you have an up-to-date will in place that takes into account details of your later life mortgage. 

None of these is compulsory except for buildings insurance; it will be a condition of the mortgage that you put this in place.

I will be able to advise you of the most appropriate option(s) for your circumstances.

*Powers of Attorney and Will writing involve the referral to a service which is separate and distinct to those offered by St. James's Place and neither are regulated by the Financial Conduct Authority.