Equity release is normally available to those aged 55 and over, proving to be a financial lifeline for those living in properties that may be worth hundreds of thousands of pounds but with insufficient income. We can help you find an option that is suitable for your specific requirements, giving you all the information, you need to make an informed decision.
If an equity release also known as a lifetime mortgage is something that you have been thinking about, simply get in touch with us today.
Please note, we do not advise on or arrange Home Reversion Schemes.
Lifetime Mortgages are a way of releasing equity that can be used for multiple purposes including things like a house move, holiday, home improvements, gifts to children and more.
Professional advice is essential and lifetime mortgages are not the right solution for everyone. Releasing cash from your home reduces the value of your estate and the amount of inheritance you leave, so you should involve your children and dependants from the outset.
Think carefully before securing other debts against your home. Equity released from your home will be secured against it.
Get in touch with us to discuss the right lifetime mortgage for you.
You might choose to opt to apply for a lifetime mortgage. Lifetime mortgages can be arranged on your current home, or can be taken to finance moving home and usually gets repaid when the property is sold; usually due to the owner passing away or moving into long term care. You may wish to make payments during this time to reduce the interest that accumulates. If you have an existing mortgage, you can still apply for a lifetime mortgage, however you must use the new money from the loan to pay off the existing mortgage.
Working similarly to the lifetime mortgages, this option requires you to pay monthly instalments of the interest only. The borrowing can be arranged against your current residential home, or on your new residential property if you are moving home.
There are many factors to consider with a mortgage like this, so get in touch with us to find out more.
If you would like to discuss your options with expert advisers, please get in touch with our team today.