When you’ve worked hard all your life, it’s only right that you get to enjoy the retirement you deserve. We all have plans, and sometimes, it takes a little extra money to realise them. One place many people find that extra cash is right there in their home. After all, you’ve spent years investing in it, why not let it pay back a little?

What is a lifetime mortgage?

A lifetime mortgage is a loan secured against your home. It will run for the lifetime of you and your partner, or until the remaining  partner leaves the property to go into long-term care. Minimum age and property values apply.

Do I need to make regular payments?

No, there are no monthly payments (however you can choose to pay the interest with some providers). You will continue to own your own home, and the loan and interest are repaid by the sale of the property when you die or go into long-term care. Interest builds up throughout the life of the mortgage and is charged on the total amount borrowed and the interest already added. This increases the amount you owe and will reduce the value you have in your property, possible to nothing.

Will it leave my family with a debt?

Most of the providers we recommend have a ‘no negative equity’ guarantee – this means that neither you nor your estate will have to pay back more than your home is sold for, as long as this is for the best price reasonably obtainable.

Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask you financial adviser for a personalised illustration.

Can I leave an inheritance?

Yes, although releasing equity from your home will always reduce the amount of inheritance you can leave.

Can I move house?

Yes, the Equity Release mortgage does not prevent you from moving as long as your new home meets the original terms and lending criteria at the time.

What else should you think about?

You should be aware that releasing equity from your home could affect your tax position and eligibility for welfare benefits. If you choose to end the plan early you will have to repay the loan and interest, and there may be substantial early repayment charges.

Call now and ask to speak with a specialist, we understand that arranging an Equity Release mortgage is a big decision and not one that should be rushed, we will help you make the decision and ensure it is right for you and your family.

Our typical fee for arranging an Equity Release Mortgage is £995.



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