Equity Release Lifetime Mortgages
Equity release is a way of releasing some of the equity tied up in your home and is available to those aged 55 years and older. The money raised can be used for:
- Helping your family on to the property ladder.
- Help your family with educational fees.
- Take the holiday of a lifetime.
- Reduce monthly outgoings.
- Home improvements.
- Second property home.
- Medical bills/care at home.
- Boost your income in retirement.
For more details:
Call 01923 817808 or email us at email@example.com
Equity Release mortgages are a fast and efficient method to release some of the equity tied up in your home. However, they are not for everyone and you should think carefully about whether an equity release mortgage is right for you. Remember, some types of equity release or lifetime mortgage can use up all of the equity in your home but there is an equity release guarantee which allows you to retain ownership of your home and to live in it until it is no longer required.
It is important to understand that an equity release mortgage is just one method of raising capital. There could be other options available to you and that’s why you should seek advice from one of our trained advisers.
An equity release mortgage that does not require you to make any repayments means that interest is charged on the interest already charged. This means that the amount you owe increases more quickly than a traditional mortgage arrangement.
If you decide to repay the mortgage early you could have to pay an early redemption penalty.
Property values can go down as well as up.
An equity release mortgage could affect your entitlement to State Benefits.
You should consider other savings, investments or pension pots before taking a lifetime mortgage and/or look at other ways to borrow money that could be more cost effective than a lifetime mortgage.
Our specially qualified advisers will explain the options available to you.