Equity Release Advice
Has Your Home Been Saving For Your Future?
Tax Free Cash and No Repayments Until You Die
Is Your Interest Only Mortgage Coming To An End?
Have You Got The Cash To Repay Your Capital?
Can You Afford Repayments When You Retire?
Equity Release Could Be The Solution
EQUITY RELEASE IS A MINEFIELD SPEAK TO AN EXPERT
YOU CAN QUALIFY IF....
- Are you over 55 years
- Home Valued Over £75,000
- Mortgaged or Not
- Asset Rich - Cash Poor
- Inadequate Pension
- Would like to clear debts
- Can't Afford Home Repairs
- Help Your Children
- Dream Holiday
- New Car
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| Winchester 01962-388224 | Farnham 01252-516517 | Alton 01962-388224 | Weybridge 01932-798997
Equity Release is not right for everyone
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LATEST NEWS - NEW KIDS ON THE BLOCK - LAST TIME BUYERS OVER 55s
“From a lending perspective, we have already seen considerable financial innovation around mortgages into retirement, lifetime mortgages and ...
"Nationwide Building Society has launched three later life mortgage products and advice for those aged 55 and above".
Applicants must be Nationwide mortgage members over 55, both if joint, and can apply up to age 85. There are no product, valuation or advice fees, and borrowing can be for a number of reasons including home maintenance and improvements, gifting to family members, holidays and debt consolidation. Read More
"People in the UK aged over 55 have housing equity worth in excess of £2.5 trillion, yet many people in later life do not have sufficient income to pay their essential expenditure. This is a solution to help those who are asset rich and income poor.”
Last-time buyer numbers double as life expectancy rises .....
The number of so-called 'last-time buyers' has almost doubled in a decade, a report has revealed. Read More
My parents have a 'lifetime mortgage' – what happens if my mother sells?
A lifetime mortgage is a kind of equity release deal. As such, interest is charged on the mortgage but added to the original amount of the loan rather than being paid for on a monthly basis. So since your father switched to the lifetime mortgage, £1,750 each year has been added to the original loan amount. Having a lifetime mortgage does not mean that the lender owns the property. So it will not be up to the lender to sell your mother’s home, it will be up to your mother to get an estate agent to sell it at whatever price he or she decides is appropriate. When the house is sold the sale proceeds will be used to pay the estate agent’s and solicitor’s fees and then the mortgage loan plus accrued interest. Anything left over will be paid to your mother. The solicitor will arrange all that, so you don’t need to worry about informing the lender. You also don’t need to worry if the mortgage plus accrued interest comes to more than the sale proceeds (after paying fees). That’s because most lifetime mortgages come with a "no negative equity guarantee". With this guarantee, a lender promises that you will never have to pay back more than the value of you home when it is sold. The guarantee also applies to the beneficiaries of someone who has died leaving a lifetime mortgage behind.
This is why we do not recommend Home Reversion Plans
After her mother died, a daughter was given just one month to pack up and leave the family home! Source The Guardian
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HOW DOES EQUITY RELEASE WORK?
- An enhanced lifetime mortgage could allow more cash to be released from your property than a standard lifetime mortgage. This is dependent on lifestyle and medical factors that are taken into consideration.
These factors include health and lifestyle issues such as weight, blood pressure, medical conditions and whether or not you smoke.
It is important to note that, like standard lifetime mortgages, the loan is secured against your home and an enhanced lifetime mortgage will reduce the value of your estate which means paying less Inheritance Tax
- A lifetime mortgage enables you to release a tax-free cash lump sum from the value of your home. You will continue to own your home completely and retain the right to live in it for the rest of your life.
You can choose to repay the interest each month or make no monthly payments and roll up the interest into the loan amount. The amount borrowed plus accrued interest is usually repaid from the proceeds of the sale of your property when you die or move permanently into long-term care.
It is important to note that the loan is secured against your home and a lifetime mortgage will reduce the value of your estate which means paying less Inheritance Tax
You will only be charged once your Plan completes and the precise amount will depend on your personal circumstances but our typical fee is Zero for advice and a £499 Arrangement Fee which can be deducted from the amount of the loan once your Plan completes.