LENDING INTO RETIREMENT
Providing individual mortgage advice; unique to you
A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate
Many more people are working beyond State retirement age and this number is increasing year on year however, few High Street banks and building societies are willing to offer mortgage finance beyond age 70 despite many being able to demonstrate the means to afford the repayments. Whether you need longer to repay the remainder of your mortgage or want to release some cash to help your children buy a home of their own, or increase your income in retirement, we have a number of lenders willing to help.
We feel it is important that you get impartial advice on the full range of mortgage products available including traditional mortgages for the retired and not just "Equity Release Schemes" such as roll-up lifetime mortgages or home reversion plans.
These are standard mortgages where you make regular monthly payments to the lender, available on either a Repayment or Interest Only basis. The amount that you can borrow is determined by your income and the term of loan required. Set up costs may be lower than "Equity Release" products and any Early Repayment Charges are often limited to an initial interest rate period.
Put simply, Equity Release is a method for releasing some of the money stored up in your home, without the need to move. With an Equity Release scheme you get a lump sum, or an income, or both, to use as you wish. To be eligible, you will have to be over a certain age (usually 55+), resident in the UK and a home owner (or otherwise looking for a mortgage to buy a home for your own occupation). Equity Release can significantly improve your financial situation giving you a more comfortable retirement. How much you can borrow depends on the value of your home and your age. The older you are, the higher the percentage of your property’s value you can borrow. Generally, you will not be advanced more than 50% of the value of the property.
However, it is worth noting that most Equity Release schemes will reduce the value of your estate and may affect your entitlement to State benefits.
WE WILL NOT ADVISE ON EQUITY RELEASE BUT CAN REFER TO A THIRD PARTY IF REQUIRED WHO WILL ONLY RECOMMEND PROVIDERS THAT ADHERE TO THE EQUITY RELEASE COUNCIL STATEMENT OF PRINCIPLES (FORMERLY SHIP PRINCIPLES).