Equity Release
This option is available to homeowners who are aged 55 or over. Equity Release can help you realise some of the value of your home now to help you continue to enjoy a comfortable lifestyle in your later years.
Our Later Life Lending experts are able to provide you with the advice needed to help you release your equity in the most cost effective way, ensuring that you and your family are protected and the appropriate safeguarding is in place.
You may want to release some equity in a cash lump sum to help your children or grandchildren, to buy a new car, make those home improvements or go on a holiday. Or you may want to release smaller amounts of money on a regular basis to improve your lifestyle.
Busting the Myths of Lifetime Mortgages
Owning my home? Having a lifetime mortgage does not mean that you are selling your home to the lender. It is a loan secured against your home that will be repaid when the last remaining borrower dies or moves out of the home and into long term care.
Moving house whilst having a lifetime mortgage? You are able to transfer the lifetime mortgage to a new property, providing the new property is suitable to the lender.
Inheriting Debt? Lifetime mortgages are protected by the Equity Release Council’s ‘no negative equity’ guarantee. You or your estate will never owe more than the value of your home. This means that you will never have to pay back more than the amount that your property is sold for.
Already have a mortgage? – If you have an existing residential mortgage you may still be able to release equity. You must use the Lifetime Mortgage to repay the outstanding mortgage first. This is dependant on the equity that is available and the terms and conditions of the mortgage.
Monthly Payments? – Some products do offer the option to pay off interest but you are not obliged to make payments at all. You may prefer interest to roll up and be repaid when the youngest borrower dies or moves into long term care. There is a wide range of products to suit your needs.
Last Resort? – Clients chose to take out a lifetime mortgage for many reasons. More than a third use the money to refurbish and renovate their home. Some use the money for a dream holiday and some use the money for a new car or helping family. Equity Release has no restrictions on what you spend your money on.