& equity release
We can advise you on raising money and releasing the equity locked in your home.
You might use the cash to settle your existing interest only mortgage, supplement your income, help family or just start ticking off your bucket list!
Later Life & Equity Release FAQ
A lifetime mortgage is a type of mortgage available to homeowners and purchasers aged 55 and over. The mortgage does not have a set term length, the mortgage and interest is repaid if you die, move out of your home into long-term care, or sell your home. No monthly repayments are required however there are options available should you wish to service some or all the interest.
Eligibility varies from lender to lender, but generally anyone over the age of 55 is eligible.
Anything providing it is legal, whether you’re looking to pay off an existing mortgage, make home improvements, gift money to family, or simply go on more holidays, a lifetime mortgage could be the right choice for you.
Equity Release, Later Life and Lifetime Mortgages are all terms used to describe the same product. Although there are variations in what terms each lender offers, broadly speaking all three of these terms are describing the same type of finance arrangement.
There are a variety of reasons you may want to borrow in later life:
- For lifestyle improvements.
- To provide your family with a house deposit.
- To pay care fees.
- To make adaptations to your home.
- To repay your existing interest only mortgage.
- To create an opportunity for tax planning.
Later Life Mortgages typically have a minimum loan amount of £10,000.
No. Loan amounts are typically based on your age and the property type and value.
Typically the interest rate is fixed for the duration of the loan however there are variable options available.
We only use lenders who confirm a ‘no negative equity guarantee’, this means that even if your property decreases in value to the point that you have no equity left in your home, you still have the right to live there for the remainder of your life.