Are these products right for you?
Need to Release Equity from your Home?
With most decisions in life there are always advantages and disadvantages to consider, especially when it comes to Releasing Equity from your home.
Our commitment is to provide advice tailored to the individual requirements of each client. We will always put our client’s needs first. Our clients always have the option to involve their family in the entire process so the impacts of their choice and decision can be discussed with everyone. We will explain to you and your family if we feel that there isn’t an option that is right for you. If there is, we will explain the product and process thoroughly, so you fully understand your commitment.
The Advantages
- You continue to live in your own home, for the rest of your life or until you move into permanent residential care.
- The ‘no-negative equity guarantee’ means that you will never have to repay more than the value of your home and your beneficiaries are not left with any debt.
- The tax-free cash that you release can be used for anything you like from home improvements, clearing debt, or helping loved ones.
- You have the option to make some repayments, if appropriate with some of the plans we can advise on.
- The flexibility of current products means that you can release the money as a lump sum, or a lump sum with a drawdown facility.
The Disadvantages
- The value of your estate will reduce which in turn will reduce the inheritance you can leave to your beneficiaries.
- Your entitlement to certain state benefits may be affected.
- If you wish to repay the plan early there may be financial penalties in doing so.
- Lifetime mortgages are paid back with compounded interest meaning that over the longer term the amount you owe can grow quite quickly Alternatively, products will now allow you to pay interest or make overpayments of up to 10% per annum. If you choose to make the repayments, the interest will not compound.
- You should always consider the alternatives.
Learn more about Later Life Lending (Equity Release)
Why look at Later Life Lending?
Releasing equity can be used in a variety of different ways and can be helpful for over 55’s to provide an income if needed. Learn more about why you may need a lifetime mortgage.
What is Later Life Lending?
Releasing equity is a “Tax Free” way of “unlocking” or “releasing” capital tied up in the property you own and live in, these funds can be used as you wish. Learn more about what later life lending is and why you may need it.
Later Life Mortgage Advice Fees
We care about our clients, so much so, that we don’t charge an upfront fee for our advice to ensure that our clients don’t feel that they have to proceed. Learn more about our Later Life fees and how we work.
