Lifetime Mortgages

Lifetime mortgages, often referred to as Equity Release, are available to homeowners aged 55 or over. It involves unlocking the money that may be tied up in your home, minus any mortgage.

With a Lifetime mortgage, you continue to own 100% of your own home and can often choose to either service the interest or make no payments at all for the duration of the mortgage.

In addition, you may choose to drawdown money in stages rather than incurring interest charges on all of the borrowing facility from day one.

Benefits of Equity Release

✔ No requirement to make monthly repayments on your lifetime mortgage

✔ Receiving a lump sum of tax-free cash

✔ Depending on the lenders criteria, you could still have the option of moving home in the future, should you wish

✔ Continue to own 100% of the home you love, only with a lifetime mortgage

✔ Clear your standard mortgage

✔ The option of protecting a percentage of your property value for your loved ones

✔ You continue to live in your own home

✔ Once you’ve paid off your mortgage you can spend the lump sum of cash as you wish.

Things to Consider...

✗ The interest is rolled-up against the loan and will be repaid when you die or move into long term care

✗ Equity release may reduce the amount of inheritance you can leave

✗ We provide initial advice without charge or obligation to proceed. On application for an Equity Release mortgage we charge £395 to process your application

✗ In some cases the lump sum of money that you release could affect your entitlement to any means-tested benefits that you may receive now or in the future

✗ It is a requirement of releasing equity that you repay any standard mortgage that you may have

RISK WARNING

A Lifetime Mortgage is secured against your property. To understand the features and risks ask for a personalised illustration.

Equity Release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.

The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.

This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.

Make an Appointment

Telephone or email us to discuss your needs or book an appointment at a time to suit you in the Cornwall & Devon area.

We offer a friendly, professional service and have access to a comprehensive range of first charge mortgage lenders.

Tel: 0800 772 3915

Calls to this number are FREE of charge.

Email

enquiries@youridealmortgage.co.uk

Email communications are not secure and for this reason Your Ideal Mortgage Ltd cannot guarantee the security of the email, its contents or that it remains virus free once sent.

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