We’ll always look at a wide range of options for you
Equity Release
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Equity Release allow you to release money from the Equity in your home
It’s incredibly important to make sure Equity Release is right for you.
Help With Retirement Finances
Equity Release Advice
Retirement should be an exciting journey, but all too often later life finances can become a struggle. Many of us end up worrying about debt, or simply not having the finances to enjoy life or meet an unexpected bill. Maybe you have loved ones you’d like to help onto the property ladder? Or some home improvements you’d like to make? Not only this, but many borrowing methods such as credit cards and loans may not be suitable in later life, as they require regular and sometimes large monthly repayments. However, a lifetime mortgage could be the answer and help you to secure a stress-free retirement. What is a lifetime mortgage? A lifetime mortgage is a way of freeing-up some of the cash tied up in the value of your home without downsizing. It lets you stay in your home, close to family and friends, and any cash released from the value of your home is tax-free.
An equity released mortgage will be secured against your home.
Make Sure Equity Release Is Right For You
Help Releasing Money From Your Home
Equity Release allow you to release money from the Equity in your home, to fund a more comfortable retirement.
If you’re aged over 55 and considering releasing equity from your current property, we can help. Maybe you’re planning the holiday of a lifetime, considering helping the grandchildren get on the property ladder, or simply need some money for home improvements or just to improve your standard of living. If so, then an Equity Release plan could provide the solution.
The Equity Release market has evolved over the years to offer a broad range of products and providers. For example, you can choose between paying the interest due or having it added on to the principal debt, and you can decide to take a lump sum, or an income, or a combination of the two.
It’s incredibly important to make sure Equity Release is right for you. We’ll always look at a wide range of options for you, including traditional mortgages, ‘RIO’ mortgages, which stands for ‘Retirement Interest Only’, and whether borrowing is right for you at all.
How Can A Lifetime Mortgage Help You
How does it work?
A lifetime mortgage can help to settle existing debt and to boost your finances in retirement and there are typically no monthly repayments, as the loan plus roll-up interest is repaid when the plan comes to an end. This is when either you, or the last remaining borrower in joint cases, passes away or goes into long-term care. You can take your lifetime mortgage in the form of either a one-off lump sum, or as a drawdown lifetime mortgage. This means you can take a smaller initial lump sum, and leave the remainder of your funds in a drawdown facility, and take withdrawals as and when you need them. With a lifetime mortgage, you only pay interest on the money that you have taken, so a drawdown lifetime mortgage could help you pay less interest over time. A lifetime mortgage is just that; designed to last for your life. However, some lifetime mortgages come with added features, protections and extras which, subject to criteria, mean that you could:
Partial Payments
Make ad-hoc partial repayments to reduce the size of your loan, and therefore the effect of roll-up interest if you are able to, though there is no obligation to.
Get Cashback
This is an additional sum, usually a percentage of the initial loan taken, and will be paid to you after your loan completes. You won’t pay any interest on any cashback given to you.
Full Repayment
Repay your loan in full without incurring any early repayment charges if you downsize to a property outside of lending criteria at the time.
Remaining Property Value
Still leave some of your property value as an inheritance for loved ones after you or the last remaining borrower passes away or goes into long-term care.
Release Money
Release more of the money tied up in your home if you have any health conditions or make certain lifestyle choices.
Early Repayment
Get a plan with fixed early repayment charges.
Advice About A Lifetime Mortgage
Is It Safe?
Equity release advice and lending is fully regulated by the Financial Conduct Authority, and you cannot take out a lifetime mortgage without first taking advice from an adviser qualified in equity release, and we will assess if a lifetime mortgage is right for you before proceeding. If it is, we will find the right plan for you. The Equity Release Council is a trade body which exists to promote high standards for consumers.
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All plans which meet Equity Release Council standards come with safeguards, which include
Various Plan Types
No Negative Equity
The ‘no negative equity guarantee’. This ensures that you will never owe more than the value of your home, so your family will not be left with any lifetime mortgage related debt.
Right To Remain
The right to remain in your property for life, or until you (or the last remaining borrower) dies or moves into long-term care.
Right To Move
The right to move to another property and take your plan with you (subject to the new property meeting lending criteria at the time) We will always make sure that any lifetime mortgage recommended to you meets Equity Release Council standards. Will I still own my own home? Yes. With a lifetime mortgage, you will remain the owner of your property and can continue living there for as long as you choose.
It Is Important To Seek Financial Advice
Consider Releasing Equity
A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.
