Equity Release / Lifetime Mortgages
How does equity release work?
If you're thinking about releasing equity from your home then our expert can guide you through the process at your pace. You will never be under any obligation to proceed and we will only recommend it if it's right for you.
The equity release market is constantly changing...
The introduction of innovative new plans means equity release can be an attractive option for a wide range of people. By asking questions about what’s important to you, our adviser can find a plan that’s right for you
To qualify for equity release you must...
Be aged 55 or over – both applicants if couple
Own and live in the property you wish to release equity from
Be able to release enough equity from your property to enable you to fully pay off any outstanding mortgage or secured loan
Your property must be...
Valued at least £70,000
In the UK (including Northern Ireland)
Either freehold or leasehold, with a minimum lease period of 75 years remaining
Of standard construction and in good condition
What are Lifetime Mortgages?
Most people who take out equity release use a lifetime mortgage. Usually you don’t have to make any repayments whilst you are alive - interest ‘rolls up’ and is added to the loan.
However, some lifetime mortgages now offer you the option to pay all or some of the interest, and some let you pay off the interest and capital.
In the same way that ordinary mortgages vary from lender to lender, so do lifetime mortgages.
For advice on Equity Release, please contact...
Lisa Connelly, Mortgages & Protection
| Phone: 07786 577893
Equity release may involve a lifetime or home reversion plan. To understand the features and risks, ask for a personalised illustration.