What Is Equity Release (Lifetime Mortgage)?
In short, a lifetime mortgage is a long-term loan secured against your property. You can take a single lump sum or opt for a draw-down, releasing ad-hoc smaller amounts of money when you need it. As the money you release is yours in the first place, any cash you receive is tax free.
Whatever you borrow will usually be repaid at the time of your death or if you move into long-term care.
If you meet the following criteria, you could be eligible for a lifetime mortgage if you are:
• A homeowner • Are of qualifying age (typically over 55) • A UK resident
Check out our simple Equity Release Calculator below to give you a guide as to what you can release
Do you need additional monthly income to top up your pension?
Do you need to start paying for domiciliary care at home ?
Do you have some aspirations, bucket list ‘to do’s’ that you still want to achieve?
Equity Release is a way of releasing money, tax free, from the equity you have built up in your home.
Some of the most common reasons to consider equity release are:
Paying for at-home care costs
Clear your outstanding interest only mortgage
Gifting to family or friends as a living inheritance
Clear existing debts (loans or credit cards)
Home and / or garden improvements
Help to top up monthly pension and pay regular bills
How Much Money Can You Release?
Try our Equity Release Calculator to give you an instant guide to what you can release
4 Simple Steps:
Add your Age
Location
Property Type
Estimated Property Value
Enter your email to prove you are a human and a guide to what you can borrow will appear at the top of the box, showing a maximum Loan Indicative Figure
This information is a guide only and should not be relied on as a recommendation or advice that any particular Lifetime Mortgage is suitable for you. This Calculator is powered by Pure Retirement and is updated by Pure Retirement’s LTV (Loan To Value) rates
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Get The Facts…
There have been many myths about Equity Release in the past and we want to give you the Facts about releasing equity from your home.
Please get in touch if you would like us to send our 12 page pdf guide to help you understand :
- What Equity Release is?
- Is a Lifetime mortgage right for me?
- What can I use a Lifetime Mortgage for?
- Frequently Asked Questions ?
Email: info@bricksandmortgages.co.uk
Call : 01908 382 406
or pick up a copy from Frosts Garden Centre, Woburn Sands.
We are there :
Wednesday & Thursday 10am – 3pm and Saturday 10am – 1pm
Equity Release Options...
Lifetime Mortgages (from age 55)
Homeowner borrows a percentage of the value of their property maximum borrowing dictated by the age of the applicant/s and the value of the property
Ownership of the property remains with the owner
Interest added to the mortgage amount unless optional repayments made.
Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Home Reversion Plans (from age 60)
Homeowner sells part or all of their property to a reversion plan provider in exchange for a cash lump sum.
Ownership, in part or full, of the property passes to the reversion plan provider
Rent may be payable for a lease provided to the former home owner either for life or until entry into long term care
Bricks and Mortgages Ltd and The Right Mortgage Ltd cannot advise on Home Reversion plans
Bricks & Mortgages only offer lifetime mortgages for Equity Release applicants
Equity Release Considerations
Is equity release right for you ?
There are many factors to take into account and this is determined by your overall situation including your needs and wants.
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Will equity release affect any of your means tested state benefits
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Will equity release affect any potential inheritance for your loved ones
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Can you repay the equity release mortgage early
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Can you move once you have an equity release mortgage
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Will you fall into a negative equity situation
There are many more areas to discuss regarding equity release and its appropriateness for you, this will be discussed as part of the process moving forward.
Speak to us today,
Call : 01908 382 406
We can answer your questions and give you the facts about Later Life Lending.
