Lifetime Mortgages (Equity Release)
We have access to a wide range of specialist lenders who can provide Equity Relase solutions to suit most clients.
This is a complex long term product that requires specialist qualified advice, so please call us if you would like a free no obligation initial consultation to establish the options available to you.
A Lifetime Mortgage is in effect a mortgage on which you pay no interest immediately. The interest accumulates and is added to the value of the loan. At some point in the future the value of the original loan plus the accumulated interest will need to be repaid. This will normally be on death or due to the need to sell the property and move into long term care. This type of roll up Loan is usually portable should you wish to move home. Importantly you will continue to maintain ownership of the property.
Advantages
- Lump sum equity release can be achieved.
- You remain the owner of your house.
- Usually available at a younger age than with alternative schemes.
- No monthly repayments to be made.
- Choice of Fixed or Variable interest rates is often available.
Disadvantages
- Debt continues to roll up.
- Interest rates are normally higher than those available for regular mortgages.
- Lower amounts tend to be released in comparison with alternative schemes.
How much can I borrow?
An example of the amount that could be released using a typical equity release mortgage is outlined in the following table:
This table is for illustrative purposes only. For an accurate representation of the amount you can borrow, the scheme details and costs please call us for a FREE personalised Key Features Illustration.
Age | Maximum Loan to Value % |
| 60 | 29 |
| 61 | 30 |
| 62 | 31 |
| 63 | 32 |
| 64 | 33 |
| 65 | 34 |
| 66 | 35 |
| 67 | 36 |
| 68 | 37 |
| 69 | 38 |
| 70 | 39 |
| 71 | 40 |
| 72 | 41 |
| 73 | 42 |
| 74 | 43 |
| 75 | 44 |
| 76 | 45 |
| 77 | 46 |
| 78 | 47 |
| 79 | 48 |
| 80 | 49 |
| 81 | 50 |
| 82 | 51 |
| 83 | 52 |
| 84 | 53 |
| 85+ | 54 |
For example; a 70 year old single applicant with a property worth £200,000 could draw a maximum equity release loan of £78,000 (39% of £200,000).
We offer independent financial advice on a range of equity release schemes, to find the best equity release solution for you call us now. You can get specialist advice on equity release by speaking to one of our qualified independent equity release advisers.
Call us for equity release advice on Northampton 01604-832932.
Home vists are available if you prefer in Northampton, Bedford, Kettering, Wellingborough, Milton Keynes and surrounding areas
There are other factors to consider when arranging an equity release mortgage, such as any effect it may have on your tax status, or your entitlement to means tested benefits or age allowance. Releasing equity also means your estate would receive less or nothing upon your death, depending on the type of plan taken.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.
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