Lifetime mortgages are the most popular type of equity release plans available and there are several providers and options available for those looking to release some equity from their home.
Each one will vary slightly in the type of lifetime mortgages they offer, meaning that by taking some independent advice you can ensure you get the most appropriate plan from the best provider for you and your personal circumstances.
How do Lifetime Mortgages actually work?
Lifetime mortgages allow you to release a percentage of the equity in your property and not have to worry about paying it back until you and your partner have both passed away.
The amount you take will normally come with a fixed interest rate and that interest will simply accrue (build up) and be added on a regular basis to the amount you have taken.
Unlike a 'normal' mortgage, you will not be required to pay a regular monthly interest or capital repayment, that will simply build up until such a time as it will be repaid in full.
Once all those named on the deeds of the property have passed away and the property has been sold, the balance on the mortgage will be settled in full before any balance is added to your estate.
The interest rates are generally always fixed and you will never be asked or forced to vacate your home whilst you or any partner is alive.
Need this explained in detail?
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on Lifetime mortgages
Getting Independent advice is critical as it will ensure you receive the best advice possible plus by using an independent adviser you can be sure they will cover the whole of the market, making sure you receive the best advice and most suited plan for your personal circumstances.
The whole of the market means considering any one of the man providers who offer home reversion plans as part of their equity release schemes - with names such as Aviva (formally known as Norwich Union) LV (Liverpool Victoria) More2Life, Partnership, NewLife, Stonehaven and Just Retirement.
There will almost certainly be a plan that will suit you best which for your specific requirements and whilst each one will vary, by using someone independent you can be assured they will guide you to the best possible option available.
You Choose the amount you want
Whilst there are Minimum and a Maximum amounts you can release, please remember that the only amount that is mandatory is the Minimum amount of £10,000, so you may be offered considerably more however NEVER FEEL OBLIGED to take the whole amount - you can take the minimum and then if and when required, you should be able to take any remaining balance.
Unsure how much you actually want? Don't forget, as long as you take the minimum amount of £10,000 you should always be able to increase the amount if and when you may need more.
Need a more accurate idea of what equity you may be able to release?
Call 020 3286 3929 or if you would rather, email us at firstname.lastname@example.org or Enquire Here
Please Note: This Kensington Barlow website is a trading style of Exclusive Leads Ltd and is an Introducer only offering free to use websites to help you find the best possible solution to your equity release requirements. We will only introduce you to an Independent and regulated financial adviser who are registered with the Equity Release Council (Formally known as SHIP) and who specialise in Home Equity Release or similar products and use the whole of the market providers.