Later Life Mortgages

Equity Release, Your Home and Realising Later Life Ambitions

Do you have ambitions for your future? Perhaps you want to take a lengthy holiday or travel to the places that you’ve dreamed about for years. Or perhaps you want to make a large purchase like a car. Or fund early retirement, move home to a more expensive area but you are not able to raise a conventional mortgage. You may want to make home improvements and adaptions to your home, or leave an inheritance to your grandchildren to get them started on the housing ladder

Where do you find the money to achieve your lifelong ambitions?

Our Simple Process To Success

Whatever your later life or retirement ambitions are, our process is simple. Arrange a callback today.

We run through a detailed fact find and really get to understand you and your borrowing needs.

We research the market including options that are not available on the high street to match your particular needs with lending options.

We present you with our findings, residential mortgage options, and explain in detail the pros and cons of each option. We answer any questions you may have.

We’re here to offer advice, support, and help all the way through the process to your final decision.

We complete all of the paperwork for you and manage all the communications with the lender so that you don’t have to, and we’ll help you answer any additional queries.

We keep in touch for as long as you need support. Our after-sales care is second to none, and we know that you may have some questions afterward. So we’re here for as long as you need our advice.

Releasing Equity from your Home

If you are aged 55+ and have equity in your home, you may be able to release some of it through equity release in the form of a lifetime mortgage to realise the ambitions you have for later in life.
Equity release plans can provide you with a lump sum that is secured against your home. Interest is charged when you borrow money in this way, and will depend on the equity release products that you can access. {do you provide anything other than lifetime mortgages}
Whatever your reasons for releasing equity from your home, it is important to seek professional financial advice. There are strict rules and criteria around the different types of equity release, governed by the Equity Release Council, and regulated by the Financial Conduct Authority (FCA).

Equity Release Mortgages are Regulated by the Financial Conduct Authority

Key information about Equity Release Borrowing

Securing an equity release plan depends on your age. You must be 55 years old or over to qualify.
You must use the equity release funds to pay off your existing mortgage, or have no mortgage secured to your home
The negative equity guarantee means that if your mortgage balance becomes more than the value of your property, then you and your estate will not be liable for the outstanding mortgage debt after the sale of your property has been realised. There are limits that you can borrow based on your age, health and property type at the time that you secured the loan

Interest rates for equity release are fixed for Life.
Equity release won’t affect your tax position, except in some very specific circumstances. Using the funds to purchase an income annuity is one example. An equity release specialist will be able to look at your financial position and advise on this.
You won’t have to make regular monthly capital or interest payments although some lenders allow you the ability to overpay by repaying up to 10% of the original mortgage borrowing per annum. A lifetime mortgage is repayable either upon your death, or if you choose to move house. You can port you mortgage subject to criteria. Repayment would be made through your estate.

Lifetime Mortgages

This allows you to release equity from your home as either a lump sum, or several lump sums over a period of time. Typically the interest is fixed over the period of your agreement.

Is Equity Release Right for You?
You must be aged 55 or over You must own or be buying your own home and you must have little or no mortgage to pay. Any existing mortgage must be repaid before or with the equity release mortgage. Your home must be worth at least £70,000

The Pros and Cons of Lifetime Mortgages

Pros

You might want to make home improvements, help your children buy their first home, or increase your retirement income. The choice of how you spend the money is up to you.

There are certain criteria, but you can move house and take your lifetime mortgage with you

You can stay in your home until you die or move into long term care

You can choose to make repayments if you wish of either the interest, the capital, or both

Cons

Taking out a lifetime mortgage could affect any means-tested benefits that you claim

Typically interest rates for this type of equity release are higher than conventional residential mortgages

Your beneficiaries will recieve less in your estate once your mortgage has been repaid

If you gift money to loved ones they may be left with an inheritance tax bill after you die. The 7 year rule may apply

The interest on your mortgage will continue to build up over the course of your agreement. This may not be the cheapest way to borrow money

What People Say About Us

Client Testimonials

Always sound advice and the passion shown to take on board concerns and ideas to offer that advice and get the best deal is highly personable and reassuring

We have always found David and his team extremely professional and easy to deal with. we have recommended him to several of our friends.

Thank you David and Jade for all your help and advice, always, and for your kindness and efficiency. This is much appreciated.