Equity Release
Lifetime Mortgages
Release the capital tied up in your home with a lifetime mortgage
If you are now reaching pensionable age, you may be looking for ways of making your money go further.
Equity Release is a way of releasing capital from your home to spend on other things.
- Supplement your retirement income
- Home improvements
- Paying off your mortgage, particularly if it’s interest only.
- Paying off debts
- Having that holiday of a lifetime
- Purchase a new car
- Helping the family with some cash
- Provide family members with the means to be able to get their foot on the property ladder
So, what is a Lifetime Mortgage?
A lifetime mortgage is a way of releasing a lump sum from the equity in your home. They work by securing a loan against your property. The loan and any interest is repaid when your home is sold, so you do not have to make any monthly repayments. How much you can borrow depends on your age and the value of your home.
You must:
- Be a home owner
- Be over 55 years old
- If you have an existing loan secured against your property it must be repaid from the equity release upon completion of the plan.
What type of rates are available on a Lifetime Mortgage?
- When you take out a lifetime mortgage you can choose either a fixed rate or a variable rate
- Most people opt for a fixed rate so they can see exactly what they are being charged.
*It is worth noting, no mater how much you release from your property you will never owe more than the property is worth.
Do I have to make monthly payments with a lifetime mortgage?
You don’t have to make any monthly payments, as the amount you’ve borrowed and the rolled up interest is repaid either when you die or move into long term care.
The money you receive is yours to spend as you please such as on home improvements, clearing debts or taking a holiday. Since the equity is already yours, it is entirely tax-free. You are also able to choose how you would like to receive your funds:
- Cash lump sum
- An account to draw upon as and when required
- Mixture of the two
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How much can I borrow?
