UK FINANCIAL SOLUTIONS
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Equity Release Schemes | Equity Release Mortgage
To find out more about Equity Release Lifetime mortgage schemes and the other leading equity release mortgages on the market, simply complete the enquiry form and an equity release specialist will be in touch to offer you independent help, advice and quotes.
UK Financial Solutions has partnered with Key Retirement Solutions the UKs No. 1 Equity Release Specialists to provide you with access to a local equity release adviser near to you, who will provide the following service:
- Independent whole of market Equity Release Advice.
- National coverage, with an adviser local to you
- A no obligation free consultation either over the phone or in your own home as you prefer.
Equity Release Schemes which are often referred to as Lifetime mortgages, provide a way of unlocking the value of your property without having to move home. Equity Release Schemes are available to the over 55's who have either paid off their mortgage altogether or have only a small amount left to pay, and can be a good way to supplement income if you find yourself like a growing number of people, 'asset rich but cash poor'.
However equity release mortgages are a serious decision and not necessarily right for everyone. It may be that using existing savings and investments, downsizing or even borrowing money from friends or family could be more suitable.
UK Financial Solutions equity release service, ensures that you are provided with specialist advice and receive dedicated support throughout every part of the process.
Through our partnership with Key Retirement Solution, releasing equity in your home couldn't be simpler.
During your free no obligation consultation, you will be provided with all the information about equity release that you need. You adviser will then leave you to decide whether equity release is right for you and to discuss it with your family.
If you decide to find out which is the most suitable equity release plan for you, on your instruction, your adviser will search the entire equity release market on your behalf. As part of their service to you, they'll then compile a personal report explaining their recommendations and contact you to talk you through the options.
Your independent adviser will present their research to you and give you a copy of your personal report. This comprehensive report outlines the full details of the individual equity release plan, the reasons why it is suitable for you, all the facts and figures, and any costs or charges associated with the equity release plan.
Should you decide to accept your advisers recommendation and apply for an equity release plan, Key Retirement Solutions will then make sure the process of releasing the cash is quick and hassle free. You will be appointed a dedicated customer services specialist who will guide you through the rest of the process and keep you fully informed about the progress of your equity release application.
They'll speak to your solicitor and equity release plan provider on your behalf to make sure everything is going ahead smoothly, right through to the moment you receive your money.
For a summary of the individual equity release providers details, follow a link below.
Bradford & Bingley Equity Release Schemes
Bristol and West Equity Release Schemes
Coventry Lifetime Mortgages
Hodge Equity Release Mortgage
Just Retirement Equity Release Lifetime Mortgages
Liverpool Victoria Lifetime Mortgage
National Counties Building Society Equity Release Lifetime Mortgages
New Life Lifetime Mortgage
Northern Rock Lifetime Mortgages
Aviva ( Norwich Union ) Lifetime Mortgage
Prudential Equity Release Lifetime Mortgages
Standard Life Bank Lifetime Mortgage
Stonehaven Equity Release Lifetime Mortgage
What will my Equity Release Scheme cost?
The costs will depend on the type of plan you choose, its terms and the amount of equity you want to release.
Completion, arrangement or application fees
These are usually between £300 and £600 and cover administration costs.
For an Equity Release mortgage the lender will need to value your property to make sure that it provides good security for the loan. The valuation fee will depend on how much your home is worth, with higher charges for more expensive properties.
For a £100,000 property, the fee is likely to be between £200 and £300. Some companies may refund this when the loan is completed, and in some instances a free valuation may be available.
These are usually between £300 and £500 and cover the legal work carried out on your mortgage.
You may wish to consider Equilaw - A Specialist Equity Release solicitor- Equilaw Brochure
You will need to have buildings insurance that is acceptable to the lender in place for the duration of the equity release / lifetime mortgage. This will usually cost between £200 and £300 a year.
Early repayment charges
To cover the costs involved in setting up an Equity Release Scheme, lenders may make a charge if you repay it early.
Exemptions from the early repayment charge are typically:
- If you move home, including moving to a property of a lower value, provided you transfer your existing Loans to this new property, then no early repayment charge will be made.
- If you move home and have to make a partial payment to reduce the total amount payable to the new maximum amount you can borrow, then this partial payment (the difference between the current outstanding balance and the new Loan to value) may be subject to an early repayment charge.
- If you are borrowing on your own and you move into long term care or die, then no early repayment charge will be made. If you are borrowing jointly with someone else and you are the last borrower to move into long term care or die, then no early repayment charge will be made.
THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.