Equity Release Lifetime Mortgage Schemes

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.

• 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

To find out more about Equity Release Lifetime mortgage schemes and the other leading equity release mortgages on the market, Click on the image below to complete the Equity Release Quote request  form and an equity release specialist will be in touch to offer you independent help, advice and quotes.

 

Call 02380 766727 for assistance

 

 

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.

How can I release the equity in my property?

Equity Release - Rolled-up interest loans (equity release / lifetime mortgages)

The lender gives you a lump sum or a monthly income (or both), based on the value of your home. Nothing is repaid until you die or the property is sold, but interest is added to the amount you have borrowed each year and is 'rolled up' over the life of the loan.

The amount you can borrow depends on how much your home is worth and on your age. The older you are, the greater the percentage of your home's value you can borrow.

Interest-only mortgages

If you can afford to meet a monthly payment we may recommend an interest only mortgage. With an interest only Lifetime Mortgage you borrow a lump sum secured against the value of your home. You pay interest on the loan each month, and the lump sum you originally borrowed is repaid when your home is eventually sold. You need to be able to afford the interest payments out of your pension or other income however.

The interest rate may be fixed or variable. But if it is variable, and your pension or other source of income is fixed, you will find it more difficult to meet your repayments if interest rates rise.

Equity Release - Reversion Schemes ( Selling your home (or part of it )
This is normally called a reversion or part reversion scheme. You sell your home, or a part of it, to a reversion company that allows you and your partner to continue to live there for the rest of your lives. After you both die, (or move out for whatever reason) the proportion of your home that you sold becomes the property of the reversion company. Anything left over passes to your estate.

Get an Equity Release Quote

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.

Valuation fees

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.

Solicitors' fees

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

 

Insurance

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.

Get an Equity Release Mortgage Quote

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS,
ASK FOR A PERSONALISED ILLUSTRATION.