Liverpool Victoria Equity Release Lifetime Mortgages

To find out more about Liverpool Victoria Equity Release Lifetime mortgages and the other leading equity release schemes 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.

 

When you take out your Liverpool Victoria Equity Release Lifetime Mortgage, the lender will lend you a lump sum and your home will be used as security for the loan. You can then continue to live in your home for the rest of your life, or for the lifetime of whoever lives longest if you are applying as a couple.

How much you can borrow depends on your age when you apply and how much your home is worth. Liverpool Victoria  work out how much you can borrow as a percentage of the value of your home.

If you are applying as a couple, Liverpool Victoria use the youngest partner’s age to work out the maximum amount they will give you.

The amount that will eventually be paid back will be the amount you borrow, plus the interest that has been added since you took out the loan and any early repayment charge that might apply.

The Liverpool Victoria Equity Release Lifetime Mortgage will be paid back after your death, or the death of whoever lives longest if you apply as a couple. The Lifetime Mortgage must also be paid back if you sell your home or move into a residential care home. You can also pay the loan back earlier if you want to. If you do pay it back in the first 10 years however, you will have to pay an early redemption change.

Liverpool Victoria Equity Release - Some of the facts....

Receiving a cash lump sum
You can borrow part of the value of your home and receive a cash lump sum to use as you please.

Remaining in your own home
You can continue to live in your own home for as long as you wish. This is your legal right, provided you comply with the terms and conditions of the Liverpool Victoria Equity Release Lifetime Mortgage. For instance you will need to obtain permission from the lender before you allow any other person to occupy any part of your home.

Repaying the mortgage
You won’t make any capital or interest repayments while you’re living in your home during your lifetime or, if you have a partner and you apply together, for the lifetime of whoever lives longest. Your Lifetime Mortgage will be paid back after your death, or on the death of whoever lives longest, or, if you decide to sell your home or move into residential care. On death, the repayment of your mortgage is normally handled by your executors who sell the property and pay the amount due to the lender. So it is vitally important that you have made a will.

Of course you can pay the mortgage back earlier if you wish. However, if you choose to do so in the first ten years there is an early repayment charge to pay.

Fixed interest rate
The annual interest rate charged under a Liverpool Victoria Equity Release Lifetime Mortgage will be fixed right from the start. It will never change, even if interest rates rise or fall in the future. For an illustration of how much you may have to repay you should request a personalised Equity Release Quote .

Property price changes
You still own your home if you take out the Liverpool Victoria Lifetime Mortgage so you will benefit from any increases in property prices. Of course, property prices can go up or down and this could affect the amount of money left over for you or your estate once your Lifetime Mortgage is repaid.

‘No negative equity’ guarantee
Even if the value of your home ends up less than the amount you owe, you or your estate won’t be left owing
anything after your house has been sold.

Pension and State Benefits
Your pension rights won’t be affected by your Lifetime Mortgage. However any increase in your income or savings could reduce any means tested benefits such as Pension Credit or Social Security benefits you are entitled to. It could also increase the amount of tax you need to pay.

When applying for your Equity Release Mortgage through UK Financial Solutions, you will be provided with a full 'Benefit Entitlement Review' which will cover the effects of your proposed lifetime mortgage on any means tested benfit entitlements you have or may become eligible for..

Moving house
Once your Lifetime Mortgage is up and running, you can still move house, as long as your new home meets the lender’s requirements. If your new home does not meet the lender’s requirements, you will have to pay back the amount you owe.

Similarly if your new home is worth less than your old one, you may have to pay back part of the outstanding mortgage. You won’t be charged any early repayment charge if you are paying back some of the mortgage because you have moved house.

 

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