If you would like to find out more about equity release, please either call us on 0191 695 9493 or you send us a message here.
What Is A Lifetime Mortgage?
If you are aged 55 or over and own your own home, you could qualify for a Lifetime Mortgage.
Continue To Own Your Home
Lifetime Fixed Interest Rates
No Negative Equity guarantee
No Income Assessment
Stay In Your Home For Life
No Credit Checks
An IntroductionTo Lifetime Mortgages
If you are 55 or over and you own your own home, you could qualify for a Lifetime Mortgage and unlock a lump sum from your property to help you enjoy the retirement you deserve.
The value of your home, minus any outstanding mortgage or any other lending secured on it, can be described as your ‘equity’. A Lifetime Mortgage is a type of equity release that enables homeowners like you to unlock some of this value as tax-free cash. Because the funds are yours in the first place – you’re simply ‘releasing’ them – the money you receive is tax-free and can be spent on anything you like.
With no monthly repayments to worry about, although you can choose to service all or part of the interest and even make capital repayments if required, the loan and any interest accrued is repaid on either the sale of the property, entering long term care or death (of the surviving partner for joint applications).
Reasons To Release Equity From Your Home
Repay an Interest Only Mortgage
Many homeowners with Interest Only mortgages are finding themselves coming to the end of their mortgage term with no way of repaying the outstanding mortgage. A Lifetime Mortgage can be used to repay an Interest Only Mortgage with the choice of no monthly repayments, servicing part or all of the monthly interest or even making capital repayments to help reduce the balance if required.
Top up your Pension Income
It’s true…. People are living longer and for many this means their pensions aren’t able to provide them with the level of income they need over the length of their retirement. A Lifetime Mortgage can be used to provide you with a tax-free monthly income to top up your pension or you can choose to drawdown tax free cash lump sums on an as and when basis is you prefer.
Buy a New Home
Downsizing to a more suitable property in which to enjoy your retirement doesn’t always mean downsizing in cost. On a like for like location and living space basis, bungalows can often cost more to buy than houses. A Lifetime Mortgage can be used to provide you with that extra buying power to help you buy the home of your retirement dreams.
Home Improvements
From essential repairs to your home to a new conservatory, landscaping your garden or a new kitchen. A Lifetime Mortgage can be used to provide you with a tax-free cash lump sum to make the improvements you want so you can relax and enjoy your retirement in the comfort of your own home.
Holiday/ Cruise/ New Car
You now have the time to take that holiday of a lifetime or cruise you’ve always dreamt of or maybe you would like to treat yourself to a new car…. but don’t have quite the savings to pay for it. A Lifetime Mortgage can provide you with a tax-free lump sum to treat yourself to the retirement you deserve.
Domiciliary Care
You need some help with care and daily living but would prefer to remain in control of this and maintain your independence within the comfort of your own home rather than move into a residential care home. A Lifetime Mortgage can provide you with the additional income you need to cover the cost of providing you with the care you need in your own home.
Pre-Paid Funeral Plans
Limited savings and worried about leaving your loved ones to cover the cost of your funeral? A Lifetime Mortgage can be used to buy a cost effective pre-paid funeral plan.
