Are you over 55 and looking to release equity from your home? Or have you got an interest only mortgage and no means to repay the loan at the end of the mortgage term? Rather than sell your home to pay the debt, lifetime mortgages can help you keep your home until you no longer need it.
Lifetime Mortgages or Equity Release as they are sometimes known are like an ordinary mortgage except that you do not have to make repayments every month unless you want to. Instead, interest is deducted in one go when you die or sell your home. The amount that you can borrow depends on your age and the interest owing on the loan is rolled up throughout the term of the plan, thus increasing the debt. If you choose to pay the interest each month like a regular mortgage the debt doesn’t increase.
Due to the very nature of these products the advice is very specialised so call us now or request a call back if you would like to know more about refinancing your property or releasing equity from it using this type of mortgage.
This is a lifetime mortgage. To understand the features and risks please ask for a personal illustration.