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Equity Release Schemes

Interest Only Mortgage

An interest only mortgage is a mortgage where you only pay enough each month to pay the interest and so the amount that you owe remains constant throughout the mortgage which is only paid off when the property is sold, either when the owner moves into a care home or passes away. This method does require you to make monthly payments each month and the duration of its availability will be subject to the maximum term offered by the lender. The amount that you can raise is dependant on the amount of income that you have as per a standard mortgage.

The funds released are tax-free and you still own 100% of the property. The interest rate is likely to be lower than a standard lifetime mortgage. The benefit to your estate is likely to be greater with this option than with any of the other Equity Release schemes. 

Lifetime Mortgage

A Lifetime Mortgage is similar to an interest only mortgage but you don’t have to make any monthly payments because each month they add the payment to the outstanding balance. This means that the amount you owe gradually increases and as it does the interest being charged increases in line with the higher mortgage amount.

The funds released are tax-free and you still own 100% of the property. The interest rate is normally higher than traditional mortgage interest rates, although it will normally be a fixed rate. The amount that you can have is based on your property value and the age of the youngest applicant.

Drawdown Lifetime Mortgage

A drawdown Lifetime Mortgage is almost exactly the same as a standard Lifetime Mortgage apart from the fact that you do not take the maximum available at the start so that you can draw down more funds in the future as and when you need them.
The benefit of the Drawdown Lifetime Mortgage is that you only get charged interest (which as mentioned above is added to the original loan) on the amount that you actually drawdown and then when you do drawdown any future amounts you only get charged for them from that point on. This type of scheme is suitable for you if you don’t need all of your entitlement straight away and you want to try and preserve as much as possible of your estate.

The funds released are tax-free and you still own 100% of the property. The interest rate is normally higher than traditional mortgage interest rates, although it will normally be a fixed rate. The amount that you can have is based on your property value and the age of the youngest applicant.

Home Reversion Plan

Home Reversion Plans usually provide a higher amount than Lifetime Mortgages but in return you have to sell some or all of your home to the lender but not on a one for one basis. This type of Equity Release scheme is most suitable for those people who are not concerned about preserving their estate and feel comfortable knowing exactly what percentage they have given away.

The funds released are tax free and you do not need to make any payments. You do not own 100% of the property. There is no interest rate being applied to this type you have simply sold part of your home and whatever percentage you did not sell will always be yours The amount that you can have is based on your property value and the age of the youngest applicant.

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Latest News

Remortgage activity ramps up as rates hit new lows

Remortgage activity ramps up as rates hit new lows...

Equity release competition continues to surge

Equity release competition continues to surge...

  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more