An equity release scheme allows those who are aged 55 and over to withdraw some of the equity in their home without having to sell and move house—something which can be a significant upheaval, especially in later life.
With this scheme, there are no rules about how any money released from your property should be spent. This means that the lump sum can be used for anything from helping a child buy their first home and home improvements to consolidating debts or taking that dream cruise you’ve been planning.
As experienced equity release brokers in Loughborough, Derngate Wealth are here to answer all your questions and help match you with a plan that works for you. Give us a call or fill out your details in our contact form to arrange your free initial consultation.
A Lifetime Mortgage allows you to unlock the money tied up in your home and can help make your retirement more comfortable and enjoyable. There are several Lifetime Mortgage products on the market, including fixed rate for life, tracker rate for life and protected equity schemes available from a range of lenders.
If you (and your partner) are aged 55 or over, and you own your own home, you could be eligible for this scheme. The lump sum you can release will depend on your age and the value of your property. Age limits and minimum property values will vary between lenders.
Taking one out will have a major impact on the value of your estate, so you may want to discuss the matter with your family before going ahead, but it is ultimately your decision.
This type of mortgage is a lifetime commitment and needs to be carefully considered. It should not be used to get cash in the short term, and it’s worth noting that, should you repay the loan early, you may have to pay a large early repayment charge. It might also affect your tax benefits.
That’s why it’s essential and a legal requirement to take financial advice before proceeding with an equity release plan.
Contact us our exert equity release brokers in Loughborough to discuss the considerations and implications of this type of mortgage.
Finding the right mortgage can be like finding a needle in a haystack. This is not like regular residential mortgages – they come with their own set of terms and conditions. We can talk you through how the scheme works and help you decide whether it’s right for you. Always taking your personal best interests into account, we’ll make sure you fully understand what’s involved and find a loan that works for you and your financial interests.
Our service goes further than simply offering jargon-free mortgage advice. We also find the right product for you, calculate your affordability and help you fill out the application.
In essence, our equity release brokers can save you time and hassle. Contact us today to get started.
Gary Fowkes comes with over 12 years of mortgage advice and protection experience, meaning you will be in good hands throughout the entire process and get the tailored advice you need, when you need it, from an expert.
Would you like to discuss a property purchase and mortgage for that property?
Have any questions and want general mortgage advice or guidance on mortgage protection?
Please complete the form and I will contact you as soon as possible.
Read our Privacy Policy to learn more about us and what we do with the data we collect.