12 April 2021

Equity Release

Equity release aka lifetime mortgages have carried a negative reputation amongst the public, but they aren’t what many people think they are.

You may have heard of the schemes known as home reversion plans, which are thankfully not the products on offer today, and equity release/lifetime mortgages are akin to a standard residential mortgage BUT with extra features.

*Available to anyone over the age of 55

*No income required as the interest due can be added to the debt, if you do not want to make any repayments

*The older you are the more you can borrow

*Fixed interest rates for life – available from 2.89%

*The debt can be serviced meaning payments can be made to avoid the debt increasing, on an ad-hoc basis

*Borrowers can move the debt to another property or repay the loan in the future without high penalties

*Available when releasing equity in current home OR for purchasing a new property

*Useful when looking at Inheritance Tax Planning to reduce the value of the estate

Equity release isn’t simply available for taking money from your property for a renovation, holiday or gift. Clients looking to upsize, invest in businesses, invest in property, or clever tax planning are all popular amongst equity release borrowers.

If you would like to discuss an equity release mortgage please email advice@homeofmortgages.co.uk

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Remember Your home may be repossessed if you do not keep up repayments on your mortgage

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