Here you borrow against the value of your property, but unlike a traditional mortgage you don’t have to make monthly repayments. The expert advisers at Think Plutus can give you specialist lifetime mortgage advice into your best options for releasing equity from your home. Our focus is on finding the best option that matches your unique circumstances, so contact us today to get on the right path.
Past performance or any yields quoted should not be considered reliable indicators of future returns. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change. Whilst we do provide tax planning, we cannot provide tax advice and where you require tax advice we will refer you to a tax specialist. To understand the features and risks ask for a personalised illustration. If you are looking at releasing equity or transferring ownership, Avery Walters residential property solicitors offer conveyancing services to help you when making changes to the ownership of your property. Call us today for a free initial consultation with our experienced team of residential conveyancing solicitors.
If you go for a home reversion plan you can sell as much as 100% of your home to the provider. How much the lender offers you for its stake will depend on your age. The younger you are, the less you will get for the trade, so while a 65-year-old may only get 25% of the portion’s market value, a 90-year-old could get closer to 60%. The size of the lifetime mortgage you can take out will be calculated as a percentage of the value of your property, which is known as the loan-to-value .
Would your quality of life be improved if you could just clear those lingering debts? Monthly loan and credit card repayments can be a constant burden, and equity release just might be able to liberate you from them. This is designed to ensure your estate never has to repay more than the amount received from the sale of your property, so long as there is no breach of the terms and conditions of the mortgage. Home Reversion Plans are usually irreversible, and if you’d like to end your lifetime mortgage early, then you may have to pay a substantial early repayment charge. “In my view, this would encourage those trapped by the cost of moving to move but at the same time allow those who do not wish to do so to continue with their equity release products,” Joseph added. No interest repayments throughout the life of the loan – the loan and rolled-up interest is repaid when your client dies or moves into long-term care.
Equity Release is a big decision and, while the money allows you to stay in your home, it can affect your eligibility for means-tested state benefits. You will also need to pay for a valuation and appoint and pay a legal adviser to carry out all the legal work for buying your new property and transferring your Equity Release. Pay off an outstanding mortgage, including the shortfall on an interest-only mortgage.
Is there a dream holiday you’ve been waiting your whole life to take? You only live once, and there’s no reason to deprive yourself of the fulfilment of your travel desires. By choosing the right financial option, you can make your travel dreams a reality. Only if you choose to proceed and your case completes would a typical fee of £1,995 be payable.
Our support goes beyond offering quality lifetime mortgage products. what is equity release understand your clients – as their lives change, the need for quality and convenient medical services grow. Simply put, equity release is a way for property owners to unlock some value of a property and turn it into a cash lump sum. There are 2 main property equity release schemes that are available, Home Revision Plan and Lifetime Mortgage. A resurgence in the equity release market has been the introduction of interest only lifetime mortgages.