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There has been significant growth in the equity release market and lenders are now developing their plans to suit the current market conditions. The increase of UK house prices over the last 4 years have certainly contributed to the growth of the equity release market because they impact on the amount of money you can release from your home.
These products are designed for people over 55 who own their own home to take cash from their homes without having to move, some of these products can also provide an income.
The benefits of an Equity Release Plan
- A lump sum of tax-free money
- Maintain 100% home ownership*
- Continue to live in your own home
- No monthly repayment option though can make repayments if you wish
- Can fix the rate for the life of the mortgage
- Ability to move home in the future
- Spend the cash as you wish
- No negative-equity guarantee
- Protect a percentage of your property value for your loved ones
- Repay your standard mortgage
- Benefit from future increases on your property**
- You only continue to own your home with a Lifetime mortgage
- ** This is the most popular type of Equity Release, a Lifetime mortgage
These schemes allow the borrower to stay in their own home and benefit from the cash released from their property until certain events occur for example moving into long-term care or death. At this point, the lender will be repaid, usually through the sale of the property.
There are different schemes available, some of which mean you retain 100% ownership of your property or part ownership of the property passes to the Equity Release provider. It is important to understand the differences between these schemes and this is something we can help you with.
AN EQUITY RELEASE PRODUCT/LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE.
Integrity Mortgage Solutions Limited is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Our fees and charges vary depending on the Services we provide to you. We typically charge a fee of £595 payable upon offer.
LIFETIME MORTGAGE – CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT A FAMILY MEMBER TO INHERIT IT. IF YOU ARE IN ANY DOUBT PLEASE SEEK INDEPENDENT ADVICE.
EQUITY RELEASE REQUIRES PAYING OFF ANY EXISTING MORTGAGE. ANY MONEY RELEASED PLUS ACCRUED INTEREST WOULD BE REPAID UPON DEATH OR MOVING INTO LONG TERM CARE.
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"The service was excellent in every aspect from understanding our needs and circumstances. We believe the product proposed was definitely the best available for us. Jemma gave us the confidence that things would actually happen – and they did. When delays were experienced via the lender Jemma was able to quickly resolve and sort everything out. We would have no hesitation in recommending Jemma and have indeed already done so"
Graham & Sue Jarvis, Cornwall
Whether you are purchasing your first home, moving home, remortgaging your existing home or purchasing an investment property we can help you to establish your budget and the best lender suited to your individual circumstances.
Depending on the type of mortgage you are going for then we can assist with debt consolidation, divorce settlement, self build, school fees, raising equity to purchase a car or a holiday or even a second property. Lenders do not usually allow capital raising for business purposes or to pay a HMRC tax bill