Unlock the equity in your home and enjoy it now using later life lending
Later Life Lending is a specialist area with three main options. The benefit of coming to an independent broker like us is that we will look at all three to work out which is best for you. If you go to an equity release specialist then you will only get equity release. That may not be the best option for you.
The three options for later life lending are:
- A normal mortgage supported by income whether that be employed, self-employed or pensions etc. This type of mortgage is available on an Interest Only basis (if criteria are met) but affordability is assessed on a repayment basis so this may not be affordable for everyone. Most lenders will only lend to age 70 but some will lend up to age 80 or 85 and a few beyond that.
- A Retirement Interest Only mortgage or RIO for short. Affordability for this is assessed on an Interest Only basis. This means that the income needed to support it is lower. The catch is that for a joint mortgage, the income is based on the income of the lowest earning person. This can mean it is unaffordable. There is no maximum age for this type of product.
- Equity release is the final option. Affordability for this is based on the value of the property and the age of the applicant. The minimum age for this type of lending is 55. Some lenders have restrictions on the max age of an applicant but there are products available for all ages. Capital raising on this type of lending can be used for almost any legal purpose whereas the cheaper two forms of lending normally have restrictions.
We offer Lifetime Mortgages from the whole of market. We are members of the Equity Release Council and have specially qualified staff. You can be assured that when you talk to us, we will take into account your circumstances and put your needs first.
For many people, our home is probably one of the biggest assets we own and one that continues to grow in value year-on-year.
The most popular form of Equity Release is a Lifetime Mortgage. With this you get on-demand access to the wealth in your home in a flexible, safe way without having to sell your property, give up ownership or move. You can chose to service the interest if you wish or make voluntary ad-hoc payments – or just allow it to roll up and be added to the debt.
You can use the money for whatever purpose you wish. For example you may wish to pay off an existing interest only mortgage that is due to end, financially help younger members of the family, carry out home improvements, enjoy a holiday of a lifetime or simply support your lifestyle in retirement.
For a free, no obligation chat to find out more please get in touch. We can also conduct home visits if this is more convenient.