Services
Clients may be considering the release of Equity from their homes
for a number of reasons.
These may include:-
• Paying off a Mortgage or other debts
• Home improvements or adaptations
• Purchase a vehicle
• Holidays and extended trips
• Living costs
• Gifting within family as part of reducing any potential inheritance tax liabilities
• Matrimonial settlements
• Helping family to buy a property
• Pay medical or education costs
• Boost savings
• Buy a second home
When considering the release of equity from your home, it is important to give thought to more than simply the immediate need for funds. This is because the products available are long term in nature and should continue to work well for you going forwards. My service will ensure that any future needs or potential developments are also considered prior to any recommendation being made.
Clients should also be aware that later life lending can also be used to purchase their next home, as opposed to re-mortgaging their existing one.
My service provides advice on Later Life (Lifetime) Mortgages, where the property remains yours, I do not provide advice on Home Reversion plans, which is the version of Equity Release that involves the sale or part-sale of your property to the lender, in exchange for a pre-agreed lump sum amount, and a lifetime lease agreement.
I also offer clients a regular review of their situation at either 6 month or annual interval, to ensure that all continues to work well for them. There is no cost for these reviews.
What is a Later Life (Lifetime) Mortgage?
Later Life (Lifetime) Mortgages are a special type of Mortgage, that enable you to release part of the value of your home whilst you continue to live there. The ownership of the property remains fully yours.
The amount available is linked to your age, health and property value. Different lenders have different criteria for this, so my Service ensures that all lenders are considered to find the best terms for you.
There are no contractual payments required, but clients have the option to make payments if so desired. Making optional payments does reduce the debt and the interest payable over the lifetime term. Clients may also make additional lump sum payments on an annual basis without penalty, as long as these are within limits imposed by the lender.
There are normally penalties for repaying the Mortgage early, but certain products have no such penalty if you wish to repay early.
Later Life (Lifetime) Mortgages are the most popular form of Equity Release and can also be used to purchase a home if needed.
Other Services
It is often the case that clients need help and guidance with other financial matters.
If needed, I am also able to introduce clients to trusted professionals that cover such things as:-
• Wills, Trusts and Powers of Attorney
• Pension advice
• Wealth management
• Mortgages
• Life insurance
• Inheritance Tax (IHT) Planning
• Funeral Plans
• Care fees planning
• Accountancy
• Estate Agency
• Debt management
• Legal services covering Conveyancing and Family Law
