As more and more UK homeowners at or near retirement seek ways to free up cash to fund their later life dreams, the Retirement Mortgage Service is on hand help you to consider your options.
Whether you are looking for ways to clear an outstanding mortgage, boost your disposable income, fund your goals for later life or help your loved ones financially, your property wealth could be the key to achieving your ambitions.
If you’re over 55, and your home is worth over £70,000, you could be eligible for a Lifetime Mortgage, the most popular form on equity release, today!
Find out using our no obligation, FREE to use, online calculator.
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Lifetime Mortgages are becoming increasingly popular, as UK homeowners look to take advantage of their property wealth to fund their later life ambitions with the option of not making any repayments during their lifetime.
If you are over the age of 55, then you could be eligible to release tax-free capital from your home, whilst retaining full home ownership.
As there are no required repayments over the course of the term of the loan, Lifetime Mortgages do not come with the risk of repossession, though releasing equity with a Lifetime Mortgage may impact the value of your estate and could affect your entitlement to means-tested state benefits.
The amount that you can borrow depends on the value of your home and the age of the youngest homeowner on the deeds
To be eligible the youngest homeowner must be aged 55 or over, and the property must be worth at least £70,000.
Based on your personal circumstances we will decide upon the plan that best suits you.
There are a number of different types of Lifetime Mortgage, based on the way you release the funds and whether or not you wish to make voluntary repayments during your life-time.
Lifetime Mortgages have no fixed end date and the mortgage balance is due for repayment once the last homeowner on the deeds has either passed away or have entered into long-term care.
Typically this is achieved via the sale of the property.