Looking forward to an
Active Retirement
Unlocking the Value in your Home
Lifetime Mortgages - This is a lifetime mortgage. To understand the features and risks, ask for personalised illustration.
Mortgages-Equity Release.co.uk is a trading style of Mortgage Concepts Associates Ltd. Registered office, 66 Spring Cross, New Ash Green, Longfield, Kent DA3 8QQ. Registered in England & Wales no 05694058. Mortgage Concepts Associates Limited is an appointed representative of 2020 Financial Services Limited which is authorised and regulated by the Financial Services Authority.
Copyright © 2010 Website Design by MR Web Concepts
Mortgages-Equity Release.co.uk is a trading style of Mortgage Concepts Associates Ltd. Registered office, 66 Spring Cross, New Ash Green, Longfield, Kent DA3 8QQ. Registered in England & Wales no 05694058. Mortgage Concepts Associates Limited is an appointed representative of 2020 Financial Services Limited which is authorised and regulated by the Financial Services Authority.
Copyright © 2010 Website Design by MR Web Concepts
Guide to Equity Release
CONTACT US
Ring 08458 381581 to speak to an advisor
Or feel free to fill in the form below.
Ring 08458 381581 to speak to an advisor
Or feel free to fill in the form below.
Mike Richards (CeMAP CeRER), Director of Mortgage Concepts Associates, is qualified to give advice on both Lifetime Mortgage and Home Reversion schemes
Call Mike on 08458 381581 or complete the form above.
Call Mike on 08458 381581 or complete the form above.
What types are there?
There are two types of Equity Release Plans, Lifetime Mortgages and Home Reversion Plans. Both work in very different ways.
Lifetime Mortgages
A lifetime Mortgage runs for the rest of your life. You do not make any monthly payments and the interest is added to the outstanding mortgage. The loan is repaid on the death of the surviving party or a moving into long term care.
Advantages
Lifetime Mortgages
A lifetime Mortgage runs for the rest of your life. You do not make any monthly payments and the interest is added to the outstanding mortgage. The loan is repaid on the death of the surviving party or a moving into long term care.
Advantages
|
|
Typically available to those as young as 55
|
|
|
You keep ownership of your home and can still benefit from any rises in house prices
|
|
|
You know how much can be released from the outset
|
|
|
You may still be able to leave some equity to your heirs, depending on the size and length of the loan
|
|
|
They are regulated by the FSA
|
Disadvantages
|
|
Your debt will grow over time
|
|
|
Eventually the entire equity in your property could be used
|
|
|
There could be a penalty if you wanted to repay the loan early
|
|
|
Your tax position and eligibility for means tested benefits may be affected as may your options for moving or selling in the future
|
Home Reversion Schemes
Home reversions involve selling all or part of your home to a Home Reversion provider. In Return they will give you either a lump sum or an income for life. You can remain in your home until the second person dies and then the home will be sold. Depending on the percentage sold your estate may receive something on your death
Advantages
|
|
You know how much of your equity can be released
|
|
|
You can leave a fixed proportion to your estate
|
|
|
Normally a large proportion of the equity provides an income
|
|
|
Regulated by the FSA
|
Disadvantages
|
•
|
You become a tenant in your own home and pay a small rent
|
|
•
|
The sum released will depend on expected life expectancy
|
|
•
|
You only benefit from on the percentage you still own
|
|
•
|
Charges may apply if you wanted to end the plan early
|
|
•
|
Your tax position and eligibility for means tested benefits
|