Equity release mortgage

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An equity release mortgage allows you to access the equity tied up in your property. First Mortgage searches the whole of the UK lender market to source the best rates and mortgage deals for you - even if you have a bad credit history. Our service is totally free, with no hidden charges or commissions. If you find a better deal we’ll happily match it - and pay double the payment difference for the first year!
Find an equity release mortgage with First Mortgage

What is an equity release mortgage?

Put simply, an equity release mortgage is a way for a homeowner to sell part of their house in exchange for a cash sum without moving house. It’s popular with older people or those who have already paid off, or are close to paying off, their mortgage.

There are two ways to release equity from you home - a mortgage reversion or a lifetime mortgage. A lifetime mortgage provides either a cash sum or a cash amount spread over a period of years, effectively as a loan secured against your property. The interest is only payable when you die or move to a nursing home and the house is then sold, paying off the outstanding interest. Reversion schemes allow you to sell a percentage of your property in return for a lump cash sum or monthly payment.

Is an equity release mortgage right for you?

There are lots of advantages to equity release mortgages, but it’s important that you consider the following pros and cons before deciding if it’s the right scheme for you:

 Equity release is a great way to solve the problem of being asset rich, but cash poor in retirement
 You don’t have to move from your home or downsize to a smaller property to release the money
 Staying in your property and not moving might help reduce inheritance tax (though there are complications with this)
 With a lifetime mortgage it is less clear how much of the property will be yours to pass on to your children/grandchildren
 You may lose some rights to means tested benefit
 If the sum released is spent unwisely, then it can have a negative impact on quality of life
 If you opt for an income-payment equity release mortgage this will be counted in your tax calculations

Find an equity release mortgage with First Mortgage

Call us on 0845 603 1525 for a free consultation with one of our friendly and experienced team. We are happy to discuss your situation and help you choose the best equity release mortgage.

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