Equity release mortgage

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An equity release mortgage allows you to access the equity tied up in your property.

What is an equity release mortgage?

A Lifetime Mortgage gives you the chance to unlock the money tied up in your home and can help to make the most of your retirement, whether topping up pensions or using the funds to improve your lifestyle.

There are various Lifetime Mortgage products on the market including fixed rate for life, tracker rate for life, protected equity schemes that are available from a host of different lenders.

We can introduce you to one of the UK’s leading lifetime mortgage specialists, who are happy to arrange a visit to discuss your requirements. Lines are open, call NOW on 0845 603 1525.

How a lifetime mortgage works

If you (and your partner) are aged 60 or over, and you own your own home you could be eligible for a lifetime mortgage and borrow a cash lump from the equity within your home. The amount of equity you can release will depend upon your age and the value of your property. Age limits and minimum property values will vary between lenders.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

A lifetime equity release mortgage is a commitment for the rest of your life and should not be used to get cash in the short term. If you choose to repay the loan early you may have to pay a large early repayment charge. If you are entitled to welfare or tax benefits these may be affected. As a result, most lifetime mortgage providers recommend that you take legal advice before proceeding, and also that you seek independent financial advice. And using equity release will of course have a major impact on your estate, so it can make sense to discuss the matter with your family before going ahead.

We can introduce you to one of the UK’s leading lifetime mortgage specialists, who are happy to arrange a visit to discuss your requirements. Call us NOW on 0845 603 1525.

Find a lifetime mortgage through First Mortgage

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