As a company, we are now getting more enquires than ever about lifetime mortgages. A lifetime mortgage allows you to release a tax-free sum from the equity locked in your home, without having to move. You can spend the money on whatever you like.
A lifetime mortgage is a form of equity release. The Equity Release Council is an industry body for the equity release sector; representing the providers, qualified financial advisers, solicitors and intermediaries.
The Facts
- With a lifetime mortgage, you still own your home. You can live there for as long you want to.
- To apply for a Lifetime mortgage you need to be aged 55 or older.
- You can have an existing mortgage when you apply. This mortgage will need to be repaid before completion. The money you release from your lifetime mortgage may be used to do this.
- Lifetime mortgages are regulated by the Financial Conduct Authority (FCA).
- You will never owe more than the value of your home with plans approved by the Equity Release Council. So no negative equity, guaranteed.
- You can move home with some plans as long as you meet their criteria. This will be things like the new property must be mortgageable and there must be enough equity in the new house to cover the loan.
- If leaving an inheritance is important to you some plans will allow you to do this.
- You can fix the rate of your lifetime mortgage for life.
- Releasing money from your home and spending it, will reduce the value of your estate. It may also affect your entitlement to government means-tested benefits.
- You will appoint your own solicitor who will ensure that you understand the legal side.
How Anstee & Co can help you with a lifetime mortgage
We are a proud member of the Equity Release Council and operate to their high standards.
To see if a lifetime mortgage is right for you or a member of your family then why not contact us today. As independent financial advisers, we can look at all the options that are available before we provide our financial advice.
The initial meeting is free and without obligation. Meetings can be arranged in the comfort of your home or at one of our office locations-
Kettering, Northamptonshire
Stamford, Lincolnshire
Birmingham, West Midlands
London, Greater London
Our independent financial advisers live and make use of meeting rooms in
Bedford, Bedfordshire
Droitwich, Worcestershire
Northampton, Towcester and Wellingborough, Northamptonshire.
Why not contact us today to see how we can help you secure a better financial future with the money you have.