UK Mortgage Equity Release
It is estimated that retired people in the UK are sitting on 400 billion pounds of equity that is tied up in their main residences and that this area of the population is becoming increasingly “asset rich” but “cash poor”. Equity release mortgages enable the over 55’s to have access to this increasing equity in their properties in order to balance their financial situation better and make use of the cash for a number of different purposes.
(If you are not over 55 years old but wish to release money from your house as a loan or re-mortgage in the normal way then please visit our standard UK mortgage and re-mortgage pages ).
Equity release provides a lump sum that can then be used for a variety of different purposes;
A) to give increased spending power for things such as holidays, home improvements, new car, holiday homes, gifts to children, medical fees, investments etc ….
B)
to provide extra income,
C)
to protect assets from taxation.
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In order to receive a call back from an independent mortgage adviser who is fully qualified in this type of mortgage product, please complete our simple CALL BACK FORM.
Equity release (lifetime mortgage) products involve borrowing against part of your home. Interest is added to the amount you owe (as you do not need to repay the capital nor the interest like standard mortgages) and this will reduce the remaining equity in your home. If you live a long time or house prices fall, there may be no equity left for your heirs to inherit. Equity release schemes may work out more expensive in the long term than downsizing to a smaller property however for those who do not want to leave their home or have the hassle of moving house again it is a great alternative. Releasing equity from your home may also affect your entitlement to state benefits and grants.
Due to all of these points that should be considered before applying for an equity release (lifetime mortgage) we strongly advise you to speak to one of our independent mortgage advisers for more detailed, personalised advice. They will be able to advise you of any negative aspects of equity release mortgages that you should be aware of given your situation and will make sure with you that this is the most suitable method of raising the funds your need.
In order to receive a call back from an independent mortgage adviser who is fully qualified in this type of mortgage product, please complete our simple CALL BACK FORM.
**This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.**
In accordance with the Data Protection Act 1998 all personal data handled by Assetz Finance will be processed fairly, lawfully and in the best interests of our client. The information and personal details provided may be disclosed to companies who have an agreed partnership with Assetz Finance and who will be able to offer you financial and property services that you require. These companies may be located in your country of purchase or the UK.
Please be aware that it is a criminal offence to give misleading or incorrect information in connection with a loan application. Specific actions may be taken to prevent fraud.
Links
UK Mortgage Application Form
UK Mortgage Equity Release
UK Mortgage Calculator
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Can’t find what you are looking for? Want to ask a very specific question? Want to chat through your options with an experienced mortgage adviser? Then let us know what time and day is best and we will call you.
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Assetz Finance offers a comprehensive range of insurance products tailored to property investors including extremely competitive landlord insurance as well as rental payment insurance and legal expenses cover. It is increasingly important to take out a policy against defaults and legal proceedings and with our policies starting from £126 per annum (covering up to 16 properties) there has been no better time to take out this protection. Speak to an adviser for more details.
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It is as important as ever to ensure that you have enough insurance to protect your family in the event of unexpected events, illness, redundancy and death, in particular if you have debt but also to ensure that your family has the income they require for the future, including mortgage payment protection, critical illness and life insurance. Speak to an adviser to learn how each policy covers you.
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