Lifetime Mortgages

Equity release, through a lifetime mortgage or home reversion plan, allows
individuals aged 55 or over to access cash from the value of their home
without having to move.
Equity Release Mortgage is also known as a Lifetime Mortgage. This is a
long-term loan secured against your home, typically repaid from the sale
proceeds when you pass away or enter long-term care.
During this time, you will still retain ownership of your home and will not be
required to relocate. You can choose to receive a one-time lump sum
payment or a smaller lump sum with a cash reserve for future use, which
may reduce the amount that can be left as an inheritance.
It’s important to note that equity release may have tax implications and
could impact your eligibility for welfare benefits.

Some reasons to consider an Equity Release Mortgage include:

• Adapting your home to enable you to live independently
• Renovating or refurnishing parts of your home
• Supplementing your retirement income
• Covering one-time private medical bills or ongoing home care expenses
• Assisting children and grandchildren with house deposits, weddings, or
  other major events
• Managing estate, wealth, and tax planning, and leaving a living inheritance
• Paying off an outstanding mortgage, including the shortfall on an
  interest-only mortgage
• Funding leisure interests, purchasing a new car, going on a holiday, or
  visiting relatives abroad.

Why consider an Lifetime Mortgage:

• You will still own and live in your home, and the interest rate on your
  mortgage will remain fixed throughout the term.
• You will receive a lump sum of cash and may have the option to release
  more cash in the future, subject to terms and conditions
• With a ‘no negative equity’ guarantee, neither you nor your estate will ever have to repay more than the selling price of your property, as long as it is sold for the best reasonably obtainable price, subject to terms and
  conditions.
• An optional inheritance guarantee allows you to allocate a percentage of
  your home’s value as an inheritance, although this will reduce the amount you can borrow.
• A voluntary partial repayment feature with some lenders allows you to
  make limited repayments before the lifetime mortgage ends, without
  incurring an early repayment charge.

Equity release is not suitable for everyone and every home.
Whether or not it is right for you depends on your individual circumstances.

An Equity Release Mortgage might be right for you if:

• You are a homeowner aged 55 or over. If you own the property jointly (e.g. married, in a civil partnership, or cohabiting), both individuals must be 55 or over.
• You permanently reside in your home. The property must be your main
  residence and not left unoccupied for more than 6 months at a time.
• You have no mortgage or only a small mortgage. Paying off any remaining mortgage is a condition for taking out our lifetime mortgage. This can be done using the borrowed amount.
• Your property is located in the UK (excluding the Channel Islands or Isle of Man) and is valued at a minimum of £75,000. If you have a leasehold
  property, the amount you can borrow will be determined based on the
  number of years left on your lease and a percentage of your property
  valuation. We have access to lending criteria that can help us determine
  which properties would be accepted.
• You wish to borrow at least £15,000, and the value of your property allows for this.

Why Best 4U?

As an independent mortgage broker, we are only interested in getting the best deal for our clients! We work with a wide range of lenders and can view the whole of market, with your goals and dreams in mind we can help you to get the deal that is Best 4U!