YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR http://www.financial-ombudsman.org.uk
Why Release Equity?
Many people in, or approaching, retirement find themselves to be “asset rich and cash poor” and therefore an equity release plan may be suitable as it allows them to access the capital that is tied up in their property without the need to sell it and move home.
Equity can be released for any number of reasons, from; increasing income to repaying debt, making home improvements to providing a loved one with a lump sum perhaps as a deposit on a property, or for buying a car to taking that holiday they have always dreamed of.
Unlock The Capital In Your Home with a Lifetime Mortgage Call us for a Free Consultation on 01428 264221
Options with a Lifetime Mortgage
Some plans now have flexible options such as a drawdown facility and the ability to make overpayments.
The drawdown option allows borrowers to release what they need when they need it and therefore only pay interest on what they have borrowed. A lump sum can be initially released and further sums can be drawn-down when needed without additional legal or valuation fees and with the minimum of paperwork.
Although no monthly payments need to be made, some plans allow borrowers to make overpayments (usually on an ad-hoc basis and usually up to 10% of the amount borrowed) so that they can pay the interest charged or even reduce the borrowing each year.
Advantages of a Lifetime Mortgage
A Lifetime Mortgage is a type of loan for those over the age of 55 and as the name suggests is designed for the lifetime of the borrower and so that they retain full ownership of their home.
Similar to a standard mortgage, it is secured against the property, however there are no monthly payments, as these are added to the loan and the loan plus interest is only paid back when the home is sold following the death of the borrower (or second borrower if a joint application) or when moving into long-term care.
Why use Lloyds Independent Financial Services
We are committed to providing truly impartial and independent whole of market advice
We will visit you in the comfort of your own home to discuss your needs and requirements
There is no obligation for you to proceed at any time until you wish to do so
We will not charge you a fee for our advice or services, as we get paid a fee by the providers