As the property market continues to be uncertain, many people are putting on hold their plans to sell their homes until the situation improves.
For many retired people, who have built up a substantial amount of equity in their homes, a lifetime mortgage can allow them to improve their quality of life now, without the need to sell their home. Customers can do this by using a lifetime mortgage.
Mr & Mrs C had considered downsizing as they lived in a large house with a big garden and felt that it was too big for just the two of them. However, they tried to sell their house at a time when the property market was falling and were unwilling to accept a low offer having seen its previous value rise to around £800,000 or more. With both their children financially independent, the clients wanted to be able to take holidays when they liked, without the worry of how to pay for them. Having done their own research, they came to the decision that a lifetime mortgage may be a good option for them and contacted a specialist equity release adviser firm to assist them.
Mr & Mrs C took out a Flexible Lifetime Mortgage against their property, which was at the time of application valued at £620,000. They released an initial cash lump sum of £60,000 with a guaranteed reserve of a further £95,000 available as and when they required.
Releasing equity from their home has given them freedom from financial worry and they wouldn’t hesitate to recommend the same course of action to someone else.
It is important to fully understand the consequences of the lifetime mortgage, borrow only the amount needed initially and, where appropriate, choose a flexible drawdown lifetime mortgage. Specialist advice from a knowledgeable adviser, able to answer all your questions fully, will give you the depth and quality of the advice you need.
An efficient service & simple documentation can make the process very quick once the best decision has been taken.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
