Equity Release Mortgages - Lifetime Mortgages

Are you aged 55 or over and need to release the equity in your property ?

We are pleased to announce that we are able to offer a national advisory service for older homeowners looking to release cash fom their homes. Equity Release Mortgages (ERMs) also known as Lifetime Mortgages, equity release plans or equity release schemes, are a great way to help you if you need to raise your income, perhaps to supplement your pension; to increase avaialble cash for whatever reason; to transfer capital to assist with IHT planning etc.

Click here if you wish to read our Frequently Asked Questions about Equity Release Mortgages.(This will open a new window).

Click here to make a no obligation enquiry.

Equity Release Mortgage,Equity Release Scheme, Equity Release Plan,for Homeowners Aged 60 or over with No Repayments Due

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Debt Elimination

equity release scheme,equity release plan

Equity Release Mortgages (ERMs) are aimed at the older customer and enable homeowners without a current mortgage on their property to release some of the cash (equity) accrued over the years. They are also available for applicants who have a small existing mortgage. It is particularly customer friendly because there is no possibility of property repossession, the customer retains ownership of property and the loan is usually transferable to a new property should the applicant/s wish to move. Minimum age is 55-60. There is no requirement to make monthly repayments. The equity release mortgage, including accrued interest is simply repaid when the property is sold.

What we do:

We arrange an appointment for you with an independent adviser (IFA) specialising in equity release to discuss your requirements. The decision of whether to take an equity release scheme is entirely yours. We provide you with all the information you need to make an informed choice. After all, with over 30 different schemes to choose from it makes sense to review all your options before making a decision. And choosing the right plan can make a difference to you of thousands of pounds.

All advice provided is independent and impartial and not tied to any bank, building society or financial institution. The subtle differences between many existing schemes and the pros and cons of each can be explained to you.

Where will we source from?

Only plans that are provided by companies who are members of Safe Home Income Plans (SHIP) will be recommended. These include Abbey, BPT Bridgewater (Home Reversions) Ltd, GE Life Limited, Hodge Equity Release, Home & Capital Trust Ltd, Legal & General Mortgages, Mortgage Express, Northern Rock plc, Norwich Union Equity Release Ltd, Portman Building Society, Standard Life, Stroud & Swindon Building Society amongst others.

SHIP is a trade association formed by equity release lenders that sets rules to ensure their products meet a minimum standard, and that members follow best practice. SHIP members are bound to be fair to borrowers and produce transparent terms and conditions.

The key featues of Equity Release Mortgages include:

No possibility of property repossession

Clients retain ownership of property

Deferred interest. No repayments on the loan during the life of the equity release scheme-the balance is repaid when either the applicant passes away or the home is sold and the applicant enters long term care

In the event of a joint application the equity release mortgage is repayable when both applicants have either passed away or entered long term care

In the event of negative equity, lender is responsible

Adverse credit/low income does not affect the applicant's ability to qualify for the equity release scheme

Interest rate fixed for term of the equity release mortgage.

Funds released by an equity release mortgage can be used for any purpose, including purchase of further pension annuities.

Fast Completions

Click here to make a no obligation enquiry. We will then arrange for an independent adviser to contact you.

Examples of maximum loan amounts based on the age of the youngest applicant

Property Value	Age 60-66	Age 67-71	Age 72-76	Age 77-79	Age 80-84	Age 85-88	Age 89+
Max Loan %	20%	25%	30%	35%	40%	45%	50%
£50,000	£10,000	£12,500	£15,000	£17,500	£20,000	£22,500	£25,000
£75,000	£15,000	£18,750	£22,500	£26,250	£30,000	£33,750	£37,500
£100,000	£20,000	£25,000	£30,000	£35,000	£40,000	£45,000	£50,000
£125,000	£25,000	£31,250	£37,500	£43,750	£50,000	£56,250	£62,500
£150,000	£30,000	£37,500	£45,000	£52,500	£60,000	£67,500	£75,000
£175,000	£35,000	£43,750	£52,500	£61,250	£70,000	£78,750	£87,500
£200,000	£40,000	£50,000	£60,000	£70,000	£80,000	£90,000	£100,000
£250,000	£50,000	£62,500	£75,000	£87,500	£100,000	£112,500	£125,000
£300,000	£60,000	£75,000	£90,000	£105,000	£120,000	£135,000	£150,000
£400,000	£80,000	£100,000	£120,000	£140,000	£160,000	£180,000	£200,000

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Telephone 0870 120 3002

Fax 0871 224 7152