Equity release, also known as later life lending or a lifetime mortgage, is a financial option for those aged 55 and over to access tax-free funds from their home without the need to relocate.
A lifetime mortgage is a long-term loan secured against your property, which is repaid after you and your partner (if applicable) pass away or require long-term care. At that time, the loan amount and any accrued interest are repaid, typically from the proceeds of the sale of your home.
It's important to note that entering into a lifetime mortgage, or any form of equity release mortgages, will decrease the inheritance you can leave behind. Additionally, it might influence your tax situation and eligibility for welfare benefits.
The loan amount you can access through equity release is determined by various factors, including:
- Your age
- Your health and lifestyle
- The value of your home
- The type of property you own and its location
A lifetime mortgage represents a long-term commitment that could lead to interest accumulation and is secured against your home. Equity release is not suitable for everyone and could reduce the overall value of your estate.
At Luke Fernandez Mortgages, we specialize in later life lending, including equity release mortgages and lifetime mortgages, aimed at helping you unlock the equity in your home. As experts in later life lending, we offer a fully personalized advice service, assessing all available options and guiding you from start to finish.
Releasing equity through equity release mortgages is a significant decision and commitment, so we will discuss the reasons to ensure that you’re making this choice for the right reasons.
Some of the most popular reasons for taking out a lifetime mortgage in the context of later life lending include:
Home Improvements
Buying a new home
Repaying an existing mortgage
Providing financial support for family
Increasing disposable income
Taking memorable holidays
We will take the time to understand your needs, ensuring we find and recommend the right solution for you. Equity release mortgages can offer you the flexibility you require, such as: no monthly repayment options, flexible plans, funds that can be used for any purpose, voluntary repayment options available with no penalties, and inheritance protection as a protected percentage. With our expertise in later life lending and lifetime mortgage options, you can make the most of your financial resources comfortably.
It's free to chat with us about your options for equity release mortgages and later life lending. If you are happy with our recommendation and decide to use our service, our typical fee for securing a lifetime mortgage is £395. This fee only becomes payable once we have obtained a formal mortgage offer from the recommended lender. If you choose not to apply for a mortgage or if we can't find the right option for you, then no fees will be payable. Remember, No Mortgage Offer, No Fee.
Call us: 01420 467460 Text us: 07458 195056 Email us: Luke@lukefernandezmortgages.co.uk
Open today | 09:00 – 17:00 |
We typically charge a fee of £395 for our service, which is payable upon your mortgage being offered.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Luke Fernandez Mortgages ltd is an Appointed representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up with your repayments on your mortgage.
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Registered Company Number: 13537486
Registered Address: 9 Holloway Rise, Littleton Panell, Devizes, England, SN10 4EJ.
FCA Registered: reference number: 959731
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