Lump Sum Lifetime Mortgages London Middlesex UK Surrounding Areas
LUMP SUM LIFETIME MORTGAGES UK
A lump sum lifetime mortgage is a scheme which empowers property holders aged 55+ to obtain one single payment from their home without the need to move.
The amount of cash asked for can be either a predefined sum or essentially the most that you can acquire, dependent on age and property estimation.
There will be an interest on the borrowed cash. It is up to you, whether you want to pay interest every month, as this will mean that the debt does not increase, or whether you want to pay accumulated amounts at a later stage. This is known as a “Roll up” lifetime mortgage. The possible obligation is then just reimbursed when you leave your home due to death or going into long-term care.
Equity release will mitigate the amount of your estate and can affect your qualification for means tested benefits.
Just to have an idea, how much you could release, use our free equity release calculator.
- You don’t need any income. The sum accessible is dependent on age and property estimation
- No compelling reason to stress over poor record of loan repayment.
- Accessible from age of 55.
- Fixed interest rates are fixed forever so you will know ahead of time how much the debt will increase.
- The cash you get is TAX FREE and can be spent how you like.
- Regardless you claim 100% of your home and, in this manner, benefit from any future development and it will be you or your agent who finally sell your home, and no organization.
- You don’t make any month to month reimbursements – yet can make some limited intentional ad hoc installments in the event that you so wish and without penalty.
- The ‘no-negative-equity’ assurance offered by all Equity Release Council endorsed plans, means that the obligation can never finish up more noteworthy than the future estimation of your home
- You can pick to ensure a specific level of your home estimation will dependably be accessible for recipients.
- By choosing to enable interest to accumulate on the debt, as opposed to paying it every month, the debt will keep on increasing and eventually will reduce your home’s equity.
- By settling on one single amount as opposed to taking a Roll up plan, in the event that you discover you need further cash later on you will typically need to apply for a further advance, causing extra expenses, delays and without guarantees.
- In the event that you take the maximum amount at first, with the interest being added to the debt every year, downsizing or acquiring more cash is going to be impossible for you.
- Your tax position and means-tested benefits might be influenced now and later on, as might your chances for moving or selling your home later on.
- The sum that you will leave as a legacy is likely going to be diminished.
- If you wish to pay off the equity release plan early, you may need to pay an early reimbursement charge that varies from plan to plan.
Please contact us today to find out more.