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Later Life Lending
Lifetime Mortgages
Later life lending or equity release schemes are becoming more mainstream. There are a few different options for clients looking to explore lending in their later years.
Benefits of Lifetime Mortgages
It frees up equity you have tied up in your home, your main lifetime investment in most cases. This can help you maintain a good level of lifestyle in your retirement.
COMMON TYPES OF LIFETIME MORTGAGES
- AN INTEREST ROLL-UP MORTGAGE Can be paid as a lump sum or a regular amount and interest charged is added to the loan. This means you don’t have to make any regular payments. The amount you borrowed, including the rolled-up interest, is repaid at the end of your mortgage term when your home is sold.
- AN INTEREST-PAYING MORTGAGE Lump sum and make either monthly or ad-hoc payments. This reduces, or stops, the impact of interest roll-up. Some plans also allow you to pay off capital, if you so wish. The amount you borrowed is repaid when your home is sold at the end of your mortgage term.
- RETIREMENT INTEREST-ONLY (RIO) MORTGAGES RIO (retirement interest only) mortgages are effectively standard home loan deals with one key difference: the mortgage does not have a set end date and carries on until “a specified life event” is triggered – ie, the borrower’s death or the date they move into a care home. Until then, they continue to pay the interest each month and the loan is ultimately repaid from the sale of their property. These plans are still based on affordability into retirement and are usually stress tested on 1st death for a couple (based on the spouse with the highest income levels passing away first) and this makes it a non-starter for many people. On top of this there is no real flexibility in repayments and is more of a one off lump sum. If you do not qualify for a RIO mortgage then a lifetime mortgage may also be an option. At Premier Property Solutions we offer both RIO mortgages and lifetime mortgages via our trusted partners and their team of experienced equity release and later life lending advisors. advisers. A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
YOU WILL LEAVE YOUR EQUITY RELEASE REVIEW KNOWING THAT YOU ARE MAKING THE RIGHT DECISION. WE CAN OFFER THE BEST MORTG AGE BROKER ADVICE FOR YOUR NEEDS.
WHY CHOOSE US?
Flexible appointments to suit your schedule
Completely impartial advice as we offer an unrestricted range of first charge mortgages.
We have helped 1000’s of people just like you.
5 Star Rated - Read Reviews (Link to google reviews)
Experts with the lending criteria for all of the major lenders, we lookout for problems and potential setbacks on your behalf and increase your chances of having a successful mortgage application
YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate
Equity Release is arranged by referral only
There will be a fee payable on application for mortgage advice. There will be a fee payable for mortgage advice, this will be a fixed fee of £750. Fees may be waived subject to the term of the waiver agreement. Premier Property Solutions (uk) Ltd is an appointed representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the financial conduct authority. Registered office: Premier Property Solutions (uk) Ltd, Unit 1 The Cam Centre, Wilbury Way Hitchin SG4 0TW. Number: 09242618, registered in England & Wales.