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Lifetime Mortgage
22/06/2010
Lifetime Mortgage. What is it? It is the most common product used by people to take equity out of their property. This type of mortgage is generally arranged on a fixed rate basis. This will allow you to gauge exactly how much interest will be charged and then added to your loan. You make no monthly payments, so the interest will be added to the loan and starts to roll up, increasing the amount of your loan. Here at The Right Equity Release we have access to advisers who will be able to explain to you what rates of interest are available and how this will end up affecting you. They will advise you on the amount the loan could end up being as long as the loan remains in place. The loan will be repaid once the last person either dies or moves into long term care.
Even though lifetime mortgages are relatively simple products to understand it is still worth taking independent advice. Have a free consultation with an experienced adviser. The adviser will take your full details down and take into account any benefits you might be entitled to and advise the correct product for your current situation.
To find out if a lifetime mortgage would be best for you contact The Right Equity Release and book a free equity release consultation. If it is an option you decide to proceed with, an application will be completed. The provider will send a valuer out to value and survey your property. The value of your home will be determined by this and the provider will then confirm exactly how much equity you can release. There are some providers that offer free valuations, but normally this cost is left for you to pay, this will be dependant on the value of your property. There are other fees to pay, depending on the type of plan chosen and the amount of equity you decide to release. Some providers have an arrangement fees. These can be added to the loan. Finally there will be solicitor’s fees to pay.
Don't forget that it is still up to you to make sure that there is suitable buildings insurance in place
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