Making a recommendation

Following a review of your circumstances it will then be reviewed by the lenders available to match your circumstances.
If the client requires an income, it will be best advice to recommend a Lifetime Mortgage lender on panel that will provide a monthly drawdown scheme for clients needing an income. Rather than taking a large lump sum at the outset, it is also worth considering an annual drawdown facility, which will meet with many clients needs and reduce the compounding affect of gross roll-up. A good example of this is where a client wishes to release funds for holidays and travel – releasing funds annually to cover their travel costs would be a lower cost option than releasing a larger sum in one go.

When looking for an appropriate provider some of the main areas that need to be reviewed are:
• The providers criteria regarding the property, age of client and loan to value available.
• Interest roll up and whether it is calculated on a daily, monthly or annual basis. Interest calculated on an annual basis could potentially have a lower compounding affect than a daily interest scheme on a lower interest rate, if calculated in arrears.
• Redemption penalties. Some providers penalties are high if the client decides to redeem their mortgage prematurely and they need to be highlighted to the client.
• Standards of administration of the providers. Some providers have been administrating Lifetime Mortgages for a number of years and have quick turnaround times. Others are new to the market and the clients may experience time delays.
• Initial fees. These will vary from provider to provider, but you will find that a number will waive fees after completion. If your client does not have the upfront cash available then it may be in their interests to look at lenders with low or no upfront fees.

For further information, please call us on tel: 01268 573 306 or email us

EQUITY MORTGAGE RELEASE - APPLY TODAY

Equity Release is when you use the value of your home to receive either a lump sum of cash or regular monthly instalments. Depending on the amount of equity release you can get depends on your age. A person of an older age can release a higher percentage of the value of their home, than a person of a younger age, as they are not expected to live as long. There is no maximum age limit for equity release, although applications are not usually granted for anyone under the age of 55 years. Use the equity release calculator to see the potential amount you can with draw from your property.

What are the features of equity release?

• You receive a cash lump sum to spend on whatever you want. Including giving it to family
• Take money as a lump sum or monthly instalments as and when you need it
• You can continue to live in your home until you die or go into long-term care.
• Reduce inheritance tax for your family / loved ones
• Fixed interest rate for the life of the loan
• Provided by many of the most trusted financial service companies in the UK.
• You can still move if you want to, as long as your new property meets the terms and conditions.
• We will listen to what you want from your retirement and discuss all the options with you.

Is equity release right for you? We aim to offer you an equity release scheme that fits your personal circumstances. If you can answer yes to all these questions then you may be eligible to an equity release scheme

• Are you over 55 years?
• Are you a homeowner?
• Is your property of standard construction in UK?
• Is your property valued at £75,000 or over?
• You may be eligible for equity release offered