EQUITY MORTGAGE RELEASE - APPLY TODAY - Reduce your inheritance tax for your family?
Cutting inheritance tax bills. Inheritance tax kicks in at 40% on everything left behind over £312,000 (2008/2009). This figure includes the value of your home. By taking out an equity release you can keep your Inheritance tax under the threshold and is a legal way of mitigating inheritance tax. By doing this for example, to give your family the deposit to buy their own property or for you to spend as you will.
Compare the equity release schemes that are available
We make it easier for you to turn your retirement dreams into reality. There are two different types we offer for releasing the capital from your home, without you having to move: Lifetime mortgage Lifetime mortgage is a loan secured against the value of your home. You receive a cash lump sum or you can take this in monthly instalments. There are no repayments need to be made until the plan ends. The loan, and the interest that builds up, is repaid when the property is sold. The interest builds up through the life of the mortgage and is charged on the total amount borrowed plus the interest already added, the amount you owe increases and will reduce the value you have in your property, possibly to nothing. However, our "no negative equity" guarantee means that you'll never have to pay back more than the market value of your home at the time when the plan ends.
- Plans are available to people as young as 55.
- Most loans are fixed-interest, so reducing risk.
- No interest payable while you are alive, so you will get a higher income for the same sized loan than with an interest-only mortgage or home income plan.
The provider of a lifetime mortgage will be authorised and regulated by the Financial Services Authority.
- Interest rates can be high
- The uncertainty about how much will have to be repaid at the end
- How much will be left for your family.
- Interest payments can quickly mount up further reducing what your family will inherit.
- Your family could end up with nothing from the sale proceeds
- You may not be eligible for a top up loan later.