Lifetime Mortgage

Equity Release is a big decision and you will have many questions - you need sound advice from an expert. Many companies will charge you for their advice – we don’t. Our advice is a free service and comes with absolutely no obligation, making the cost of the process one less thing to consider.

If you take out a lifetime mortgage, you are taking out a loan secured on your home which does not need to be repaid until you die or move into long-term care.

Unlike other types of Equity Release scheme, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care or if the terms of the mortgage are broken.

The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an on-going basis or the interest can be ‘rolled up’ and paid together when the loan is repaid.

The loan is repaid from the proceeds of your home when sold. If there is any surplus from the sale it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which as accrued it is usual to have agreed a ‘no-negative-equity’ guarantee with the lender so that you would not have to pay back more than the value of your home.

EQUITY RELEASE MAY INVOLVE A LIFETIME MORTGAGE OR HOME REVERSION PLAN, TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.

We can provide advice on products from all of these lenders.

Want to know more? Give us a call or send us an enquiry below.

WOULD YOU RATHER SPEAK TO US?

CALL: 01539 563697

VISIT US (BY APPOINTMENT ONLY)

Ground Floor Office,

Quarry Warehouse,

Sandside,

Milnthorpe,

Cumbria

LA7 7HG)

Call Us: 01539 563697

Email Us: [email protected]

LEGAL

Lakes Mortgages is directly authorised and regulated by the Financial Conduct Authority under reference 605694. Registered in England and Wales No: 8633133. Registered Office: Ground Floor Office, Quarry Warehouse, Sandside, Milnthorpe, Cumbria, LA7 7HG. Calls may be recorded for training and monitoring.