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Five winners will be drawn every calendar month and will receive a £100 M&S voucher.
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A lifetime mortgage lets you borrow money secured against your home. The house will still belong to you, but interest is charged on what you have borrowed. It is the most popular form of equity release.
Interest is charged at a fixed rate and this is not repaid on a monthly basis – it is added to your mortgage. As the homeowner, you will receive a lump sum of cash which you can use however you like whilst still owning your property in full. You either pay this back or have it added to your loan total.
Things to Consider
Once the home is sold and the money from this sale is used to pay off the loan. If there isn’t enough, they will repay any extra above the value of the estate. This can be a flaw in the process, but a no-negative-equity guarantee usually guards against such an outcome.
Search the leading providers on the UK market to find a lifetime mortgage scheme which works for you. We can put you in contact with an expert IFA so you can make an informed decision from a no obligation opening consultation.
The Benefits of Equity Release
Claim a tax-free cash lump sum to support you through retirement and make your life all the more enjoyable.
Maintain 100% home ownership - you will be able to live in your home for the rest of your life.
No monthly repayments - lenders require no monthly payments towards the interest charged.
Take a no negative equity scheme and you will never end up owing more than the value of your property.
Spend your money on anything you like! Go on holiday, upgrade your home, pay university fees, or provide an early inheritance.