Is equity release safe? Yes, all our equity release advisers have specialist qualifications and you can only take out equity release if you’ve received advice from a qualified adviser. It’s important you get that support to help you make the right choice.
Flexible features for personalised plans Here’s an overview of the flexible features Partial capital repayments Make voluntary, ad hoc payments of up to available with the lifetime mortgages we recommend, which are, specifically designed to help put you back in control
10-12% of the initial amount you’ve borrowed each year (without incurring an early repayment charge) and reduce the size of the loan on which interest is charged, subject to lender criteria Downsizing protection If, for any reason, you need to move home after taking out a lifetime mortgage, you can pay the loan back early, subject to lender criteria, without incurring an early repayment charge if the new property doesn’t meet your plan’s criteria. Early repayment charges We recommend lifetime mortgages which offer either fixed or gilt-based ERC's. With fixed ERC's you will always know what the charge will be should you wish to repay your loan early.
As an extra safeguard, we’re a member of the Equity Release Council (ERC) and recommend lifetime mortgages and payment-term lifetime mortgages that meet ERC standards.
of your later life finances. Lump sum or drawdown
Choose to release a lump sum of tax-free cash or take out an initial amount and draw down money in stages. With a drawdown, you only ever pay interest on the portion of your facility
We recommend lifetime mortgages and payment-term lifetime mortgages that meet Equity Release Council standards and come with the following guarantees: Stay in your house You'll retain full ownership of your home and can stay in it for as long as you wish* You can still move home You have the right to move home in the future, subject to criteria No negative equity guarantee You'll never owe more than your home's worth or pass on any equity release related debt to your family, provided terms and conditions are met Fixed interest rate Your interest rate is fixed for the life of your loan, so you’re protected against any future rate rises Flexible payment options There are typically no monthly repayments to make with a lifetime mortgage, but you have the right to make voluntary payments without incurring an early repayment charge, subject to lending criteria. With a payment-term lifetime mortgage, you make mandatory payments* for a set time period, however, after that you can make reduced or no monthly payments. Overpayments can also be made, subject to lenders criteria. Things to consider It’s important to remember that a lifetime mortgage and payment-term lifetime mortgage may leave you with limited or no property equity remaining and they'll reduce your financial options in the future. Lifetime mortgages and payment-term lifetime mortgages are loans secured against your home and are subject to compound interest, meaning the amount you owe can grow quickly. *There’s a period of mandatory payments with a payment-term lifetime mortgage, and your home may be repossessed if you don't keep up with these payments. Equity Release Council guarantees
that you have withdrawn. Optional repayments
With a lifetime mortgage, there are typically no monthly repayments to make, as the loan, plus roll-up interest, is repaid when the plan comes to an end. However, there are benefits to making repayments if you can afford to do so.
Can I tailor my lifetime mortgage? We recommend lifetime mortgages which allow you to personalise the features and protections of your plan so you can live the later life you want. Equity release can only be taken following qualified advice and your equity release adviser will talk you through the features available based on what you’d like to do. Don’t forget, some of these features may be available on other products, and your adviser will talk you through your options as part of your advice journey. What’s important to you? Lifetime mortgage feature I’d like to reduce the size of the loan on which the interest is charged Partial capital repayments I want to take some money now and come back for more at a later date Drawdown I’d like to be able to move home if my circumstances change Porting, subject to criteria I want to take all my money in one go Lump sum It’s important I always remain the owner of my home Lifetime mortgage I don’t want to ever owe more than my home is worth Lifetime mortgage
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