Equity Release/Lifetime Mortgage Advice from Best 4 U
Best 4U of Kettering Northamptonshire provide the Equity Release/Lifetime Mortgage Advice and Support for people aged over 55.
Equity Release Mortgages in the past have had bad press, mainly because they were not regulated and unsuitable schemes were sold to people, leaving them in financial difficulty, they are now regulated under the FCA (Financial Conduct Authority) and lenders are required to be members of The Equity Release Council where as part of the code of conduct all plans must carry a ‘No Negative Equity Guarantee’
These mortgages can be an excellent way to finance retirement plans or create some extra cash to maintain or improve lifestyle or a way to continue an interest only mortgage in order to keep you in your home.
As an independent firm we have historically advised and arranged Equity Release Mortgages for people across the UK. Our advice is impartial and honest. Our success is built on listening to clients needs and finding the Best product 4U – as part of our advice process we also ascertain whether a normal mortgage may suit you better.
Is Equity Release/lifetime mortgage for you?
Typically if you are aged over 55 and your property is valued at over £70,000, is a freehold or long leasehold, then there is a chance there is a product out there 4U. Our recommended products apply to mainland England, Isle of Wight, Scotland or Wales.
You can borrow a one off lump sum or several cash withdrawals as and when they are needed or take the cash as income monthly.
You would be responsible for legal fees and all others fees, some are upfront, some can be added and some are free, they are always listed in the illustration which you will receive prior to making your final decision.
Equity Release Mortgages
There are now many types of Equity Release/Lifetime mortgages
- LIFETIME MORTGAGE – This scheme involves a mortgage secured on your home without having an expiry date, normally at a fixed rate of interest for your peace of mind. You can choose to pay the interest each month or ‘roll up’ the interest. The mortgage is then repaid when your house is sold or you move into long term care or pass away.
- HOME REVERSION – This plan enables you to sell all or part of your home to a reversion company or an individual. You would no longer own your home (or only own a part of it), but you could continue to live there as a tenant of the reversion company or the individual purchaser. The home would be sold when you die or move out of it. (WE ARE NOT AUTHORISED TO ADVISE ON HOME REVERSION, BUT IF YOU THINK IT SUITS YOU, WE CAN REFER YOU TO ANOTHER BROKER WHO IS AUTHORISED IN HOME REVERSION SCHEMES)
- RETIREMENT INTEREST ONLY (RIO) – these are interest only mortgages designed for life as they are based on retirement income only, these usually have lower rates than above but they are based on the sole survivor. so if you are married and one person dies they look at the income the survivor has and whether any pensions are transferable to see if they could still afford the mortgage.
- standard mortgages – we do have lenders that go to age 95 on repayment and interest only depending on circumstances and affordability.
Reasons for Equity Release:
- Poor pension income, raise lump sum or income, though could affect benefits.
- Re-mortgage/repay debt to stop monthly payments.
- Delay downsizing or wanting to stay in family home.
- Helping family or releasing inheritance early.
- Maintaining standard of living.
- Power of attorney cases – maintain long term care.
- Winding up a business.
- Minimizing inheritance tax liability.
If your scenario doesn’t fit any of these, then don’t worry, just give us a call and tell us what it is your looking to do and we can give you an idea of whether its feasible or not.
Best 4U Equity Release and Lifetime Advice Northamptonshire
The Best 4U team have over 20 years experience. We are a broker which means that we search the market for the best Equity Release (Lifetime) mortgage for you according to the details you provide to us during our first meeting/contact.
We have access to the whole of the market with exclusive deals like free valuations or low arrangement fees. Over years we have built up very good relationships with these lenders.
We also arrange your associated insurances like buildings & contents ensuring we get you the best deal because we have access to a wide variety of companies.
Our fees for a Lifetime Mortgage are: £750 fee payable, or if changing to a normal mortgage, fees payable are £275 on application and £372 on completion.