Later Life Lending
As mortgage brokers we first look at all standard residential borrowing options – such as extending your term, perhaps with a different lender. If this does not suit then we look at the new style Retirement Interest Only Mortgages. These are still affordability assessed and require a monthly payment. The good news though is that the total amount you owe never increases.
If the above 2 options don’t work out for you then we also look at the Lifetime Mortgage market for our clients.
You take out a mortgage secured on your main residence. You remain the owner. You can choose to set aside some of the value of your home as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.
As long as your house (or the one you are purchasing) is worth more than £70,000 and you (or the youngest of you) is over 55 then you qualify to apply.
Poor Credit History and Low incomes do not make any difference when it comes to this type of product.
Why borrow in your later life?
Releasing money from your home can be a suitable option in many circumstances whether it be for:-
Increasing your income or replacing your pension (if you were one of the many who had their retirement date moved…)
Much needed home improvements
Clearing an existing mortgage
Assisting your children with a deposit for their first home
Or spending on whatever you want… (New Holiday Home, Caravan, Motor Home, Boat, Static Caravan etc)
What will we do for you?
As members of the Equity Release Council our purpose is to ensure you get the best plan for your situation and ensure that we have considered all other options for you too.
As part of our service we:
Visit you in your home or preferred place to discuss your plans
Complete a financial review with you to be sure we have looked at all alternatives
Carry out a benefit assessment to ensure you know what means tested income you may or may not be entitled to before and after your mortgage completes
Advise and recommend the best product for you so you are protected in the event of future complications
Only charge our advice fee payable on completion only. So if your loan never completes you owe us nothing
Releasing money from your house in whatever format can be quite a draining subject both regulatory and emotionally, so it is important to include your family in any big decisions regarding the family home and their potential inheritance.
Give us a call on 01822 615502 or email firstname.lastname@example.org to find out more about how we might help with lending in your later life.
Remember, Dartmoor Financial also has access to Will Drafting and other Estate planning services so you could get all you need sorted with just a couple of appointments.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.