Q. Can anyone have a lifetime or Equity Release Mortgage
A. Lifetime mortgages are available to anyone over the age of 55 whom are homeowners and have a suitable property for security.
Q. I have an interest only mortgage and my lender wants me to repay it.
A. With a Lifetime or Equity Release mortgage it is possible to repay your interest only mortgage. You can then decide to pay monthly as you currently do with your current interest only mortgage or you can make no payments and roll the interest up and pay on death or sale of the property.
Q. My only income is a state pension can I still have a Lifetime or Equity Release Mortgage
A. Lifetime and Equity Release mortgages are not based around income. This means that unlike standard mortgages your income is not part of the lender or providers criteria. The value of the property and your age are the most important factors.
Q. I have a poor credit rating and have had CCJ's and defaults could I still have a Lifetime Mortgage.
A. Poor credit has little or no impact of whether you can get a lifetime mortgage. Value of the property and age are more key.
Q. I need some cash to improve my home and adapt it so that I can future proof the property for our later years
A. With a Lifetime mortgage you can have funds available for any legal purpose! So you can have the money to improve your property and make it more useable in your later years.
Q. Can I move home with a Lifetime Mortgage.
A. Yes, it is possible to buy a new home with a Lifetime Mortgage and move your Lifetime Mortgage to a new property should you need to move.
Q. Will I still own my property.
A. Yes. The Lender will put a legal charge over the property and you will in effect have a lifetime mortgage. This mortgage is based on an interest only basis but you can choose to pay the interest in most cases so that the loan does not increase or you can make no payments and the loan amount will increase the longer the term goes on with the interest being rolled up.
Q. How much will this cost.
A. There are costs involved in Lifetime mortgages but we do not charge for a consultation and all our quotes are free. Once you receive your free quotes you will understand all the costs and the benefits as well as all the long term effects of having a Lifetime mortgage.