2 minute read
Housing Market - Lifetime Mortgages
236 Property Lifetime Mortgages
by Paul Davies, About Mortgages Ltd
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Freeing up wealth tied up in your home You may have heard Equity Release or Lifetime Mortgages mentioned more frequently recently. They can offer many benefits in later life and something you may not have considered before. A lifetime mortgage is a loan secured against your property and doesn’t need to be repaid until you go into long-term care or on the event of your death. Lifetime mortgages free up wealth tied up in your home and you can continue living in it. There is a variety of reasons we’ve seen enquiries increase; it could help purchase a holiday hideaway, provide home deposits for family, replacing lost income when retiring and a range of other needs. But the primary reason appears to be the amount of wealth tied up in a property. How do Lifetime Mortgages work? Lifetime Mortgages are a form of equity release. They enable you to borrow money secured against your property, but the property must be your main residence whilst retaining ownership of it. In some circumstances, there might not be enough money left from the property sale to repay the mortgage, which could leave beneficiaries having to repay extra above the home’s value. Equity Release Council lenders offer no negative equity guarantee which ensures your beneficiaries never have to pay back more than your home’s value. Depending on the lender and the mortgage product, you can ring-fence part of the value of the property as an inheritance for your beneficiaries. Different types of Lifetime Mortgages The two primary types of lifetime mortgages: • Interest roll-up mortgage • Interest-paying mortgage It’s important to understand the difference in these Lifetime Mortgages before applying. Ensure any discussions about later life finance schemes are provided by an FCA regulated adviser. About Mortgages Ltd specialise in mortgages, lifetime mortgages, financial protection contact: 01403 283928 / www.aboutmortgages.co.uk
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