Equity Release Lifetime Mortgage

ASSET RICH BUT CASH POOR. Release cash from your home with an Equity Release Lifetime Mortgage.

You Can’t Eat Bricks, so why not release some Tax Free Cash that is tied up in your main asset, your home, by applying for an Equity Release Lifetime Mortgage which you could use to spend in your retirement on what ever you want. You could pay off any outstanding mortgage secured against your house leaving you nothing to pay monthly moving forward if you didn’t want to.

Equity Release refers to a range of products that lets you release tax free cash, (equity), tied up in your home. If you’re over the age of 55, you can release a lump sum or take several smaller amounts or a combination of both. You can spend it on whatever you want. You don’t have to pay back any capital or interest if you don’t want to during your lifetime freeing up cash to spend in retirement

Do You Qualify for an Equity Release Lifetime Mortgage ?

Are you over the age of 55 and own your main residence with no or very little borrowing secured against it ?.

Do you have a main residence with lots of cash, (equity) tied up in it ?.

Could you benefit from extra funds to boost your savings and income in retirement ?.

Would you like additional cash or income to assist you in retirement and your life ahead?

Are you currently retired with no mortgage but don’t have much savings for luxury items such as holidays, now that you have plenty of time to see the world ?.

Does the family car need replacing now that it is out of warranty and the repair bills are starting to flood in ?.

Do you have an Interest Only Mortgage on your home and are coming to the end of your mortgage term and finding it difficult to extend it due to your age or income ?.

If the current lender will extend the term of the mortgage, are they insisting on capital and interest on your new mortgage payments which would make it impossible to service ?.

If your current lender won’t extend your mortgage term, are you being asked to sell your property in order to repay the current mortgage ?.

Would that mean you would need to move to an area where property was cheaper, away from your family and friends, to allow you to purchase a new home with the funds left over from the sale of your current home, after you’ve paid back the outstanding mortgage.

Give the family a financial helping hand

Are family members, i.e. your children or grandchildren in need of funds for a deposit to buy a property to get them on the property ladder. Would you like to help them ?.

Do you want to help with School and University Fees ?.

As the saying goes, “You can’t eat bricks!”, so why not release some Tax Free Cash from your home.

Retirement Holiday of a Lifetime

Replace the Car with a New One

Help with University Fees

Some people will suggest you downsize from the house you love, move away from your family and close friends so that you can find a cheap enough house to live in to free up some cash to pay for these more luxury requirements.

Why would you want to go through this process and incur these costs ? i.e. Estate Agents Fees for selling and buying, Stamp Duty, Decorating the new property to suit your taste, Removal Costs, and petrol when travelling to see your family and friends back where you used to live.

There may be an alternative solution 

A solution that would allow you to remain in your own home that you love, close to family and friends, but still be able to release enough of the equity tied up in your home to allow you to boost your income in retirement or purchase a holiday of a lifetime, replace the car with one that is covered under warranty, help family out with School or University fees, give a family member a lump sum of money to put down as a deposit on their first home or payoff your own outstanding Interest Only mortgage and achieve your objectives and goals in your life ahead.

Does any of the above relate to you ?

If you can identify with any of the situations noted above, or you would like advice on how you could release funds tied up in your home, then please get in touch and I will arrange for a qualified mortgage adviser to meet with you to discuss the options available to you.

Sifinance LTV

Keep in mind that you don’t have to have a minimum income amount or even any income at all. You also don’t require a pristine credit history or any credit history at all to qualify for this type of mortgage finance. 

The older you are the better, as the percentage you can obtain against the value of your house is higher the older you are.        The funds you receive are worked out as a percentage of the value of the property, less any existing mortgage you have secured against it.

Case Study

We recently assisted a couple whose property was valued at £1.4 million and aged 70 years old and obtained a mortgage of £420k at 2.26%, fixed for the rest of their lives. They used this amount to pay off their existing borrowing on their house. They no longer have to make any monthly payment as this can be rolled up on to the loan. If they did wish to make monthly payments, they can service the interest rather than roll it up on to the loan.

Please don’t hesitate to call me if you would like to find out more and I will arrange for a Qualified Equity Release Mortgage Adviser to meet with you and discuss your options and assist you in achieving your goals and objectives.

Get in touch to receive a free quote and discover how much cash you could release from your property and at what interest rate, to assist you moving forward.

Planning ahead

You may be looking ahead to the future and hoping to leave your children or grandchildren some inheritance to help them in their lives ahead. Why not consider giving them some of their inheritance now, when they may require financial assistance the most and you are still alive to see them getting the benefit of it !

Interest Rates 

Interest rates at present are at an all-time low and the rate you obtain is fixed for the rest of your lifetime. Rates as low as 2.26% fixed for the rest of your life have been achieved with nothing to pay back during this period, but if you did wish to service the interest, this may be an option. Rate correct and was available in December 2020.

At present, you couldn’t obtain a normal main residence mortgage on a 25 Year fixed interest rate of 2.26%, where you don’t have to pay back any capital or interest during the period and don’t have to provide proof of income to qualify for the mortgage amount.

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