No pressure, No obligation, its an important decision and people sometimes need time to think it through.
Doncaster based Equity Release advice
Being based in Doncaster we can serve all areas of Doncaster quite readily from the outskirts of the Doncaster borough to all the Doncaster DN postcodes.
We cover all areas of Doncaster for Equity Release FREE home consultations including Adwick le Street, Bentley, Bessacarr, Rossington, Bawtry, Conisbrough, Cusworth, Edlington, Mexborough, Tickhill along with Doncaster Rural District and Thorne Rural District, the parish of Finningley from East Retford Rural District and small parts of the parish of Harworth
What are Lifetime mortgages ?
A Lifetime Mortgage is a type of mortgage where you can choose to extract your funds in a single lump sum or in smaller amounts over time up to the maximum limit agreed with the plan provider. You can also elect to retain some of the value of your property as an inheritance for your family, meaning that you can benefit from releasing equity while ensuring you have something to pass on to your children.
You retain full ownership of your home and interest on the loan can be fixed or rolled up. The loan and the rolled up interest is repaid by your estate when you either die or move into permanent long term care. If you are part of a couple, the repayment is not made until the last remaining person living in the home either dies or moves into permanent long term care. In other words, both you and your partner are free to live in your home for the rest of your lives. With some plans you can make monthly interest repayments in part, or in full. That way, you can maintain the debt to the initial amount of the loan before interest. If you choose to make interest repayments, you still have the option to move to a roll up arrangement at a later date if you wish. There are even some lenders who can offer you the option to pay some capital throughout the plan but always discuss details with your plan provider.
How much can be released is dependent on your age and the value of your property. Some providers may be able to offer larger sums to those with certain past or present medical conditions. Some providers may offer larger sums to those with certain past or present medical conditions, or even ‘lifestyle factors’ such as smoking habit.
Is equity release safe?
Always look for Equity Release products that are covered or follow the Equity Release Councils approved products, that way you know they meet a certain standard. You can find more details on the Equity Release council on their website by clicking here Equity Release councils website
How much can i borrow on Equity Release?
Typically its between 20% to 50% of the property value, depending upon your age and health circumstances. The older you are the more Equity Release lenders will typically release, equally if you have health conditions then again you might be able to release more money. To be certain of the actual amount the Equity Release provider will instruct a surveyor to give a professional valuation of your property that would define the amount that could be released. How much can be released is also dependent on your age and that of your partner (if you are making a joint application) and the value of your property. Some providers may offer larger sums to those with certain past or present medical conditions, or even ‘lifestyle factors’, ie smoking habit.
Can I use Equity Release to repay my Interest only mortgage?
Yes equity release is being used by many people across the UK to repay interest only mortgages.