About Equity Release
Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise on and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.
Lifetime Mortgages (a form of Equity Release)
Lifetime Mortgages are only applicable to those 55 and over, they could affect your eligibility to state means tested benefits and the inheritance you may leave. A Lifetime Mortgage is a way of releasing money tied up in your home, without the need to move. It is a loan secured on your home with no need to make monthly payments. Interest continues to compound until the loan is repaid. You have the option to pay some or all of the monthly interest. The money released can then be used for whatever you like. With a drawdown Lifetime Mortgages, you can take the money in stages thus avoiding any unnecessary build-up of interest. However, a Drawdown facility is not guaranteed, and different interest rates may apply to each amount you take. To understand the features and risks ask for a personalised illustration.
Retirement Interest Only Mortgages
The Retirement Interest Only Mortgage is available to people over 55. It is a loan secured against the value of your home. You pay the interest each month, which means the amount you owe does not increase over time.
The loan is completely tax-free. You can use it for most purposes (including paying off an existing mortgage). What’s more, you don’t have to repay the loan until you, or the last remaining borrower, die or move permanently into long-term care.
Later life lending is not always the right solution therefore before we provide you with any information, we will look at all alternative options to ensure we are giving you the best possible advice.
During the process, we encourage you to involve your family as any equity released will reduce the value of your estate.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £995.
The guidance and or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
John MacAskill t/a Highlands & Islands Retirement Mortgages Solutions is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
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