To be eligible for a lifetime mortgage, applicants must be a minimum of 55 years’ old. The lending criteria for lifetime mortgages is very strict, it is regulated by the Equity Release Council. House value that is released via a lifetime mortgage can be used to fund maintenance or repairs to the home, as part of living inheritance planning, or to increase retirement income. There are four main types of lifetime mortgages: interest repayment where some, or all of the interest on the loan is paid off; enhanced lifetime mortgages where applicants have lower-than-average life expectancies, lump sum where a loan is borrowed from house value, or drawdown where a smaller loan is taken at the start which is then followed by incremental payments. In most cases the applicant’s home will form part of future inheritance for family members. Which is why if your search for a mortgage leads you to look at lifetime mortgages, we would refer you to our lifetime mortgage experts.
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How we consult with you
We are office based which means that we are always available to update you and answer your questions quickly and easily. Our service is all about delivering high quality advice and information at times to suit you. For a number of our clients, this means we never meet them face to face and conduct all our dealings over the telephone and via email. Most of our clients are happy to contact us during normal office hours but where this is not possible, we are more than willing to find a suitable time.
We start with an initial discussion which helps us to understand your circumstances and requirements. After that we are able to start providing information on products that would be suitable for you. We normally do this via email. If our customers are at the beginning of a property search our dialogue could continue for several months. Whether you require an update on rates or an urgent decision in principle, we are on hand to help. We pride ourselves on being very responsive to our clients’ needs.
Our sole objective is to get you what you want in the most painless way possible. When dealing with the banks this is not always straightforward, so we collect everything required from you and liaise on your behalf with the lender until the mortgage offer is produced. Finding the right mortgage product is one thing but getting a mortgage offer is altogether different. And this is where we really add value.
Whether you wish to refinance an existing mortgage, are buying a new home or an investment property we have the skills, tools and experience to help.