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LIFETIME MORTGAGES

LIFETIME MORTGAGES

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.

… always on call to answer any questions I had. A very painless experience, will definitely use again when I come to re-mortgage.

MRS WANDLESS, LONDON

Marchwood has done an excellent job for me as they have researched the market to meet my requirements, explained clearly the features of each mortgage and made recommendations. They have helped me with buy to let and main residence mortgages. The have ultimately saved me a lot of money and the provider paid them a commission so their services were at no cost to me. I highly recommend them.

MRS FRANCO, LONDON

I was really impressed by the speed and quality with which my mortgage application was handled. You were very flexible and helpful throughout the process. Highly recommended!

MR WILLIAMS, LONDON

I have never used an IFA before and, I suspect like many people, was daunted by the erroneous belief that it would be an expensive service to use. It was a delight to find your modest fees were in fact taken care of by the building society. To me you were an expert and free service! Top marks for everything you did.

MR RIDER, TITCHFIELD

How we charge

Lifetime mortgages are charged differently to other mortgages where; the applicants have not reached 55 years of age. This is true of all non-lifetime mortgages be they interest only, repayment, or buy to let.

Lifetime mortgage charges:

Lifetime mortgages are charged at a flat fee of £495.00. This fee is payable on successful completion of the lifetime mortgage.

Lenders pay commission based on the value of the mortgage loan. The value of this commission payment will be disclosed to you in the finance illustrations that our lifetime mortgage experts provide you with. This is because the commission is paid to us.

If you change your mind prior to completion of the lifetime mortgage there will be no fee, you will not be charged.

Non-lifetime mortgage charges:

On occasion it is necessary for us to charge a fee for our professional services alongside the commission paid by the lender. This is normally because the mortgage loan is too small to generate sufficient commission or because the complexity of the mortgage finance merits the additional fee. Typically; this fee can range from £195 to £495. The fee will be discussed and agreed with you from the moment we start work on your behalf.

For most mortgages we arrange we rely solely on the commission paid to us by the lender and charge no fees to you whatsoever. This commission is declared in all the illustrations we produce and typically ranges from 0.30% to 0.45% of the mortgage loan.

Some firms will argue that the only way to get high quality service is to pay for it. We disagree with this view and do our best to provide the best possible service without the need to charge any additional fees for it. We do this because our experience tells us that our clients repay us by using other services we offer and recommending us to their friends and colleagues.

Your home may be repossessed if you do not keep up mortgage payments.