Interest Only Lifetime Mortgage
If you are retired and looking for extra cash to help you do some jobs around the house, or maybe plan a holiday then a Interest only Lifetime Mortgage could help.
Essentially, you take out an Interest only loan, and make the Interest repayments back to the lender each month.
You are free to use the capital released for any (legal) purpose. Should you wish to sell the house, or you have passed away and your estate is being wound up, then the lender will receive their loan money back, with the remaining equity going to your family.
In the meantime, you have benefited from releasing the capital when you needed it, continue living in your own home, and have the peace of mind the loan stays constant and is not eating into your estate.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
A Lifetime Mortgage involves borrowing against your home. There may be more suitable methods of raising the funds your need.
A Lifetime Mortgage may work out more expensive in the long term than downsizing to a smaller property. Releasing equity from your home may affect your entitlement to state benefits and grants.
We can be paid by commission or a fee. The precise amount will depend on your circumstances but will be typically around £500
The Financial Services Authority do not regulate some forms of equity release schemes.
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