At FPM Advice Centre our financial advisers can provide equity release and lifetime mortgage advice based on your own personal circumstances. We will discuss your immediate and long-term needs and will advise on the best solution and options for you, whether it is a lifetime mortgage that provides you with a series of regular tax free payments or an equity release that returns a tax free lump sum.
There are different types of equity release available. Our qualified advisers will explain the differences and guide you through the entire process, making sure you understand the features and risks of each option to ensure you a fully informed decision.
How much equity you can release will vary between providers but it usually depends on your age, health, and value of your home.
Lifetime mortgage: An Interest only lifetime mortgage enables you to borrow against the value of your home and allow the interest to be added to your mortgage, while maintaining full ownership of your home. When you die or move into long-term care the Mortgage must be repaid, which is usually (but not necessarily) from the Sale of the Property.
Funds cab borrowed as a Lump Sum (with potential ‘Drawdown’ facility for future use) or on an income basis
Interest only lifetime mortgage: An Interest only lifetime mortgage allows you to borrow against the value of your home and choose to make flexible repayments to the lender repaying all or part of the interest.
Please note that FPM Advice Centre Ltd. does not advise on ‘Reversion’ Schemes
Below you’ll find answers to the questions we get asked the most about lifetime mortgages. If you have any questions that are not covered below, don’t hesitate to contact FPM Advice Centre.
Yes, you will continue to own your own home. All plans that meet the standards set by the Equity Release Council guarantee lifetime tenancy in your property, regardless of what happens to future interest rates, property values or investments.
Costs are for Survey (invariably free of charge), your Solicitor Costs. Our charge is presently £549. Some Lenders charge a completion fee when the Loan completes.
You will still own the property, although (as above) the Mortgage will need to be repaid.