UK Equity Release Mortgage, also known as the Lifetime Mortgage, is a benefit offered to people above a certain age. Depending upon the plan, the minimum age to avail UK Equity Release Mortgage is typically somewhere between 55 and 70.
When you opt for the Lifetime Mortgage, you can borrow money against the equity value of your home. The maximum allowed amount that you can borrow is between 20% and 40% of the equity value of your property. The mortgage is secured against your home and you don't need to pay back the borrowed money. With an Equity Release Mortgage you can still continue to live in your home as long as you wish.
To qualify for a UK Equity Release Mortgage, your home needs to be in a reasonably good state, and even while you live in the home after mortgaging it, you should keep it well maintained.
A UK Equity Release Mortgage is a blessing for people that are above the qualifying age and are retired or not able to work any longer. The Lifetime Mortgage provides you with an easy way to live the rest of your life in comfort. If you are planning to mortgage your property under one of the UK Equity Release Mortgages, complete our short form for a fast quote.
Best Quote Mortgages can find you a cheap mortgage deal to suit your needs.
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Some products are available in which payments aren't required until your home is sold
You have the option to remain in your home for the rest of your life
You may still have the option to move home
Additional cash can be taken by equity release at a further date, depending on how much you take initially
As you still own your home, you also own all the growth in the value
Plans can be taken out by those as young 55
Cons:
Equity release devalues your estate
Equity release deals may end up costing more in the long term than downsizing to a smaller property now
You will be borrowing against your home and there may be more suitable methods of raising funds
Equity release or lifetime mortgages may have higher interest rates due to the long term nature of the loan
There may be early repayment charges
If house prices fall, there may not be much equity left in your property or you may fall into negative equity
