Equity Release Advice East SussexServices We Offer
Why you might consider a later life mortgage:
- To boost your retirement income
- To enable you to stay in the home you love
- To ‘sort out’ the garden now it is difficult to manage
- To carry out essential repairs on your property
- Because you have limited income and managing day to day is not easy
- To repay debts that you are unable to manage
- To replace the car
- To build the extension that you have always planned
- To help your children with a deposit for their 1st home
- To take the dream holiday you promised yourselves
Options that may be available with a later life Mortgage:
- You can choose to pay interest regularly if you wish
- You can choose to let the interest roll up
- You can choose to pay intermittent sums from the debt if you wish
- Many lenders fix the rate for your lifetimes when the mortgage commences
- If you do not take the maximum initially you may be able to request more money later without needing financial or legal advice
- Further drawdown sums would be at the prevailing rate at the time
- You may be able to move home with the mortgage subject to the property being suitable to the lender
- The Equity Release Council determines that the debt may not exceed the value of your home so your family will not be left with a debt on your death
- There are not likely to be early repayment charges if you need to go into care or when you die.
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