Lifetime Mortgage
Equity release allows you to release tax-free cash tied up in your home.
Apply onlineA ‘lifetime mortgage’ is by far the most popular form of equity release as it enables you to continue to own 100% of your home, whilst also releasing a lump sum of tax-free cash from the value of your property. There is no requirement to make regular monthly repayments as the equity that you release, plus any fixed interest accrued, is repaid when your property is sold; either when you or your partner die, move into long-term care or permanently leave the property.
At Just Compare we work with leading lenders across the whole of the equity release market to find the most suitable lifetime mortgage plans for each and every one of our customers, whatever their individual lending requirements.
Advantages
- Plans are available from the age of 55
- The cash you release is tax-free and can be spent as you wish, such as making home improvements, buying a new car, supplementing your retirement income and much more
- You retain full ownership of your home, therefore benefiting from any future house price rises
- There is no requirement to make monthly repayments with a lifetime mortgage, as the loan, plus roll up interest, is repaid when the plan come to an end
- Some plans allow you to guarantee an inheritance to your loved ones
- The ‘no-negative-equity’ guarantee ensures that you can never pass on debt to your estate
- Lifetime mortgage plans can allow you to protect a percentage of your property value so that your family could inherit a part of the property value
- No more monthly repayments for your mortgage as it is a condition that you pay off your mortgage with the money you release from your home
Disadvantages
- The size of the lifetime mortgage will grow over time. This is because interest is accrued on the original loan amount and it continues to roll up as future interest is added
- If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which is not guaranteed
- The amount that you will leave as an inheritance will be reduced and may affect your entitlement to state benefits as might your options for moving or selling your home in the future
- If you wish to pay off the equity release plan early, you may have to pay an early repayment charge (these can differ from plan to plan)
Call us free today on: 0800 802 1849 to find out more
Find out how much equity you could release from your home TODAY
Call us free today on: 0800 802 1849 to find out more!
Find out how much equity you could release from your home TODAY