Lifetime Mortgages or Equity Release

Lifetime mortgages allow you to release cash from your property without the need to move home. To be eligible for one of these plans, you need to be a UK homeowner aged 55-95. The money you release can be spent in any way you like and, what’s more, there are typically no monthly repayments to make (although this is an option if you wish).

 

You may stay in your home for life, or until you decide you want (or need) to move. Alexander Financial Solutions have access to mortgages from the Whole of Market and pride ourselves in sourcing the most appropriate mortgage for your individual needs. We offer independent advice for lifetime mortgages.

We only work with lenders that offer a guarantee that the loan will never be more than the value of your home.

The cash could be used to:

  • Boost your quality of life in retirement

  • Repay your interest only mortgage or other debts

  • Pay for home improvements

  • Pay to adapt your home

  • Upgrade your car

This type of loan means you retain full ownership of your home whilst unlocking a cash lump sum. The amount you can raise is dependent on your age, your health and the value of your property.

There are many providers of these types of mortgages and they are constantly developing new products which is why we believe you need to get expert advice.

With a lifetime mortgage Instead of paying back a monthly amount of capital and interest each month, most plans will allow the interest charged by the lender to be ‘rolled up’ on to the loan. However, some lenders will also give you the option of paying the interest payments in part or in full each month so your loan amount may stay the same (if you pay the full interest every month). This is subject to such payments being affordable on your current income.