Please note: We will refer you to a third party to discuss equity release services as ‘our third party’.
Please note: We will refer you to a third party to discuss equity release services as ‘our third party’.
Equity Release mortgages can enable you to make repairs to the house, pay down debts or simply provide you with more freedom and a better standard of life in your later years.
If you are in your mid 50's or older you might have paid a substantial amount off your mortgage, or be close to doing so. The value of your home may have risen considerably since you bought it, but you might still be short of money to spend, invest or even pay your standard mortgage off.
Equity Release is a way of raising money from the value of your home.
When the “equity” value in a home is released on the householder trading down to a smaller property, the cash which is realised could be used to provide additional income, to fund a major item of expenditure, or to provide a gift to a relative. But the same options can be available even without the property being sold, if the householder uses an “Equity Release” plan.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
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Bassetts Financial Consultants Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
Registered in England and Wales. Companies House Registration Number: 05029046.
Registered Office Address: Bassetts, Second Floor, 107 Power Road, London, England, W4 5PY.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.