Enquire about equity release from mortgage broker, Deal Direct.
Enquire about how you can release equity from your home with a lifetime mortgage from mortgage broker, Deal Direct.
What is a lifetime mortgage?
It is essentially a long-term loan that is secured against your property, as with a regular mortgage. The difference is that the loan and interest are normally paid in full on the sale of your property, at the end of your life or if you go into full-time care.
- Access to cash, tax-free, from the value of your home.
- Not having to move out of your home.
- Tailored solutions, according to your circumstances.
What is essential to know is that if you obtain a lifetime mortgage, you will almost certainly have Early Repayment Charges included in the Ts&Cs. You will definitely affect what is left in your estate after your death and you may also affect your current tax position. This is why it is vital you consult with expert mortgage broker, Deal Direct, before you do anything.
Seeking advice from us is also helpful because the lifetime mortgage market is changing. The availability of such mortgages has recently reduced, meaning there is less choice. However, the upside of this is that the level of competition for your business between the remaining lenders is high.
Canada Life Home Finance, for instance, has launched a new range of mortgage products with repayment options that offer an increased level of flexibility. The impact of the ERCs can very often deter borrowers from obtaining this type of loan. However, Canada Life has included an ERC waiver after 3 years plus the facility to repay up to 10% of the entire loan on an annual basis.
For further details and to find out whether this is a suitable option for you, consult with expert mortgage broker, Deal Direct.