A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. For Home Reversion plans and Lifetime Mortgages: to understand the features and risks, ask for a personalised illustration. Andy Wilson Financial Services Ltd is an appointed representative of TenetLime limited, which is authorised and regulated by the Financial Conduct Authority.
Andy Wilson Financial Services Ltd is Registered in England and Wales under reference no: 07547809. The information contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Andy Wilson Financial Services Ltd is Registered in England and Wales under reference no: 07547809. The information contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Services
Having seen any number of TV adverts, many people ask 'what is equity release'?
In the UK, it is a term given to financial products that allow older homeowners to take cash out of the value of their home.
In all cases they retain the right to continue living there for the rest of their lives.
They also do not have to make any payments to a plan during their lifetime.
Equity release plans are designed for those over the minimum age of 55.
The amount you can release depends broadly on two things: the age of the youngest applicant and the property value.
In the UK, it is a term given to financial products that allow older homeowners to take cash out of the value of their home.
In all cases they retain the right to continue living there for the rest of their lives.
They also do not have to make any payments to a plan during their lifetime.
Equity release plans are designed for those over the minimum age of 55.
The amount you can release depends broadly on two things: the age of the youngest applicant and the property value.
How can older homeowners release some of the money tied up in their homes to use and enjoy in retirement?.
Many of those reaching pension age face the prospect of receiving lower than expected income from pension plans.
We also have a state benefit system struggling to provide for those who need extra help to manage financially in retirement.
Others who retire may have something of an aspirational lifestyle, having been able to afford the nice things in life whilst they were working.
This includes such things as foreign holidays, a new car every few years and other luxury goods.
Many of those reaching pension age face the prospect of receiving lower than expected income from pension plans.
We also have a state benefit system struggling to provide for those who need extra help to manage financially in retirement.
Others who retire may have something of an aspirational lifestyle, having been able to afford the nice things in life whilst they were working.
This includes such things as foreign holidays, a new car every few years and other luxury goods.
What are Equity Release 'lifetime mortgages' and how do they differ from 'normal' mortgages that are available to everyone?.
A lifetime mortgage does not have to be repaid within a certain term, it can literally run for your lifetime.
You can choose whether to meet the interest charged each month on the loan, but you do not have to pay anything back on a monthly basis if you do not wish to or cannot afford to.
Any interest you do not pay simply gets added on to the total loan each month, so the debt grows.
A lifetime mortgage does not have to be repaid within a certain term, it can literally run for your lifetime.
You can choose whether to meet the interest charged each month on the loan, but you do not have to pay anything back on a monthly basis if you do not wish to or cannot afford to.
Any interest you do not pay simply gets added on to the total loan each month, so the debt grows.
Professional Lifetime Mortgage advice will carefully consider the reasons for needing equity from the owner's home.
There may be other alternatives available.
For those needing more income, an assessment of the entitlement to State Benefits should be undertaken.
Benefits include Pensions Credit, Pensions Savings Credit and Council Tax Benefit.
A significant number of pensioners may be entitled to more benefits than they are currently receiving.
As part of the Equity Release and Lifetime Mortgage advice process, Andy Wilson will usually undertake such a check on your behalf.
There may be other alternatives available.
For those needing more income, an assessment of the entitlement to State Benefits should be undertaken.
Benefits include Pensions Credit, Pensions Savings Credit and Council Tax Benefit.
A significant number of pensioners may be entitled to more benefits than they are currently receiving.
As part of the Equity Release and Lifetime Mortgage advice process, Andy Wilson will usually undertake such a check on your behalf.
Use the calculator to get an approximate idea of how much you might be able to borrow with a lifetime mortgage.
Please use our Lifetime Mortgages calculator to obtain a rough guide of how much you may be able to borrow against your home.
Using this calculator DOES NOT require you to enter personal details and you will not automatically be contacted unless you ask us to do so by also completing our 'Contact Us' form.
The maximum amounts that Lifetime Mortgage applicants can borrow changes frequently.
Please use our Lifetime Mortgages calculator to obtain a rough guide of how much you may be able to borrow against your home.
Using this calculator DOES NOT require you to enter personal details and you will not automatically be contacted unless you ask us to do so by also completing our 'Contact Us' form.
The maximum amounts that Lifetime Mortgage applicants can borrow changes frequently.
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