As experienced later life lending specialists, we take pride in helping our customers get the most out of their retirement.
We provide independent advice on the whole of market, so we can provide the most suitable option for your needs. We are happy to provide an initial free no obligation consultation in your home.
Our advice is fully independent and regulated by the Financial Conduct Authority (FCA).
Equity release allows you to access the value held up in your home and turn it into money you can spend as you wish.
How much equity you can release depends on your age, how much your property is worth and how much you choose to borrow.
People over 55 often have little or no outstanding mortgage and lots of value tied up in their home. Many others have an interest only mortgage and no way of repaying it.
Equity release could help in either of these situations.
Here at My Later Life Planning we will ensure that we only recommend a plan that is right for you after having taken into account all your personal circumstances. We have access to all the 500+ Lifetime Mortgage plans now available in the market place, some will be suitable some not, it is our job to get the best one for you. We will advise you in an honest and personal way that you will fully understand. We will walk this journey together for your benefit.
Please remember, all Lifetime mortgage interest rates are fixed for life.
We can also show you and can demonstrate how to keep the interest on your mortgage plan under control if you choose to do so, point out plans where no monthly repayments are required, we can build in safeguards such as guaranteeing an inheritance for loved ones. It is also our duty to advise you if we professionally believe that Equity Release is not the right thing for you.
Compare a wide range of Equity Release plans we can offer...
We understand that everyone's needs are different. That's why we will always personalise your equity release plan to make sure it's right for you.
Step 1. Have a chat with one of our advisers.
Step 2. We'll find a product that suits your needs.
Step 3. Your application is made and an independent solicitor confirms your application.
Step 4. Complete and your funds are released to your bank account.
With a lifetime mortgage – the most popular form of equity release – there are no monthly repayments for you to make, as the loan, plus roll-up interest, is repaid when your plan ends.
Choose whether to receive your tax-free cash in one go or in stages following an initial release (only release what you currently need)
After five years, if for any reason you need to move home, you can repay your loan in full without penalty if your new property doesn’t meet the lender’s criteria.
You can ring-fence a percentage of your home’s future value to be passed on as a guaranteed inheritance, regardless of how much interest accrues.
You can make voluntary, ad-hoc repayments towards the interest and capital amount borrowed to reduce the size of the loan on which interest is charged, (limits apply)
If you, or any other applicant, have any health problems or make certain lifestyle choices, like smoking, you could be able to release more of your home’s value.
Taking equity release could result in your entitlement to means tested state benefits being reduced or removed. It can also have an affect on any funding you might receive for care services. Local authorities and the Government use your income and savings to decide if you need means tested state benefits. Equity release is also called a lifetime mortgage and allows you to borrow money against the equity held in your home.
If you receive pension credit then you also qualify for other benefits including Housing Benefit, Council Tax Reduction, Cold Weather payments and help with NHS services. You should check the impact of losing these benefits compared to your gains of receiving equity release.
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