Mortgages & Equity Release
Buying a home will most likely be the biggest financial decision you need to make. So why do so many people consider just one lender's deals and not take independent mortgage advice?
With over 1,000 mortgage deals available we will do the hard work for you. You may want the cheapest, the best fixed rate or to simply borrow as much as you can afford. Whatever you need Rothesay Bennett is here to help.
Remortgaging - getting a better deal
Switching your mortgage to a new lender could save you a small fortune and give you extra capital for home improvements or simply reduce your monthly costs for a more comfortable lifestyle.
As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments
What is equity release?
Equity release is a way of getting cash out of your property without the need to move. You either borrow against the value of your home or sell all or part of it for a regular monthly income, lump sum, or the facility to access equity as and when you like, or a mixture.
What type of equity release are there?
Lifetime mortgages. This is where you take out a loan against the value of your property but you still retain full ownership. Many schemes require no repayments to be made and the loan is redeemed when you die or move into long term care.
Home Reversions. This is where you sell all or part of your home to a home reversion company. You give up all or part of the ownership and there may be nominal payments to make although you are guaranteed the right to reside in the property until you die or move into long term care. At this time the property would be sold and the arrangement would cease.
Home reversion plans and Lifetime Mortgages are complex products. To understand the features and risks, ask for a personalised illustration.
Other thoughts you might have:
- Can I release a single lump sum?
- Can I draw money as and when I want?
- How do I get a regular income?
- How will it affect my Inheritance Tax position?
- Are there any guarantees governing Equity Release plans?
- What about transferring ownership or a legal charge?
- Is Equity Release right for me?
- How do I go about setting up an Equity Release plan?
These are all questions your Rothesay Bennett adviser can help you with.
This is a lifetime mortgage/home reversion plan. To understand the features and risks, ask for a personalised illustration.