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equity release
Homeowners who are retired or near retirement can now benefit from the high values that their properties have accrued in recent years, by releasing a proportion of the equity through an equity release/lifetime mortgage; the amount that can be released depends on your age and the value of the property.
The most popular type of Lifetime Mortgage plans on the market today offer you the opportunity to release a cash lump sum as a loan secured against your property. There are no monthly repayments and the loan, plus interest, is normally paid on death or the need for long term care.
They come with a guarantee that your estate will never have to repay more than the open market value of the property and there are no restrictions on what you can do with the money.
Key Criteria
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Single person – the minimum age will be from 55 years.
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Married couple – the minimum age will be based on the youngest borrower attaining 60 years of age.
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The property must be your main residence, in good condition and of conventional construction.
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Properties must be worth at least £40,000.
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If the property is Leasehold the remaining term of the lease must be at least 80 years.
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If there is an existing mortgage in place, the funds released must first be used to repay the existing mortgage provider.
All mortgage providers used are members of S.H.I.P. (Safe Home Income Plans). see SHIP website for details of their guarantee
The amounts that can be released vary according to the provider and the applicant’s age, for example from age 55 yrs - 18% of the properties value can be released, and at age 85 yrs plus up to 50% can be released.
Contact Unizone for a free evaluation of your situation
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
PLEASE BE AWARE THAT SOME MORTGAGES ARE NOT REGULATED BY THE FSA -
INCLUDES BUY-TO-LETS, COMMERCIAL, OVERSEAS AND SECOND CHARGES