A home is your castle, but it is also your opportunity to make things happen
The Mortgage Place professional brokers can assist you with equity release solutions through Lifestyle mortgages that may help without the need for you to leave the family home.
Your home is probably your biggest asset. Its value is “on paper” leaving you asset rich but cash poor. Lack of available funds to maintain a lifestyle, make big purchases, or support family is a worry for many. You may be eligible to take advantage of a range of equity release products f you are aged 55 or over. These allow you to access cash (‘equity’) from your home while you continue to live in it.
With our range of lifestyle mortgages, as a homeowner there is no need to be confined by a lack of income and finances. Speak to us about what you would like to achieve – a holiday of a lifetime, a new car, help family with purchasing a home or having funds to maintain your lifestyle. The money can be released as a lump sum, a series of smaller amounts or even a combination of both.
What you should consider before Equity Release
Equity release can end up being more expensive than payment of a standard, general purchase mortgage, as repayment terms are generally at a higher rate. Be assured safeguards can be put in place. These will protect you against, for instance, negative equity or to set the interest rate at a fixed rate for the life of the plan. It may also limit your options later in life: if you have released equity, your investment in your home may not cover future needs such as long-term care in a nursing home.
Your decision must also balance possible future plans such as moving to a new house or downsizing to a smaller home. You may no longer have enough equity in your existing property to be able to afford to do this. You should also consider the fact that payments you receive through equity release schemes may disqualify you from state benefits, if the need should arise. And of course, there will be less inheritance to pass onto your family on your death.
Take Independent Advice From a Specialist Before Committing
Choosing an independent advisor and mortgage broker in Dorset to give you financial advice on equity release will ensure you access the fullest range of relevant products and a better idea of whether this route is right for you and your family.
At The Mortgage Place, we’re confident that we will be able to offer you the impartial equity release advice you require and that one of our range of Lifestyle mortgages will match your circumstances. Contact us to arrange an appointment with one of our sympathetic and knowledgeable advisors at our Dorset based offices. Or we can come to visit you anywhere in the county or surrounding areas.