Flexible lifetime mortgages from The equityRelease Centre
With Flexible Lifetime mortgages you can create a borrowing reserve from which to draw down as and when required. Whilst you may have a few immediate needs for releasing equity, most people do not necessarily need the maximum amount of money available right from the start.
With standard Lifetime Mortgages most providers: will not allow you to borrow more within 3-5 years of taking out a plan; apply additional charges each time you re-apply; require you to have a new valuation carried out and seek fresh legal advice costing more money. Therefore to avoid these issues you may be tempted to take the maximum amount initially. However, this means that the interest rolled up under your lifetime mortgage increases at the maximum rate. Similarly if you don’t need all of this money initially, you may put the balance in a building society where you are unlikely to receive as much interest as the rate being added to your loan.
To avoid this, wouldn’t it be good if, just like a savings account, you could take out just what you need when you need it and only incurred interest on it when it was borrowed? This way not only would you have reassurance that your financial future is secured but the loan and interest would accumulate less – leaving more for your family or friends to inherit. This is exactly what a Flexible Lifetime mortgage offers. The equityRelease Centre is able to offer those over 60 such SHIP approved Flexible Lifetime mortgage schemes.
Based on your age (or youngest age if a couple) and the value of your home, a maximum facility is created from which you can draw down initially, within plan limits, as much as you like, the remainder creating a borrowing reserve which incurs no interest until further advances are taken. These additional advances (up to the maximum facility initially created) can be taken (within plan limits) usually as often as you like and often free of any large set up fees (although most schemes may charge a small administration fee each time a release is taken).
If you would like advice please complete our equity release enquiry form and one of our trained consultants will call you back shortly. Alternatively please feel free to phone The equityRelease Centre on 0118 958 8810 or click through to our Equity Release Centre home page and follow the links from there.
You will always receive courteous service in the strictest confidence from highly trained staff who all value your custom. Your business will be dealt with in a friendly, efficient and personal manner at all times.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
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