Purchasing your home is likely to be one of the biggest financial commitments you will ever make. Whether your circumstances are simple or complex, we can help guide you through the mortgage maze, helping you secure the mortgage that is suitable for you from the breadth or mortgage product choices in the market.
At Dawn Slater Wealth Management, we’re mortgage experts. We’ll research, source, place and progress your mortgage product (from the whole of market) and follow it through to offer and completion whether you are a first-time buyer, moving home, buying a second home or re-mortgaging your existing property.
If you are over 55, own your home, and need additional capital or income, you might be considering equity release. There are two main equity release options:
• Lifetime mortgage
You take out a mortgage secured on your property provided it is your main residence, while retaining ownership. You can choose to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.
• Home reversion plan
You sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, rent free, but you have to agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance. The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
At Dawn Slater Wealth Management, we have specialists who are qualified to advise you on equity release. They’ll help determine whether equity release might be suitable for you in the first place, and then advise you on the options available to you from the types and providers available from the whole of market.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
Equity release may involve a lifetime mortgage or a home reversion plan which is secured against your property. To understand the features and risks, ask for a personalised illustration.
Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.
Call us today on 01635 551926 or email us on firstname.lastname@example.org and speak to our mortgage expert.