A lifetime mortgage is the most common type of equity release mortgage in the UK and to be eligible for this type of equity release deal you must be over 55 years old. You can choose an equity release plan that will enable you to take all your money at once or obtain smaller amounts of cash as of when you require a much-needed boost.
The great thing about lifetime mortgages is that you could benefit from a combination of different options to not only save your property but also tailor your plan to your current and future requirements. You can choose an equity release plan that will enable you to take all your money at once or obtain smaller amounts of cash as of when you require a much-needed boost. If you are over the age of 55 and believe you may be eligible and are interested in applying for a lifetime mortgage, then why not contact Pinnacle today, and speak to one of our specialist mortgage brokers.
A lifetime mortgage is available to clients who are 55 or over, and is a way of releasing equity from your home. The funds released can be used for a wide variety of reasons, such as to pay off debts, holiday, gift funds, home improvements, and / or simply provide regular income. To find out more contact us today.
The amount you can borrow via equity release is down to your age and how much your home is worth. We can tell you quickly the maximum amount available, whilst show you the rates and deals available to you.
Yes, 100%. Like a conventional mortgage, an equity release deal is secured against your property, which means that you will always retain the ownership of your property, and by choosing this type of deal means you can access a lump sum of cash to enjoy the moment you hit age 55.
This is very much optional. If you preferred a deal which meant their was no condition to make monthly payments then this is absolutely fine, whereas there are arrangements where you can make set monthly / annual payments, or simply service the interest.
Equity release mortgages generally have low start up costs, and most deals offer a free valuation. Our brokers will detail the fees to expect, of which in most instances can be included within the deal if preferred.
Whilst some lenders will expect a good credit rating, you’ll find that most lenders are comfortable with poor credit situations, and in majority of instances they’ll be a lender available to lend. Our specialist equity release brokers will source for you the perfect arrangement.