Equity Release Mortgage In Dorset
Why You Might Need An Equity Release Mortgage
Equity release mortgages can help you fund whatever you need.
Why might you need an equity release mortgage? Well, does your home need to be redecorated or completely refurbished? Maybe you are in need of a new car? If you are struggerling to make up the funds for these things, you can take out what you have already put into your property. You might not even want to buy anything with the money, you could give it away to your family and enjoy them spending it and making use of the money while you are still alive and well to see it happen. There are many reasons as to why you could get an equity release and we are here to ensure that it is the right option for you and that you get the best deal you can from the mortgage.
Tax Free Money
Spend The Funds On What You Want
Expereinced and Honest Advisors
Don’t Need To Pay The Money Back Until You Die Or Move Into Long Term Care
Big Range of Services
Problems and Solutions
Planning on buying a home but people are giving you contradicting advice?
You don’t know what advice to take and are worried you might be spending more money than what you have to
The solution is to come to Barrett Mortgages where we will tell you the right advice.
How Does It Work?
Equity release mortgages in Dorset work in a particular way.
To be elegible for these mortgages you should be 55 and over, the amount you can borrow will be dependant on your age and home’s value. Monthly payments are also not required, but payments can be made to limit the total interest rolled up. There are certain aspects of borrowing on an equity release mortgage which require careful consideration, such as the added interest to your loan and hefty repayment charges, should you wish to clear the debt early.
What Is Equity Release?
Equity release has been devised for homeowners who are 55 and over.
An equity release gives you an opportunity to obtain a percentage of your property’s value in cash. Two important factors to remember is that you can take out a certain amount based on your age and value of your home. The mortgage can come in two different types; Lifetime mortgage or home reversion scheme. The lifetime mortgage will allow you to continue to be the owner of the property, with a loan that is given using the house as security for it. Then the home reversion scheme, this is where you sell part or all of your property for lower than its market value and you can stay there as a tenant rather than an owner(Barrett Mortgages does not advise on Home Reversion Schemes). Regardless of the type of equity release you decide is right for you, you and your family are allowed to live in the property intil the last living borrower dies or decides to move out and into long-term care.
Get In Contact For Equity Release Mortgage In Dorset
Dorset’s residential and commercial mortgage experts.
At Barrett Mortgages, our friendly advisors are always by your side when it comes to buying and mortgaging. We are an expert mortgage brokerage offering unparalleled service to our clients and partners. Whether you are looking for the best deal for your perfect property or are having difficulty obtaining a mortgage, we are happy to help!
Have any further questions? Please feel free to get in touch with our mortgage advisors by calling 01202 733809 or use our contact form. You are also welcome to pop into our office based nearby on Ashley Road in Poole, Dorset. Take a look at our Google Review Page here!
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