Lifetime Mortgages

Embrace Financial Freedom and Peace of Mind: Discover Compassionate Equity Release Solutions Tailored to Your Unique Needs.
At Barrett Mortgages, we understand the significance of obtaining sound advice when considering an Equity Release Mortgage. Equity release is a financial solution that allows homeowners, typically those aged 55 and above, to release some of the equity tied up in their property, turning it into a tax-free cash lump sum or a regular income. This can be an invaluable option for those looking to enhance their retirement, fund home improvements, clear debts, or help their loved ones financially.

Our caring Lifetime Mortgage Specialist will meticulously assess multiple lenders and compare products to ensure we find the best fit for your unique circumstances. Throughout the process, from inquiry to completion, they’ll handle all aspects, liaising with solicitors, surveyors, and any other third parties, ensuring a smooth and hassle-free transaction.

It’s essential to consider certain aspects of borrowing on an Equity Release Mortgage, such as added interest and potential early repayment charges, should you wish to clear the debt early. That’s where our Specialist comes in—to provide you with a comprehensive overview of the process and the potential implications.

To explore how Lifetime Mortgages might work for you and the importance of receiving tailored advice, contact our dedicated Specialist today. With no obligation, they will discuss the suitability in detail, providing you with personalised guidance and support, empowering you to make informed decisions about your financial future. Trust in Barrett Mortgages to make your retirement.

What is Equity Release?

Equity Release has been devised for homeowners who are aged 55 or more and gives you the chance to obtain a percentage of your property’s value in cash.

Two important things to remember about the amount you are likely to be offered as equity release:

1 – The amount you can release depends on the value of your property and your age.
2 – It is tax-free.

There are two different forms of equity release you choose from, depending on what you prefer:

1 – Lifetime Mortgage – with a lifetime mortgage, you continue to be the owner of your property, with a loan that is given using the house as security.​

2 – *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 until the last living borrower dies or decides to move out to live in a long-term care facility. If you therefore have any plans to sell your home in the immediate future, equity release may not be right for you.

How Does it Work?

If you find the prospect of applying for equity release daunting, it is best to speak to a professional equity release advisor who can help you decide whether equity release is right for you. They will provide advice and assist with the application process.

There are three easy steps to follow to get your equity release sorted:

STEP ONE – GET QUALIFIED AND PROFESSIONAL ADVICE

The very first step you need to take before making any decisions is to seek out qualified and professional advice from a suitably trained and certified equity release advisor who has experience and expertise dealing with equity release products. Involving a family member or friend to accompany you to any discussions is positively encouraged.

The advisor will assess your eligibility and discuss your needs and goals to determine whether equity release is your best option. Using the personal information they gather from you and your financial situation, they will provide a suitable recommendation. There is no obligation to continue with their recommendation, and you must think it through before deciding.

STEP TWO – VALUATION AND OFFER

If the recommendation provided by the equity release advisor is suitable and you wish to proceed, they will assist you in applying for the chosen product.

At this stage, it is crucial to have a solicitor experienced in equity releases involved. They will represent you and provide impartial legal advice.

The lender you are applying to will arrange a property valuation. Once the valuation is complete and your application is approved, the lender will send their offer to your legal representative. Take your time to discuss their offer with your legal representative before making any decisions.

STEP THREE – RECEIVING YOUR EQUITY RELEASE AND REPAYMENTS

Once you are satisfied with the lender’s offer, your solicitor will receive the funds first and use them to clear any outstanding debts on your property before releasing the remaining amount to you. The money you receive is yours to use as you see fit. Typically, the loan will be repaid using the proceeds from selling your home, either upon your passing or when you enter long-term care.

How Long Does An Equity Release Normally Take?

The time it takes to complete an equity release process can vary depending on the lender and the specific product. Generally, it ranges from 6 to 10 weeks under normal circumstances. However, it’s essential to remember that rushing the process is not advisable. Taking the necessary time ensures that all aspects are carefully considered, and you make well-informed decisions that align with your financial needs and goals. Working with a dedicated Equity Release Specialist can help streamline the process while ensuring it is handled with the appropriate attention and care.

Choosing Us is effortless - Here's Why!

We offer simple and personalised advice to help you navigate the constantly evolving mortgage market. There's no complex jargon or confusion, Just clear and straightforward guidance tailored to your individual needs. Our team will collaborate with you to determine your goals and alleviate the stress by identifying the best mortgage deal for you. We pride ourselves on our 100% transparency, 100% personalised service, and the trust we've earned with our 100% recommendation rate.

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Our Services: Simplifying Your Mortgage Journey

At Barrett Mortgages, we understand that everyone’s financial situation and goals are unique. That’s why we offer customised mortgage solutions