Are you looking to take equity out of your property? Do you want to find out the best way to do this with us? Our team will look at a number of lenders from across the market and compare products to ensure you have the best product to suit your individual circumstances. They will assist with all aspects of the process, from enquiry to completion, dealing with solicitors, surveyors and any other 3rd party, to ensure the transaction is smooth and hassle-free.
This type of mortgage is suitable for people that are aged 55 and over, the mortgage works by either providing you with a lump sum or income in exchange for part of the value of your home.
This is achieved either using a type of mortgage or selling that portion of your home on the condition that you can continue to live there as long as you wish to. There are two types of mortgages that you can take out to do this with. The first is a lifetime mortgage, this is the most popular type of equity release. You can borrow a lump sum in the form of a mortgage, which is eventually repaid from the sale of your home when you either die or move into long term care. The amount you can borrow is usually between 18 per cent and 50 per cent of the property’s total value typically the older you are, the more you can release.
Then you have home reversion, with this you sell all or part of your property, but with a legal right to continue living in it until you die or move into long-term care. The money can be paid to you either as a lump sum or as regular income. The benefits of equity release can be great, the obvious benefit of this is the money you will receive from it; But also you will be able to take the money out of your property that has added up over time from where house prices have risen over the years.
Some aspects of borrowing on an equity release mortgage require careful consideration, such as the added interest to your loan and hefty repayment charges should you wish to clear the debt early. At Barrett Mortgages, we don’t just help with equity release mortgages. We also help with first time buyers, buy to let and much more, whatever you need our team will be able to help you find the best deal for your circumstances. Our staff are all fully qualified, expereinced and chosen based on their keenness to provide you the best possible experience. We promise no pushy hard sales tactics, and have built a strong reputation which is important as we rely heavily on refferals from clients.