Want to release some value of your home for an exchange in cash? With an equity release, you can do exactly that. Normally you have two types of releases you can do. These are lifetime mortgages or home reversion. With the lifetime mortgage, you can take it out and still retain ownership of the property. You might be able 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 built-up interest are paid back by selling the property when the last borrower dies or moves into long term care.
Home reversion is when you sell a part or all of the 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, but you have to agree to maintain it and insure it. Again you can ring-fence a percentage of the property for later use or for inheritance. The percentage you retain will always remain the same regardless of the change in property prices. When the last borrower dies or moves into long-term care your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
These types of mortgages are suitable for people who are aged 55 and over. There are many reasons why you might want to release value from your property but some examples could be, paying off current loans or mortgages, doing home improvements or just having a bit of extra cash. With us, you will have the same advisor throughout the process. The amount you can borrow will depend on your age and the value of your property. There are some aspects of borrowing on an equity release mortgage that requires careful consideration, such as added interest to your loan and hefty early repayment charges, should you wish to clear the debt early.
Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. We don’t just provide equity release mortgages but we can also help you with first-time buyer mortgages, remortgaging, buy to let mortgages and so much more. We were founded by Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett Mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help. All of our staff are qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from our clients.
If you are interested in our services please make sure you get in contact with us and we will be in contact with you as soon as possible.