Your home has served you well over the years. Now it is probably your greatest asset. How frustrating then that such an asset is made of bricks and mortar rather than pounds and pence.

More and more people are discovering a way of releasing some of the money tied up in their home, to benefit themselves as well as their families.

A Lifetime Mortgage is a special kind of loan developed especially for home owners aged 55 and over. It is secured on your property and you can either repay the interest monthly or allow the interest to roll up till the end of the loan. You retain the right to live in your home for as long as you wish, which is usually until death or the need to move into long term care.

The products we recommend at Berkeley Consultants carry SHIP (Safe Home Income Plans) approval.

How it works...

• The borrower(s) retain(s) ownership of the home throughout
• The interest rate is normally fixed for the full term of the loan
• A guarantee that you will never owe more than the value of your home
• The borrower need not have an income
• A choice of interest rates is available
• There is no maximum age limit
• The loan is normally repayable by the estate upon death or the borrower moving to long term care
• The lender takes a legal charge over the property
• A valuation of the property is necessary and a fee for this is payable, together with solicitors costs
• Loan size is subject to the age of the borrower combined with the property value

Options...

A Lifetime Mortgage can create a cash lump sum or a monthly cash release that could be used to:

• Enable home improvements
• Provide additional income
• Raise Capital
• Supplement pension funds
• Purchase second home
• Repay existing debts
• Minimise IHT (Inheritance tax)
• Fund long term care
• Provide lifetime gifts to relatives

A Lifetime Mortgage involves borrowing against your home. There may be more suitable methods of raising the funds your need.

A Lifetime Mortgage may work out more expensive in the long term than downsizing to a smaller property.

Releasing equity from your home through a Lifetime Mortgage may affect your entitlement to state benefits and grants.

Lifetime Mortgages

If you are a homeowner and over 55, you may be able to release some of the equity in your home via a scheme which can turn some of the value of your property into a lump sum or income without any monthly repayments . If you are under 55 we can still help you with a remortgage or interest only mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Significant increases in house prices, coupled with changes in family attitudes, mean more and more people are finding out just how a Lifetime Mortgage scheme can improve their lives by:

• Improving their Income
• Making home improvements etc

However Lifetime Mortgages involve borrowing against your home. There may be more suitable methods of raising the funds you need.

Please note as well that Lifetime Mortgages may have an impact on your entitlement to state benefits. If you live a long time or house prices fall, there may be no equity left for your heirs to inherit. A Lifetime mortgage may work out more expensive in the long term than downsizing to a smaller property.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration

"How do I find out more?" Simple!

Call our dedicated team at Berkeley Consultants for independent advice on 0208 994 2021 or complete our Enquiry Form