Lifetime mortgages
If you are in your mid-50s or older, own your own home and want additional funds, then releasing the equity in your property through a lifetime mortgage may be a way of achieving this. There are various types of lifetime mortgage available and will generally involve taking out of a mortgage secured against the value of the home in order to provide a cash lump sum, regular income or both.
These schemes can be helpful in certain circumstances but are not suitable for everyone. There are advantages and disadvantages involved and it would be prudent to seek professional advice before committing yourself. It is important that you consider all the options available in order to be sure you take the most suitable action for your own needs and circumstances.
This is a Lifetime mortgage. To understand the features and risks, ask for a personalised illustration
For mortgage advice; a flat fee of £295.00 is payable upon application to the Mortgage Lender, the Practice will also receive a procuration fee from the Mortgage Lender, details of the level of this payment will be given to you, prior to you making any decision to proceed.
Alternatively;
You can elect to pay an hourly Fee rate of between £175.00* and £200.00 per hour, any procuration fee payable from the Mortgage Lender will be refunded to you. A minimum fee of 4 hours of chargeable time is applicable with this option, this would equate to between £700 and £1000, based on 4* hours of chargeable time. An average of 4 to 10 hours of chargeable time is usually applicable in most cases dependent on the level and complexity of advice required.