Lifetime Mortgages.
Lifetime mortgages Southend On Sea
Your Local Lifetime
Mortgage Expert.
We are your friendly experts specialising in Lifetime mortgages, based in Southend On Sea, Essex.
With over two decades of dedicated experience in the property and mortgage sector, Lee Berry has accumulated a wealth of expertise. Throughout his extensive career, he has assisted numerous clients in securing the ideal mortgage tailored to their unique needs and aspirations. What sets Lee apart is his commitment to providing a personalised and hands-on approach to his services. This means clients can expect a level of care and attention that exceeds the ordinary, as Lee endeavours to ensure that each individual’s financial goals and homeownership dreams are not just met, but surpassed. His comprehensive industry knowledge and dedication to understanding his clients’ specific requirements make him a trusted advisor in the realm of property financing. Whether you are a first-time homebuyer or an experienced property investor, Lee Berry’s seasoned expertise and personalised service will guide you towards a successful mortgage experience.
What is a lifetime mortgage?
A lifetime mortgage is a highly popular method of equity release, enabling you to maintain full ownership of your home while accessing a lump sum of tax-free cash based on your property’s value.
There are no monthly repayments required; instead, the entire amount, including interest, is settled upon your passing, transition into long-term care, or permanent departure from the property.
Your property serves as security for the lifetime mortgage. For a thorough understanding of its features and associated risks, it’s advisable to request a personalised illustration.
It’s important to note that equity release involves settling any existing mortgage. Upon your death or relocation to long-term care, any funds released, along with accrued interest, would need to be repaid.
The benefits of a lifetime mortgage.
Plans are available from the age of 55
Tax-free release and can be used to achieve goals
No monthly repayments with a lifetime mortgage
The ‘no-negative-equity’ guarantee ensures that you never pass on debt to your estate
Lifetime mortgage plans allow you to protect a percentage of your property’s value. This allows your family to inherit a part of the property value
No more monthly repayments on your mortgage as this is paid off when you are no longer in the property.
The size of your lifetime mortgage will increase over time. This is due to interest being applied to your original loan amount and continuing to roll up as future interest in accrued.
Should you want to increase your amount of equity released beyond the original amount agreed, you would usually have to apply for a further advance, which would not be guaranteed.
Your tax position and eligibility of which means-tested benefits could be affected going forward and could impact on your options for moving or selling your home in the future
The amount that you will leave as an inheritance will be reduced.
You can pay off your equity release plan early, however you may have to pay an early repayment charge. These differ depending on the plan.
20 Years Experience
Local Essex Expert
Friendly & Reliable
Why People Use Us.
“Lee was instrumental in helping us get our last mortgage. We weren’t sure if we could even get a mortgage as we had a few problems in the past however Lee knew exactly which lender to go to and got the deal through. I cannot recommend Lee highly enough”
“Highly recommended. Lee helped us get a mortgage when we thought we had exhausted all options elsewhere. After being declined several times by other lenders, Lee was able to help us get the mortgage we wanted straight away and with minimal fuss.”
Over 20 years of experience in the mortgage and property industry.
Lee Berry possesses extensive experience in the process of buying and selling houses. Engaging in property transactions can be among the most stressful experiences one may encounter. Having an expert at your disposal can guide you through the complexities of the process and steer you clear of potential pitfalls along the way.
Location
Based in Rayleigh, Essex, can offer home visits, evening and weekend appointments if required to clients in the South Essex areas.
For clients outside the Essex area, telephone appointments are available.
Our Service
A service designed for people that want a personal and on-hand service. Available at all times to find the best mortgage deal available but also to help throughout the whole process, whether it be a remortgage, buy to let or home moving process.
Frequently Asked Questions about Lifetime Mortgages
What is a lifetime mortgage?
A lifetime mortgage is a type of equity release plan that allows homeowners aged 55 or older to borrow against the value of their home. The loan, along with any accumulated interest, is repaid when the homeowner sells the property or passes away.
How does a lifetime mortgage work?
With a lifetime mortgage, you can choose to borrow a lump sum or receive regular payments while retaining ownership of your home. Interest accrues on the amount borrowed, but you are not obliged to make monthly repayments. The loan, along with its accumulated interest, is repaid when you sell your property.
How much can I borrow with a lifetime mortgage?
The amount you can borrow is influenced by several factors, including your age, the value of your property, and the specific terms of the lifetime mortgage product. Generally, the older you are and the higher the value of your property, the greater the borrowing potential.
Can I move house if I have a lifetime mortgage?
Some lifetime mortgage products provide portability, allowing you to move to a new property as long as it meets the lender’s criteria. However, this process can be complex and may require additional borrowing or repayment if the new property has a higher value.
Can I pay off a lifetime mortgage early?
Some lifetime mortgage products provide the opportunity for early repayment of the loan, but this may involve incurring early repayment fees. It’s crucial to carefully examine the terms and conditions of your specific product.
What are the interest rates on lifetime mortgages?
The interest rates associated with lifetime mortgages can vary significantly based on the lender and the chosen product type. Certain lifetime mortgages feature fixed interest rates, whereas others involve variable rates. It is crucial to compare various products, and we can assist you in finding the most suitable option for your circumstances.
Are there any eligibility criteria?
Typically, to qualify for a lifetime mortgage, you must be at least 55 years old and own property in the UK. Lenders may also enforce specific criteria regarding the type and condition of the property.
What are the risks associated with lifetime mortgages?
Lifetime mortgages may become costly over time due to the compounded interest that accumulates. If you don’t effectively manage the loan, it can gradually erode the equity of your property. It’s crucial to comprehend the potential implications on your inheritance and explore alternative options.
What happens when I die or move into long-term care?
Upon your passing or move into long-term care, your home is typically sold to repay the lifetime mortgage, along with any accumulated interest. Any remaining equity is then typically distributed to your beneficiaries as inheritance.
Should I get financial advice before taking out a lifetime mortgage?
Indeed, it is strongly recommended to seek independent financial guidance before considering a lifetime mortgage. A financial advisor can help you understand your options, assess your financial situation, and determine whether a lifetime mortgage is appropriate for your needs.
A lifetime mortgage will be secured against your home. Equity release products are limited to lifetime mortgages only and does not include home reversion schemes. Think carefully before securing other debts against your home.
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Authorised and regulated by the Financial Conduct Authority.
Lee Berry Mortgage Services is a trading name of LB FINANCIAL LIMITED and is entered on the Financial Services Register under reference 841329.
Registered office address; 35 Ferndale Road, Rayleigh, Essex SS6 9NN
Registered in England and Wales. Company number - 10798151.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.