Lifetime mortgages essex
We’re your friendly, experts in Lifetime mortgages Essex based in Rayleigh, Essex.
What is a lifetime mortgage?
A lifetime mortgage is actually one of the most popular forms of equity release which enables you to continue to own your home in full, whilst also releasing a lump sum of tax-free cash against the property value.
There is no requirement to make any monthly repayments as this is all repaid including the interest when you die, move into long-term care or permanently leave the property.
A lifetime mortgage is secured against your property. To understand the features and risks ask for a personalised illustration.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.
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 has vast amount of experience working within the house buying and selling process. Selling and buying a property can be one of the most stressful things you will ever do. Having an expert on hand will help you through the tricky process and help you to avoid the pitfalls on the way.
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.
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?
How does a lifetime mortgage work?
How much can I borrow with a lifetime mortgage?
Can I move house if I have a lifetime mortgage?
Can I pay off a lifetime mortgage early?
What are the interest rates on lifetime mortgages?
Are there any eligibility criteria?
What are the risks associated with lifetime mortgages?
What happens when I die or move into long-term care?
Should I get financial advice before taking out a lifetime mortgage?
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.
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.