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Lifetime Mortgages (also known as Equity Release) are becoming an increasingly popular option for the over 55s to release capital from their home. Homeowners may wish to consolidate existing debt, carry out home improvements, provide financial help to their children or grandchildren, or simply improve their own lifestyle.
However, as with all secured loans, borrowers should consider their options carefully and seek the advice of an independent financial adviser or broker.
What are Lifetime Mortgages?
Lifetime Mortgages are by far the most common kind of equity release product and are regulated by the Equity Release Council. Homeowners can retain full ownership of their home, and the fixed interest payments on the loan can either be repaid and or rolled up. This means that the interest does not need to be regularly repaid but can instead continue to accrue until the mortgage and interest are repaid in full upon the eventual redemption of the loan.
What We Can Offer You
We have a specialist team of property lawyers who regularly act for homeowners taking out Lifetime Mortgages. We are familiar with lenders’ usual requirements, so can pre-empt any possible issues early on the transaction. This helps to avoid any delays or difficulties further down the line.
The legal process always involves a face to face meeting between the lawyer and the homeowners. The purpose of this meeting is for the lawyer to provide advice in person, and also to witness signatures to the security documentation. We are always willing to meet homeowners either at a convenient office location, or at their home.