Later Life Lending

Why Do I Need a Lifetime Mortgage?

A Lifetime Mortgage is not right for everyone and our qualified adviser will help you find out if it is right for you.

Many people use Equity Release to make home improvements or to enhance their lifestyle. This might be one of those essential repairs or home improvements you’ve been putting off or a holiday you didn’t think you could afford. Whatever your reasons or hopes, contact us to find out more.

Due to the complex nature of a Lifetime Mortgage and the number of plans available, the first step is to contact one of our advisers to discuss your requirements and circumstances.

Our fully-qualified equity release adviser will take the time to get to know you, either in the comfort of your own home, or over the phone – whichever you prefer and they’ll recommend the most suitable option for you and your circumstances. Rest assured, though, if equity release isn’t right for you, they’ll tell you.

All of the plans we recommend are approved by the Equity Release Council and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value.

The second part of the Lifetime Mortgage process requires the services of a solicitor to ensure all the legal aspects of the Equity Release transaction are carried out correctly and that you fully understand your plan.

Whilst any financial advice on Lifetime Mortgage plans will be provided by us, the legal advice will be provided by your appointed firm of solicitors.

For more information, please call us today on: 01823 426046 or email us at office@quantockfinancial.co.uk

A Lifetime Mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.

The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.

Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.