Halifax Retirement Home Plan Mortgages | Halifax Equity Release

Are you put off Equity Release by how quickly
the outstanding balance can build up?

	We at Berkley Vittoria Independent Financial Services Ltd believe we have an alternative solution that you may wish to consider via Interest Only Mortgages and Lifetime Interest Only Mortgages where you can pay the interest monthly rather than letting it accrue.
	Perhaps you are living on a limited income and lack the funds to enjoy the good things in life?
	You may wish to raise funds to assist your children or grandchildren or to consolidate your own high interest credit cards or loans. You may wish to carry out home improvements on your property.
	Do you wish to utilise some of the equity from your home but feel that conventional Equity Release Plans are not for you?
	We have access to a number of high street lifetime interest only mortgage lenders (not available direct to the public) whereby you can either choose to pay the interest monthly so that the loan does not increase, or alternatively add the interest to the mortgage with the balance increasing year on year.
	If you choose to pay the interest monthly and at some stage in the future your circumstances change (perhaps due to the death of either husband or wife), you could then alter the scheme so that interest is added to the balance rather than being paid each month.
	You may not be aware that a lifetime mortgage can also be used to assist in the purchase of a new home, so if you are thinking about moving home but might need to borrow funds to enable you to do so, a lifetime mortgage could be the solution for you.
	We also have access to High Street Building Societies who will lend you the funds required on an interest only basis with a term up to your 85th birthday. This might better suit applicants who need to raise funds but plan to pay them back either through downsizing or some other method at some stage in the future.
	Whilst many of the people who look at these schemes will be retired, they would also be available for applicants aged over 50 who still derive income from their jobs
	We have lenders available who will offer mortgages or lifetime interest only mortgages in England, Scotland, Wales and Northern Ireland.
If you are a homeowner aged 50 or over, why not either borrow the funds you require on an interest only mortgage or an interest only lifetime mortgage at low interest rates. This would mean that if you were to borrow, for example £60,000 you would pay monthly interest payments based on a mortgage of £60,000 which would currently cost from £149.50 per month. The overall cost for comparison is 4.5% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. If you chose a lifetime mortgage, then the lender would not expect the loan to be repaid until the eventual death of the homeowner(s) or if both applicants enter into long term care. It means that the amount you borrow will neither increase nor decrease so that you can rest assured that your loved ones will inherit the eventual value of your property less the amount borrowed. If you already have an existing mortgage and are possibly under pressure to repay this at some stage in the future, this could be incorporated into the new mortgage. Please call us on 0800 158 3220 to speak to one of our advisers for advice If in the process of re-mortgaging you consolidate other non secured debts into your mortgage, you should be aware that by taking these commitments over a longer period you will pay back more in interest over the term If you are re-mortgaging away from your existing lender be careful and check whether or not you will incur any early repayment charges. Printable version of this page (PDF) FULLY INDEPENDENT MORTGAGE AND EQUITY RELEASE ADVISERS Best Equity Release Advice \| Lifetime Equity Release Mortgages \| Lifetime Mortgage Providers