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Retirement Mortgages
Are you looking for an alternative to conventional Equity Release Plans?
Perhaps you are living on a limited income and lack the funds to enjoy the good things in life?
independent adverse credit mortgage services
Do you wish to utilise some of the equity from your home but feel that conventional Equity Release Plans are not for you?
Conventional Equity Release plans can result in you losing all or part of your home to the provider on death.
Alternatively they involve interest “rolling up” with the eventual size of your debt unknown. This means that you do NOT know how much of your property will eventually be passed to your loved ones.
We at Berkley Vittoria IFS Ltd believe we have an ALTERNATIVE solution that you may wish to consider
If you are a Home owner aged 65 or over why not borrow the funds you require on an interest only basis over a 40 year term 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 in the region of £150 per month. The overall cost for comparison is 3.7% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
The lender would not expect the loan to be repaid either until the eventual death of the homeowner(s) or if you chose to sell the property or repay the loan earlier.
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 exisiting 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.