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A wedding of a lifetime, covered by equity release

Did you know you can use equity release for gifting? Also known as a lifetime mortgage, you can help your children/ grandchildren have the wedding of their dreams. It may also fund your home improvements or pay off some debts. Or maybe help you plan and enjoy your own wedding?

To qualify for a lifetime mortgage, you'll need to:

• Be aged 55 or over

• Own your home, with little or no mortgage left to pay

A lifetime mortgage can help you gift your loved ones a 'living inheritance'. Rather than leaving a lump sum after you pass. You can see them move into their new home or help them with the cost of a wedding. Using the value of your home.

If your loved ones are planning a wedding in 2024, they'll be looking at spending an average of £20,775*. However, most young couples preparing for upcoming nuptials haven’t saved enough. And so, we are seeing more and more parents chipping in!

With a lifetime mortgage you can release up to around 60% of the value of your home. How much you can release depends on your age and the value of your property. You can chose to have no monthly repayments or you may pay off the interest or even make repayments, depending on the product you chose. The amount you can repay is based on your income and this will be assessed by the lender.

The main advantages of equity release are:

  • You don’t need to have paid off your mortgage in full to be eligible for equity release
  • You still own your home and you will continue to live in it
  • There are no monthly repayments
  • The money you release is tax free
  • You can take the money in one lump sum or smaller instalments

There are many things to consider before an adviser can recommend you the right equity release product and that is why you need to be prepared for a thorough process. Equity release should not be a decision to take lightly and you should weigh up all the advantages and disadvantages. Our advisers are qualified experts who will take their time to understand your circumstances and support you through the entire process.

The practice of borrowing against your home to help fund a wedding for your children or grandchildren is growing. The rising cost of getting married has made weddings a popular reason for lifetime mortgages.

Borrowers should remember that lifetime mortgages have higher interest rates than their regular counterparts.

Chat with us today to hear your options and plan your child's or grandchild's dream wedding. Or even your own!

SPEAK TO AN ADVISER

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

*Source: *https://bridebook.com/uk/article/how-much-does-a-wedding-cost-the-2024-uk-average#

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

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.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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