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Keep up to date with the latest news and our guides on all things mortgages. 

Why the need for money from our homes in retirement is changing

When it comes to money tied up in your home and unlocking this, there are a range of reasons why Lifetime Mortgages are the avenue older borrowers choose.

 

Even though some of the uses for Later Life Lending can be home improvements, offering cash support to family members or going on a dream holiday, in 2022 the main reason equity was released from homes was to clear existing mortgages.

 

With the rising cost of living this year, sandwiched with mortgage rates being a lot higher than they have been for a number of years – many didn’t think they would be in the position where they wish to stay in their home but simply can’t afford it.

 

The current cost of living, including the big increase in energy bills, has left many feeling uneasy about their financial position. It isn’t surprising that equity release is being used to clear mortgage payments, freeing up more cash each month for other expenses like food, utility bills and then on top of all of that thinking about the stress of Christmas.

 

Lifetime Mortgage plans offer so much flexibility and the right adviser will tailor to the individuals’ financial situations. Releasing money from your home isn’t for everyone, but it could be the answer for you.

Get in touch today to explore how equity release can help you unlock
some of the value in your home this winter

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.

 

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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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