Are you ready
for a modern retirement?
Are you ready
for a modern retirement?
You may be considering Equity Release for many reasons.
Whether you're looking to top up your pension, pay off your existing mortgage, make home improvements, settle debts or help family, Equity Release can be used for a variety of situations.
The increase in popularity of Equity Release means there are now more plans on the market than ever before, and they're safer too.
Historically, some equity release products have been seen as the less reputable end of the mortgage lending market.
Equity Release is safe because providers are regulated by the Financial Conduct Authority. Furthermore, the Equity Release Council (of which we are members), a trade body protecting homeowners, has put safeguards in place.
Equity Release is regulated by the Financial Conduct Authority (FCA). This means that firms which offer either type of scheme must follow the FCA's rules about equity release. Additionally, you are protected by the FSCS if your Equity Release provider ceases trading.
It's vital to you and us, to make sure that you're being properly advised.
We'll take time to understand your needs, and review a range of later life options to make sure we find the right product for you.
We give you an unbiased
opinion, every time.
There are so many questions around Equity Release, and it's important
that you feel assured and understand the advice you receive,
without feeling any pressure to commit.
It must be right for you.
Advice includes considering your full financial position,
all alternatives, and allows plenty of time for you to
consider an application and of course most importantly, be able
to discuss it with your family should you wish.
We will explore all other options, before any application is made,
and if we think Equity Release isn't the right product for you, we will tell you.
We work hard for you.
Equity Release is a big decision and you will have many questions,
which means you need sound advice from an expert.
Established in 2013, Lakes Mortgages is an independent mortgage broker in Cumbria,
and has quickly established a reputation for a proactive approach and a personal service
delivered to those seeking Equity Release.
Phillip Bovis has over 25 years’ experience in Mortgages and Equity Release
and as a member of the Equity Release Council, is extremely well placed to
provide clear, jargon-free advice you can trust.
We make sure we understand your needs to find the right solution for you.
How does
Equity Release work?
An Equity Release product allows you to access the value (cash) tied up in your home. More and more people are choosing to release this money to give them cash to help fund their retirement, make home improvements or pay off debts and help family members.
Unlike other types of Equity Release scheme, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care or if the terms of the mortgage are broken.
The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an ongoing basis or the interest can be ‘rolled up’ and paid together when the loan is repaid.
The loan is repaid from the proceeds of your home when sold. If there is any surplus from the sale, it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which as accrued, it is usual to have agreed a ‘no-negative-equity’ guarantee with the lender so that you would not have to pay back more than the value of your home.
FAQ'S
Frequently Asked Questions
Am I eligible for a lifetime mortgage?
As long as you are a UK homeowner and aged 55 or over then yes. Any application is subject to the lending criteria of the provider.
Can I take our a lifetime mortgage if I've not paid off my current mortgage?
Yes, but you must raise enough money via the lifetime mortgage to settle your existing mortgage.
Will I leave my family in debt?
Under an Equity Release plan, you’re fully protected by a “no negative equity” guarantee. Although the amount released plus interest will be a debt against your home, the amount to be repaid will never be greater than the value of your home.
Who owns my home if I take a lifetime mortgage out?
You retain full ownership of your home as long as you comply with the terms of the mortgage. All products allow you to live in your home until you (or any surviving spouse) goes dies or goes into permanent long term care.
Can I repay the lifetime mortgage early?
This depends on the lifetime product you choose. You can usually repay the amount in full but there may be early repayment charges applied. Each scheme is different, and it can also depend on the reason for repayment and how long you have had the mortgage for.
What is the Equity Release Council?
The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, dispelling myths about equity release, and educating the public about the potential to access the wealth in their home for a variety of uses.
Do I pay tax on funds I receive through Equity Release?
You do not need to pay tax on any money you receive through equity release. An equity release lump sum could even be used in such a way as to reduce the tax you may need to pay on the other assets in your estate, depending on how you make use of the funds alongside your pension and other financial assets.
Can I sell my house and pay off Equity Release?
Yes, you can sell your house if you have equity release. An equity release product, such as a lifetime mortgage, can be repaid at any point and by any means.
Fees
Our fees are simple.
(We don't charge huge fees like some companies).
We will agree a flat fee with you before we start any application on your behalf.
Unlike the big companies who charge a percentage of the amount you wish to borrow, which is on average around 1.5% to 2%, we charge a smaller flat fee, agreed with you at the outset.
This fee can either be paid upfront, or at the completion of the mortgage.
You will be required however to pay the solicitors costs in relation to the
lifetime mortgage.
WHAT OUR CLIENTS SAY
Want to know more?
Give us a call or send us an
enquiry below.
WOULD YOU RATHER SPEAK TO US?
CALL: 01539 563697
VISIT US (BY APPOINTMENT ONLY)
Ground Floor Office,
Quarry Warehouse,
Sandside,
Milnthorpe,
Cumbria
LA7 7HG)
Call Us: 01539 563697
Email Us: [email protected]
LEGAL
Lakes Mortgages is directly authorised and regulated by the Financial Conduct Authority under reference 605694. Registered in England and Wales No: 8633133. Registered Office: Ground Floor Office, Quarry Warehouse, Sandside, Milnthorpe, Cumbria, LA7 7HG. Calls may be recorded for training and monitoring.
