Advantages & Disadvantages Of Lifetime Mortgages?

 

Lifetime Mortgages Advantages:-

• - You retain ownership of your property.

• - You can use the case as you wish.

• - No monthly payment plans available.

• - You are guaranteed lifetime occupancy.

• - Any remaining equity left after the sale of the property is available for beneficiaries.

Lifetime Mortgages Disadvantages:-

• - If you are younger, the amount raised by the mortgage will be a relatively low proportion of your property value.

• - The debt could roll up quickly, and reduce the value of the equity. This could lead to lower amounts for beneficiaries. This is more likely to be the case if you are younger.

• - You have no control over the rate of interest.
• - Moving home could prove difficult.

• - Increases in your capital or income from a Lifetime Mortgage may affect your right to state benefits.

 

This is a lifetime mortgage. To understand the features & risks, ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage. Please consult a qualified financial adviser before considering any form of equity release.