Equity Release Purchase

Are you over 55?

Over the past 11 years that I have been advising on Equity Release Lifetime Mortgages many of my clients have been in the difficult position of having an Interest Only mortgage. The end date of the mortgage is in sight and the lender expects the mortgage to be redeemed. I then receive enquiries to ask if I can raise the funds using a Lifetime mortgage so that the Interest Only mortgage can be repaid and in some cases raise extra funds for holidays, home improvements and enhance retirement spending etc.

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Equity Purchase Quote

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Unfortunately I have clients where the funds available are not sufficient to repay the entire mortgage and unless they have savings, access to pension funds or family that can help, they only have one option and that is to sell and downsize. This is where the Equity Release Purchase Lifetime mortgage or an Interest Only Retirement mortgage can help.

Basically you are borrowing equity from the home you are about to buy, using the simplicity of the mortgage to enjoy a better new home than you otherwise could not afford. Please see the examples below.

Mr & Mrs B (Honiton)

Mr & Mrs B (Honiton) needed to raise £120,000 to redeem their mortgage on their £245,000 home. Unfortunately due to their ages the maximum available was £105,000. They were understandably concerned that once their home was sold they would only be left with £125,000 and this would not be enough to even buy a flat, we discussed the Equity Release Purchase Mortgage options and they happily went house hunting and found a three bedroom detached brand new home in St Austell Cornwall for £158,000, They released £63,000 and this meant that they had a new home with NO mortgage repayments and £48,000 in the bank to enhance their lifestyle.

Mr & Mrs D (Poole)

Mr & Mrs D (Poole) wanted to move closer to their daughter, they had looked at properties but realised they were more expensive in that area, they approached me to arrange a ‘normal’ mortgage but as Mr D was close to retirement and would only have the state pension they could not ‘qualify’ under the affordability rules that lenders now apply. I discussed with them the benefits of an Equity Release Lifetime Purchase mortgage and that they could raise £85,000 on the property they wanted to purchase and they were in their new home within 6 weeks and had a cash reserve facility of £45,000, which they can draw on at any time.

Terms and Conditions

Our charges are based the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain what you will be charged before you decide to proceed with an application. We offer a bespoke service and our fees can vary. Our usual set fee is only paid on completion and is £995.00. If your circumstances are more complex, we may charge a higher fee. Our maximum fee is 1% of the loan value.

These fees apply to regulated mortgages. Certain mortgages, primarily most buy to let and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances.

Wills, IHT, Trusts, Power of Attorney and Funeral Plans are not regulated by the Financial Conduct Authority.

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. Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage. Lifetime Mortgage Market is a trading style of One Stop 4 Equity Release Ltd which authorised and regulated by the Financial Conduct Authority. FCA No 952887 One Stop 4 Equity Release Ltd is a registered company in England and Wales with Company Registration Number 13452621. Registered Office: The Stable Yard, Vicarage Road, Stony Stratford, Milton Keynes, MK11 1BN.

We also confirm that any advice required outside of Equity Release Lifetime and Retirement mortgages will be referred to our authorised specialists.

Legal

The Financial Conduct Authority does not regulate some investment mortgage contracts. Calls may be recorded for training and compliance purposes.

This is a Lifetime mortgage, to understand the features and risks, ask for a personalised illustration.

Under no circumstances should any of the information contained within this website be construed as "advice". You should seek professional advice in respect of your own circumstances.

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.