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Moneyfacts Equity Release 2019
Whether you’re looking to treat the family to the trip of a lifetime or finally get the kitchen you’ve dreamed of, our Flexible Lifetime Mortgage could be just what you need.
If you’re looking to release some of the money tied up in your home to supplement your monthly income, then our Income Lifetime Mortgage could be right for you.
With a lifetime mortgage, a loan secured against your home, you could release money without having to move. This is a type of equity release and will reduce an inheritance.
We have a range of lifetime mortgage products. Answer a few simple questions to see which one could offer the solution you’re looking for.
A lifetime mortgage is a way to borrow against your home. It’s a type of equity release product.
The interest rate is fixed for the duration of the lifetime mortgage. And depending on which product you take out, you can choose to pay none, some or all of the interest. Interest is charged on the loan plus any interest already added. This means the amount you owe will increase quickly over time.
Equity release is usually repaid from the sale of your home after the last borrower dies, or moves out of your home and into long-term care.
If you use equity release to give some or all of the money away, the recipient may have to pay inheritance tax in the future. A lifetime mortgage will reduce an inheritance and may affect your entitlement to means-tested benefits. Arrangement fees may apply.
Find out how some of our customers have used their lifetime mortgages.