Age Partnership's equity release was developed in 2004 and offers a customized range of lifetime mortgage and equity release products. OneFamily also offers advice for a flat fee of 950 pounds sterling, paid at the end, rather than as a percentage of the loan, so there are no hidden surprises. Times Money Mentor has been created by The Times and The Sunday Times with the goal of empowering our readers to make better financial decisions for themselves. To do this, we provide you with the tools and information you need to understand the options available.
We do not make, nor do we intend to make, any recommendations in relation to regulated activities. Since we are not regulated by the Financial Conduct Authority, we are not allowed to give you such advice. When we give suppliers or products a customer experience rating or product rating, they are compiled according to objective criteria, using information collected by our partner Fairer Finance. In some cases, we may provide links where you can, if you wish, purchase a product from a regulated supplier with whom we have a business relationship.
If you buy a product through a link, we will receive a payment. This will help us to support the content of this website and to continue investing in our award-winning journalism. Lifetime mortgages are by far the most popular types of equity release plans. They are offered by major brand equity release providers who are best known for their insurance products or pension plans and specialists who have grown to become the top mortgage lenders for life.
For lifetime mortgage capital release, the typical rate is around 5%, although some rates are below 3%, which is significantly higher than that of most standard mortgages. If you do not make monthly repayments to reduce the debt, interest increases and accrues. In addition to the actual cost of interest, you will have to pay the agreement fees. These can typically be £1,500 to £3,000 in total, depending on the type of plan being organized.
May include costs such as application fees, legal work fees, and surveyors fees. When you die, your capital release plan is reimbursed. Your beneficiaries must inform their lender of equity release and, with a lifetime mortgage, they usually have 12 months after their death to repay their plan. Once your capital release plan has been repaid, the surplus money will be part of your inheritance.
Lifetime mortgages are the most popular form of equity release and are available to homeowners aged 55 and over. A lifetime mortgage is a loan taken against your property that is repaid when you die or enter long-term care. Specializing in products for the over 50's, SunLife has earned the trust of those who are retiring or are about to retire. As the name suggests, Key Later Life Finance specializes in mortgage solutions for old age.
Founded in 1998, Key Later Life Finance is a member of the Equity Release Council. Companies offering capital release include SunLife, Aviva, Age Partnership, Legal & General, but there are many more. Age Partnership are specialized and independent capital release brokers that compare all types of capital release plans offered across the market. Their reputation and presence have allowed them to negotiate preferential rates that may not be available elsewhere.
Read our Age Partnership Equity Release Review Read our Review of Legal Capital Release & Overall Read our Aviva Equity Release Review Nationwide offers a choice of three suitable mortgages for later borrowers, including a simple lifetime mortgage that allows you to to release a lump sum in advance. They also have a team of mortgage consultants who advise on Nationwide's own products and services. Read our review of Nationwide's Equity Release Only offers a lifetime mortgage that allows you to release a lump sum or initial lump sum and extra money when you need it. You can also pay part or all of the monthly interest if you want.
This mortgage is only available through professional advisors, including HUB Financial Solutions, which is part of Just Group. Read our Fair Equity Release Review: SunLife provides information about releasing equity from your home; however, they do not currently offer an equity release service. Read our review of SunLife's Equity Release One Family Offers Two Lifetime Mortgages. One that allows you to pay part or all of the interest each month and another that allows you to repay part of the outstanding loan each year without incurring an early repayment fee.
One Family also has its own counseling service that compares lifetime mortgages from across the market. Read our One Family Equity Launch Review Always seek professional advice, but keep in mind that some advisors only seek plans from one or two providers, who may not offer the right product for your situation. For this reason, it might be worth talking to an advisor who deals with a wide range of companies, such as Age partnership. For advice on how to free up your home equity, call 0800 368 8466 to speak to a specialist advisor.
Releasing capital can provide you with a large sum of money to spend and at the same time allow you to continue living in your home. It can be particularly useful to cover large expenses later in life, such as long-term care. However, there are downsides to accessing the value of your home in this way. .