If you are looking to release funds from your home, but not sure whether an equity release mortgage or a standard remortgage would be best call Lifelink for your free consultation, our expert advisers will explain both options and advise you on which would be best for your personal circumstances.
If you are a homeowner with an existing mortgage and want to release additional funds, you will need to remortgage, this process is known as a remortgage and is a process of taking a new mortgage to replace your existing mortgage that is larger than your current mortgage.
When thinking about remortgaging it`s important to take into account the following important points that will need to be considered;
You will need to prove income in order that the lender approves your affordability.
You may be declined due to your age
You generally need a good credit history
The older you are the shorter the term of mortgage this in turn will make the monthly payments higher
Your home may be repossessed if you do not keep up the mortgage payments
An Equity release sometimes called a lifetime mortgage is a mortgage that’s secured on your home and is usually repaid once you or the last remaining applicant pass away or move into long-term care. It’s an alternative way to release funds tied up in your home other than going down the typical remortgaging route.
To be eligible for an Equity Release mortgage both homeowners must be aged 55 or over. Any secured loans including any existing mortgage must be repaid by the new Lifetime mortgage, any excess tax free funds will be yours to enjoy as you please.
There are a number of important points to consider when taking out an Equity release Mortgage;
All applicants must be aged 55 or over.
You will not be required to make any monthly payments
The maximum loan is based on your age, health and value of your property
If you are considering either option then call Lifelink 01189 349800 and speak to one of our expert advisers for your free no obligation consultation.
Contact us now for any of your financial needs
Lifelink is the trading name of Lifelink Services Ltd.
Office address: Seddon House, Gas lane, Twyford. RG10 9LX.
Registered office: 6-7 Castle Gate, Castle Street, Hertford, Hertfordshire, SG14 1HD.
Registered in England No: 04100425.
Lifelink Services Ltd is authorised and regulated by the Financial Conduct Authority. No: 300474.
Lifelink will always strive to be competitive on the fees it charges for its mortgage service. 70% of our business comes our existing customers and our Google reviews (do this as hyperlink) demonstrates how important the service we give to our customers is to Lifelink.
The initial consultation is always free and only if you are happy to proceed on the agreed terms will the fee be payable.
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