With many years of experience within the industry, Complete Mortgages is well-placed to manage all aspects of your equity release requirements.
Maybe you need to make improvements to your home, purchase a second property or help a family member buy their first home. Perhaps you need to repay your interest only mortgage, or you are looking to reduce your inheritance tax bill.
If you have equity in your property and would like quick access to it, then our team of equity release mortgage experts can help you release it.
Unlike a standard residential mortgage, you don’t have to make monthly mortgage payments unless you choose to do so. Instead, interest rolls up on your loan each year, increasing the amount that you owe. The loan and interest are then repaid in full, usually from the sale of your home, when you die or go into long-term care.
There are three approaches to equity release, which are outlined below:
With this option, you take out a mortgage secured on your property and ring-fence some of the value of the property as inheritance for your family – you can choose to make repayments or let the interest roll up. The loan amount is then paid back when you pass on, or when you move into full time care.
Retirement interest only mortgages are very similar to a standard interest only mortgages. You only pay the interest on the mortgage each month, then it is usually paid off when you die, move into long term care or sell the house. The amount that you can borrow will depend upon your income and not just the property value.
*This is a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks, ask for a personalised illustration.
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