Equity Release Mortgages UK
Looking to release some equity from your home? Talk to our equity release mortgage brokers about your next steps
If you want a lump sum for your retirement, house repairs or debt repayments, an equity release mortgage could be a cost effective option
If you’ve lived in your home for a while and you’ve seen its value increase – especially if you live in London – you may want to release the equity tied up in your property, without selling your home. It’s tax free too.
It’s a big commitment though and needs some careful thought. At Oportfolio, we talk you through everything you need to know about equity release mortgages, and whether it’s the right option for you and your family.
What is an equity release mortgage?
If you’re over 55, you can apply for an equity release mortgage, which has no fixed term and also comes with a ‘no negative equity guarantee’. This is important. If your property is worth less than the loan by the time you pass away, the lender will write off the debt and your family won’t be liable.
If you opt for an equity release mortgage you can take the funds released as a lump sum or smaller regular payments. And of course, you can spend it on whatever you like including home improvements, travel or helping younger relatives get a foot on the property ladder.
Equity release and a Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
We are not authorised to provide advice for equity release products. This will be passed to a suitably qualified and authorised specialist. Fees charged are dependant on the case itself. Oportfolio ltd will not charge you a fee.
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At Oportfolio, we love inspiring people and helping you to achieve your dreams - buying your own home, making the most of your existing finances, or investing in other properties.
We can help you find the right mortgage because our standing in the London market allows us to get access to the most competitive rates from a multitude of lenders.
To find out more, we invite you to download our latest brochure.
Working with experienced equity release mortgage brokers
All equity release mortgages are regulated by the Equity Release Council and only a handful of mortgage brokers are qualified to arrange these types of mortgages.
Oportfolio is not an equity release mortgage broker, but we are partnered with organisations who do offer equity release mortgages.
We strive for the highest standards of client care and are committed to offering tailored mortgage, insurance and personal protection policies that match the unique aspirations of every single client.