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Tel: 01671 403080

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Lifetime Mortgage

What will you have to pay us for this service?

A flat fee of £250 will become payable at outset. We will also be paid commission from the provider.

How does it work?

A lifetime mortgage is a form of equity release scheme whereby a loan is secured against your property, providing you with a tax-free cash lump sum or a regular income to spend as you wish.

Interest is added to the lifetime mortgage loan throughout your lifetime, accruing at a fixed or variable rate. The loan plus interest is eventually paid back when the home is sold which could be when you move into long term care, or when you and your partner die. Subject to your age you can typically release between 18-50% of the value of your home with a lifetime mortgage.

ADVANTAGES

  1. Choose a cash lump sum or regular income, typically with no monthly repayments to meet
  2. You still own your home so all growth in the value (if any, of course) belongs to you
  3. 'No negative equity' guarantee
  4. Some plans enable you to guarantee an inheritance for your family
  5. Plans can be taken out as young as 55

DISADVANTAGES

  1. Inheritance amount will be reduced
  2. Interest rates may be higher than for normal mortgages due to the long-term nature of the loan.
  3. The amount owed on the loan can mount up quickly as interest is compounded.
  4. Early repayment charges may apply
  5. Tax position and certain state benefits will be affected
  6. You could raise a larger amount with a reversion plan, especially at a younger age

Please note: You can get interest only lifetime mortgages wherein you pay interest monthly, but lifetime mortgages are mainly offered as 'rolled up' interest. 'Rolled up' interest is paid off all-together in one final payment along with the total amount of your loan when your property is sold, as described above.

A LIFETIME MORTGAGE CAN QUICKLY ERODE THE REMAINING EQUITY AND AS A RESULT THERE MAY BE NO VALUE LEFT TO PASS ON.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.


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Company address:
Marr Financial Services Ltd, Central Office, 61 Victoria Street, Newton Stewart, Wigtownshire, DG8 6NL
T: 01671 403080
F: 01671 402549

Email: advice@marrfinancial.co.uk

Registration address as company address
Registration number: SC275449
Registered in: Scotland

Marr Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

Marr Financial Services Ltd is entered on the Financial Services Register (http://www.fca.org.uk/register/) under reference 705884.

The FCA do not regulate National savings products, loans, Will writing, Commercial Mortgages and some forms of buy to let mortgages and inheritance tax planning.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Telephone: 01671 403080 | advice@marrfinancial.co.uk

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