This is for illustrative purposes only and does not constitute as advice.
Moving Home & Future Expenditure
Having arranged an Equity Release mortgage for Alan and Jackie to buy a bungalow in 2019. A lifetime mortgage was arranged with a drawdown facility to help with future expenditures. They had enough pension income to pay the monthly interest meaning the debt would not increase.
Following a change in health for Jackie, they decided to move to a more suitable property with better access. The mortgage was portable which meant they could transfer the borrowing to the new property subject to underwriting accepting the new property was suitable.
They retained the same rate and drawdown facility as the price was similar value to the original property. The drawdown facility has not been used but provides them with peace of mind should they incur future unexpected expenditures.
- Interest Paid Monthly
- Interest Fixed at Oustet for life
- Option to roll up interest in the future
- Overpayments allowed subject to limits which will reduce debt owing
- No negative equity guarantee
- Drawdown Facility for future use provided
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage. Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Equity Release, Lifetime Mortgages & Home Reversion plans will reduce the value of your estate and can affect your eligibility for means tested benefits.
Later Life Financial Advice is trading style of Kent Financial Consultants Limited who are registered in England and Wales.
Registration Number: 12830348.
Registered Address : 64 High Street, Broadstairs, Kent, England, CT10 1JT.
The guidance and/or information contained within this website is subject to the UK regulatory regime, and therefore targeted at consumers based in the UK.
Later Life Financial Advice is a trading style of Kent Financial Consultants Ltd which is an appointed representative of Quilter Financial Services Ltd, which is authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Ltd is entered on the FCA register under reference 440718.
