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Equity Release
What is Equity Release?
Equity Release sometimes called Later Life Lending, comes in two main forms – lifetime mortgages and home reversion plans. At Integrity Mortgage Solutions we only advise on lifetime mortgages as with a lifetime mortgage you retain full home ownership.
With a lifetime mortgage, unlike other forms of equity release, you can release tax-free cash from your home whilst retaining full ownership of your home, and without having to commit to making monthly repayments.
Interest is charged on the amount released, with interest rates typically fixed for life. If you do not choose to make repayments over the course of the loan, then the amount borrowed, plus interest is simply repaid at the end of the term, often via the sale of the property.
What can the money be used for?
There are many different things you can choose to do with the money released with your Lifetime Mortgage.
Here are some of the things our customers have done with theirs which you might consider:
‘Topping up’ your retirement income to make life more comfortable.
Paying off an outstanding mortgage, including the shortfall on an interest-only mortgage.
Renovating or refurnishing your home
Enjoying your retirement by buying a new car, taking a holiday or funding hobbies.
Managing your estate, wealth and inheritance tax planning.
Helping children and grandchildren with house deposits, student fees, weddings, and other major life events.
Adapting your home so you can live independently.
Paying for health care, from one-off private medical bills to ongoing care in the home.
Gill & Pete's Story
Gill and Pete had all their money tied up in property.
They chose a Lifetime Mortgage with a drawdown facility, releasing an initial lump sum to start their retirement plans plus creating a rainy-day fund to call on in the future.
Get in touch with an Integrity Equity Release Adviser
Equity Release Process
Our Promise to You
We want to make sure you are comfortable and confident when making your decision.
So we make these promises to you:-
We are members of the Equity Release Council
We are specialist members of the Equity Release Council which means we have agreed to abide by the Council rules and have signed up to their Statement of Principles
A Few FAQs
Taking out a Lifetime Mortgage does not involve selling your home. You retain complete ownership throughout your lifetime.
We only work with lenders that offer a no negative equity guarantee, ensuring you never owe more than your home is worth. In fact you can ring-fence a portion of your home’s value as guaranteed inheritance for your family. All the mortgages we recommend are part of the Equity Release Council.
Yes, you can release equity if you have an existing mortgage but you must pay the outstanding balance off. Many people chose to use their released equity to do just that , lifting the pressure of monthly mortgage repayments in retirement.
There are Lifetime Mortgage plans that allow you to make voluntary repayments, there are no commitments and you can stop whenever you wish to. Talk to your adviser in more detail about this.
Yes, you will need a solicitor. We have links with specialist Equity Release solicitors who are experienced in this type of work.
Get a copy of our FREE Guide to Equity Release
If you’d like to know more about equity release then please submit your details below to get a FREE copy of our Guide to Equity Release
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Important Stuff
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 atorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
There will be a fee for lifetime mortgage advice. The amount will depend upon your circumstances. A typical fee would be £995 but could be up to £1495.
