Best buy interest only lifetime mortgage

Best buy interest only lifetime mortgage

Best buy interest only lifetime mortgage refers to the various forms of lifetime equity release mortgages available to mature individuals over the age of 55. Best buy interest only lifetime mortgage arrangements are a by-product of equity release plans, which enable individuals to secure a loan against the value of their house, as a means of generating income or capital. It is the duty of our specialist advisers to seek the best buy interest only lifetime mortgage plans for any client who is in search of an equity release deal.

A best buy interest only lifetime mortgage works on the principle that the plan holder obtains a lump sum of cash from the provider of the best buy interest only lifetime mortgage. The borrower has the independence to use these funds however they wish, for instance it may be used to travel, or merely to enhance their current financial situation. However, the borrower is required to repay the full mortgage initially taken out, yet this does not have to be paid until the contract is terminated. The best buy interest only lifetime mortgage contract is terminated when the borrower dies, or if the borrower is moved into a care home for an indefinite period, due to declining health. The borrower must issue the provider with monthly interest payments, which may vary or remain fixed.

There are many benefits associated with best buy interest only lifetime mortgage schemes, such as the debt of the mortgage remaining fixed for the length of the contract. The borrower is therefore certain of the amount of equity which will remain in his/her estate by the time the contract is terminated, enabling the borrower to make plans for their inheritance. In addition, the borrower remains the sole owner of the property, whereas other equity release schemes enable the provider to obtain a share in the borrower’s house.

Although numerous advantages are related to a best buy interest only lifetime mortgage products, many drawbacks distort an individual’s decision to seek a best buy interest only lifetime mortgage. Firstly, the borrower must repay interest monthly, leaving them with fewer surpluses to contribute to their real intentions and desires. Interest is free to rollover is the borrower misses monthly repayments, which will also increase the overall mortgage debt. Our expert advisers will enlighten each client on the advantages, as well as the limitations of a best buy interest only lifetime mortgage. They will assess the financial situation of the client to decide whether the client will be suitable to apply for a best buy interest only lifetime mortgage.

Choosing a suitable equity release plan is not a straightforward process and many factors have to be taken into consideration before committing to a lifetime arrangement. Even though best buy interest only lifetime mortgage plans are seen as an effective method of generating extra finances, the number of risks associated with these arrangements could damage the long term financial stability of some borrowers. Our specialist team of advisers offer assistance to those who are hoping to seek a best buy interest only lifetime mortgage.

Interested in a best buy interest only lifetime mortgage? Call our team today.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.

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This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.