Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

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Lifetime Mortgages

If you take out a lifetime mortgage, you are taking out a loan secured on your home which does not need to be repaid until you die or move into long-term care.

Unlike other types of Equity Release scheme, your home still belongs to you but you are obliged to repay the loan when certain conditions are met – death, moving into long-term care, or if the terms of the mortgage are broken.

The lender can give you a lump sum or you can withdraw funds in stages. Interest is paid on this amount on an ongoing basis or the interest can be ‘rolled up’ and paid together when the loan is repaid.

The loan is repaid from the proceeds of your home when sold. If there is any surplus from the sale it would be available to your beneficiaries or estate. If the value of the property is lower than the loan and interest which has accrued it is usual to have agreed a ‘no-negative-equity’ guarantee with the lender, so that you would not have to pay back the value of your home.

As with all Equity Release schemes it is very important to get advice on whether the scheme is right for you. Please talk to us to find out more and ensure you get the advice you need.

 

 

A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home.   Equity release is not right for everyone and may reduce the value of your estate.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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