Loans - Debt Consolidation - Remortgage - Secured Loans - Homeowner Loans - Equity Release Loans

Many homeowners over the age of 60 have a substantial amount of available equity in their property and a desire to boost their income or raise cash for many different reasons. It maybe a luxury cruise, a new car, boosting retirement income, a new Home Improvement such as a conservatory, Inheritance Tax Planning or indeed any purpose.

However, whilst many over the age of 60 have no current mortgage or are near the end of completing their existing mortgage, the thought of repaying another monthly repayment for a number of years is not appealing.

Equity Release Mortgages, also known as ‘Home Equity Plans’ or ‘Lifetime Mortgages’ enable mature homeowners to release some of the cash (equity) which has built up over the years, without having to make repayments on the loan. The balance plus interest is repaid when either the applicant passes away or when the home is sold and the client has entered long term care.

At Flexibility, our Equity Release Mortgages include the following important features

• Ownership of the property is retained by the client.

• There are no repossessions.

• Funds can be used for any purpose.

• There are restrictions on the amounts of funds available linked to applicants age. For example the maximum loan % available for someone aged between 60–66 is 20% of the property value. Click here for further examples

• There are no credit checks or income requirements

• The Interest Rate is fixed for the term of the Equity Release Mortgage. Currently 7.53% pa (8.5% APR.)

• Arranged through Scottish Widows Bank, part of the Lloyds TSB Group.

• In the event of negative equity there are no additional sums owed by the estate

• If there are two applicants the Equity Release Mortgage is repayable only when both applicants have passed away or the home is sold and the applicants have entered long term care.

• Loan is usually transferable to a new property if the clients wish to move.

• Funds can be arranged quickly.

A fresh approach to finding a financial solution to suit you