Equity Release & Lifetime Mortgages
whitewood Mortgages
Thinking About Releasing Money from Your Home?
If you are aged 55 or over and own your home, you may be considering whether equity release, also known as a lifetime mortgage, could help you access some of the money tied up in your property.
At Whitewood Mortgages, based in Lytham St Annes, we understand that later life lending is a big decision. Whether you live in Lytham St Annes, Warton, Freckleton, Blackpool, Poulton or the surrounding Fylde Coast area, it is important to understand your options clearly before making any decisions.
We do not provide equity release advice directly. However, if you would like to explore whether a lifetime mortgage may be suitable for you, we can refer you to Viva, part of Stonebridge, who specialise in later life lending and equity release advice.
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Equity release may involve a lifetime mortgage which is secured against your property or a home reversion plan which requires the sale of property for a discounted price. To understand the features and risks, ask for a personalised illustration. You only continue to own your own home with a lifetime mortgage.
Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.
Whitewood Mortgages does not provide equity release advice directly. Enquiries will be referred to Viva, part of Stonebridge, who provide specialist advice in this area.
What Is Equity Release?
Equity release allows eligible homeowners to access some of the value held in their property without needing to sell their home.
The most common type of equity release is a lifetime mortgage. This is a loan secured against your home and is usually repaid when you pass away or move into long-term care.
Depending on the plan, you may be able to release money as a lump sum, in smaller amounts over time, or a combination of both. Some lifetime mortgages may also allow you to make voluntary repayments, although this will depend on the product recommended.
Why Do People Consider a Lifetime Mortgage?
People consider equity release for many different reasons. These may include:
– Helping family members with a deposit for their first home
– Making home improvements or adaptations
– Paying off an existing mortgage
– Supporting retirement income
– Covering care or lifestyle costs
– Making the most of retirement without needing to move home
Across areas such as Lytham St Annes, Warton, Freckleton, Blackpool and Poulton, many homeowners have built up equity in their property over time. A lifetime mortgage may be one way to access some of that value, but it is not suitable for everyone.
Local Later Life Lending Support
Property values, retirement plans and family circumstances can vary greatly across the Fylde Coast and surrounding areas.
You may have lived in your home in Lytham St Annes for many years and want to stay close to the coast, family and community. You may be based in Warton or Freckleton and want to make your home more comfortable for later life. Or perhaps you live in Blackpool or Poulton and are looking at ways to support your retirement plans.
Whatever your circumstances, speaking to a specialist can help you understand whether equity release is appropriate, what alternatives may be available, and how it could affect your estate, family and future financial position.
Important Things to Consider
Equity release is a significant financial decision and should not be entered into lightly.
Before proceeding, it is important to consider:
- Whether you could downsize instead
- Whether family members should be involved in the conversation
- How it may affect inheritance
- How it may impact means-tested benefits
- Whether interest will roll up over time
- Whether early repayment charges may apply
- Whether you have other borrowing or retirement options available
This is why specialist advice is so important.
How Whitewood Mortgages Can Help
Whitewood Mortgages is here to be your first point of contact.
If you are unsure where to start, we can talk you through the basics and then introduce you to Viva, part of Stonebridge, for specialist equity release and lifetime mortgage advice.
Viva will then be able to explain your options in more detail, assess your circumstances, and let you know whether equity release may be suitable for you.
Is Equity Release Right for You?
Equity release can be helpful for some homeowners, but it is not right for everyone.
The right option for you will depend on your age, property value, existing mortgage balance, income, family situation, long-term plans and personal priorities.
That is why we believe in making sure clients are referred to specialists who understand later life lending and can provide tailored advice.
Speak to Whitewood Mortgages
If you live in Lytham St Annes, Warton, Freckleton, Blackpool, Poulton or the surrounding areas and would like to understand more about equity release or lifetime mortgages, please get in touch.
We can explain the next steps and, where appropriate, refer you to Viva, part of Stonebridge, for specialist later life lending advice.
Call Whitewood Mortgages on 01253 800345
Email marc@whitewoodmortgages.co.uk
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Disclaimer
Think carefully before securing other debts against your home.
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.
As with all insurance policies, conditions and exclusions will apply.
Whitewood Mortgages is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, Which is
authorised and regulated by the Financial Conduct Authority.
Proprietor: Marc Bennett Mortgage Broker Based in Lytham St Annes covering the
whole of the Fylde coast including Blackpool.
Mortgage Broker Blackpool
Registered Office: Whitewood Mortgages, 7 Orchard Road, St Annes-on-sea, Lancs FY8 1RY.
The Information on this website is subject to the regulatory regime and is therefore targeted at
consumers in the UK. No representations are made as to whether the information is applicable
in any other country which may have access to it.
Typically we charge an arrangement fee of £495.00, however the precise amount is dependent on your
circumstances and will not exceed 1.5% of the mortgage amount.
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Email us
marc@whitewoodmortgages.co.uk
Address
7 Orchard Rd,
Lytham Saint Annes
FY8 1RY
Call Us
01253 800 345