Equity Release & Lifetime Mortgages
whitewood Mortgages
Thinking About Releasing Money from Your Home?
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.
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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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Whitewood Mortgages offer both RIO mortgages and Lifetime mortgages on a referral basis only. Enquiries will be referred to Viva, part of Stonebridge, who provide specialist advice in this area.
At Whitewood Mortgages, based in Lytham St Annes, we understand that later life ending 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.
For more information, advice or a quote fill
in the form with your details and we will get
our trusted partner Viva Retirement
Solutions to contact you.
What Is Equity Release?
Equity release is a type of loan that 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:
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.
Types of equity release mortgages
Interest Roll-Up Mortgage
With an interest roll-up
mortgage, you can choose to receive funds as either a lump sum or in regular amounts. Instead of making monthly repayments, the interest charged is added to the loan balance over time.
As a result, no regular mortgage
payments are required during the term of the loan. The total amount borrowed, together with the interest, is repaid when the mortgage ends, typically from the proceeds of the sale of your home.
An interest-paying mortgage
With an interest-paying mortgage, you receive funds as a lump sum and can choose to make regular monthly payments or ad hoc payments towards the interest charged. This helps reduce or eliminate the effect of interest roll-up on the loan balance.
Some plans also allow you to make repayments towards the capital if you wish. The amount borrowed, less any capital repayments made, is repaid when the mortgage ends, typically from the proceeds of the sale of your home.
Retirement Interest-Only (RIO) Mortgages
With a Retirement Interest-Only (RIO) mortgage, you receive funds as a lump sum and make regular monthly interest payments. As the interest is paid each month, it does not roll up and increase the loan balance.
The mortgage continues until a specified life event occurs, such as the death of the last remaining borrower or a move into long-term care. The amount borrowed is then repaid, typically from the proceeds of the sale of your home.
RIO mortgages are subject to affordability assessments and generally offer less flexibility than other later life lending options.
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
Disclaimer
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.
Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home. Some buy to let mortgages are not regulated by the Financial Conduct Authority
Whitewood Mortgages offer both RIO mortgages and Lifetime mortgages on a referral basis only. Enquiries will be referred to Viva, part of Stonebridge, who provide specialist advice in this area
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.
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Email us
marc@whitewoodmortgages.co.uk
Address
7 Orchard Rd,
Lytham Saint Annes
FY8 1RY
Call Us
01253 800 345