Discover all you need to know about lifetime mortgages and find the best eight options available to UK senior citizens to release your equity.
Best Lifetime Mortgage Options for UK Citizens
Your Guide to Lifetime Mortgages and the Best 8 UK Options Available: FAQs
Who Qualifies for a Lifetime Mortgage UK?
Individuals over 55 and under 85 tend to be eligible for a lifetime mortgage in the UK. If you are a UK resident and have an eligible property that meets the valuation of your loan provider, you have a good chance of being accepted for this loan type. Make sure you review the conditions of your loan provider.
What Are the Main Types of Lifetime Mortgages?
The main examples of lifetime mortgages include drawdown and lump sum mortgages. A lump sum lifetime option gives you tax-free access to a lump sum. You receive all the money at once. A drawdown option gives you access to the funds in stages. The remaining funds you do not receive will be kept in reserve.
What Is the Equity Release Council?
The Equity Release Council has a role in ensuring lending bodies use high conduct standards when offering equity release services. It gives clients confidence that their lender offers quality services that include upper limit caps for variable interest types, no negative equity guarantees, and permanent property ownership until they pass away.
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