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Tel: 01278 453926

What to do next?  


If you are considering an equity release product, then contact us via our contact us page and we will call you to discuss your plans. 


We can help with some useful thoughts and make sure that whatever your plans you have a good idea of the advantages, disadvantages and costs of equity release

Want to learn more or speak to someone about mortgages?


                       via our contact us page and we will call you back to discuss this.

Specially designed for the over 55's

Equity Release is a specialist mortgage designed for customers either approaching or in retirement and works differently to a normal mortgage.



Types of Equity Release


There are 2 types of equity release available in the UK: 


- Lifetime Mortgages

- Home Reversion Mortgages 


Lifetime mortgages are the more common type of equity release and mean that you retain ownership of your home.  A mortgage is agreed up to a set percentage of your home.  Dependant on the scheme and your circumstances, you can either pay some or all of the interest per month or make no payments at all and the interest is added to the mortgage each month. 


Home Reversion is different, in the respect that you sell your home to a reversion company for an agreed value and you are paid a percentage of the properties value.  This is usually a larger amount than on a lifetime mortgage.  No payments are made to the lender at all and you have a right to stay in the property for the rest of your life or until you require long term residential care.  At this point the company has a right to sell the property. 


 



Which one is best for me?


There are many advantages and disadvantages to both options and it is best to seek independent advice with regards to this. 


In fact the financial regulator, theFinancial Conduct Authority or FCA, has recommended that all customers seeking an equity release mortgage should receive independent advice on this prior to committing to a plan commencing. XL Financial Services is qualified and regulated to provide this independent view for you and we would be happy to discuss your options with you.

Equity Release

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