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It’s designed so that if you’re over 55 you can access some of the value in your property and either continue to live there or use the equity to help you move.
Get in touch for an initial chat, without obligation…
To understand the features and risks of a Lifetime Mortgage, please ask for a Personalised Illustration. Equity Release is not the right solution for everyone, and considering all your alternatives is an essential part of the advice process.
Your home may be repossessed if you do not keep up the monthly interest repayments on your RIO mortgage.
We do not give advice on Home Reversion Plans.
It depends on the type of Equity Release. You may want to release a lump sum, receive regular income or be able to release further funds in future. Typically, rates improve with age and allow you to release up to 55% of your home’s value.
Whatever your circumstances, our experienced advisors will help tailor the best solution. We also have access to preferential rates, thanks to our relationships with specialist Equity Release lenders.
An existing client referred her father-in-law to us. His landlord had informed him that he needed to sell the property they had rented off him for 25 years.
The client did not want to move out of what he considered his family home and the landlord had offered him first refusal on the property.
He didn’t have the funds to buy the property outright, so needed assistance, in the form of a lifetime mortgage, to make it achievable.
The property was unregistered and in need of considerable improvements.
The client needed funds to assist with the purchase and to do the necessary work once he owned the property.
The client now owns his own home and has the funds to complete the necessary improvements.
Our advisor obtained approval from a mainstream lender on the proviso that the necessary improvements to the property would be made.
Completion took place in a timely manner and the client and his family were able to remain in the home they loved.
A new client was referred to us who needed help to repay their current mortgage lender – the mortgage needed to be settled within three months. They’d been on interest only terms for many years and didn’t have the financial means to clear the mortgage.
Their circumstances meant a standard remortgage wasn’t an option. The client was suffering from ill health and desperate to remain in the family home.
The title of the property consisted of two separate dwellings – one lived in and the other rented to holiday makers. The client did not wish to separate the titles and arrange for separate services.
The client was able to remain in their home and did not have to sell.
By working with the solicitor and third-party valuers, our advisor was able to demonstrate to lenders it made business sense to lend funds to our client. Even though certain standard requirements weren’t met, we made bespoke arrangements with a lender.
Ultimately, we helped someone who was feeling stressed and anxious to feel safe and secure again.
Our clients, a retired couple in their 70s, wished to relocate from their isolated countryside property to the nearby town. They had no mortgage on their home and an offer they were happy to accept.
*With £50,000 facility for further borrowing if/when required.
Properties in the historic market town of Reepham carry a premium and the couple needed a further £40,000 to buy the chalet bungalow they’d fallen in love with.
They also wanted to keep hold of their savings so they could enjoy regular holidays and their daily coffee shop visits!
The couple were able to buy the property and maintain their lifestyle.
Our advisor worked closely with estate agents and solicitors, so the couple were able to complete the sale of their countryside property and simultaneously release funds with the lifetime mortgage. It meant they could complete the purchase of their new home the same day.
With a Lump Sum Lifetime Mortgage, the homeowner receives the funds in a single payment. They can choose to either defer interest and repayments until after their death or start making repayments immediately. By making early repayments, the estate will owe less in the long run, and more of the property’s value will be preserved for beneficiaries
This option allows the homeowner to access the funds in stages, borrowing as needed. It provides a flexible “nest egg” that can be accessed whenever necessary. The key advantage of this option is that interest is only charged on the funds drawn, potentially reducing the overall interest costs in the long term.
A form of Equity Release that enables the homeowner to make repayments of up to 15% of the amount borrowed each year, without committing to fixed or regular payments. It’s particularly beneficial if you have irregular income, such as dividends or occasional investment payouts, and helps preserve more value in the estate.
This product allows the homeowner to pay the interest on the equity released. The original amount borrowed is repaid when the property is eventually sold.
This type of product provides a monthly income rather than a lump sum. This option creates a steady, ongoing source of funds, typically used to help with living expenses.
You have an initial chat with one of our advisors.
You have a full consultation. The advisor will arrange to meet you when and where is convenient – your home, our office, or on a video call. You can invite family members or a trusted friend to join you if you like.
Your consultation is free, with no obligation to proceed.
Our advisor will give you options and advice to consider.
If you instruct us to proceed, we’ll take it from there.
Explore all your options, including alternatives to Equity Release. Ensure it’s the right choice for you and your family, considering your current circumstances and plans for the future.
Equity Release may impact your loved ones, so please chat with them before making a decision. We suggest you invite a family member or friend to join you when you meet your advisor.
They will arrange to meet you when and where is most convenient – at your home, in our office, or on a video call – and provide you with our Initial Disclosure Document (confirming the costs involved if you decide to proceed). You’ll discuss your circumstances, needs and plans with your advisor, then they’ll explain the benefits and risks of Equity Release and other alternatives. If you agree Equity Release is the right option, a follow up – Presentation Meeting – will be arranged. You may be asked for some documents to help your advisor conduct their research.
Your advisor will research the whole of the market, reviewing all the lenders and products available.
Your advisor will talk you through the research and their recommendation. They’ll provide a summary of the important details and costs involved – called a ‘Key Facts Illustration’ (KFI) or ‘Personalised Illustration’. They’ll go through it with you, giving you time to ask questions and ensuring you understand everything. If you decide you’re happy to proceed, the application process will begin.
Your advisor will complete this on your behalf. You’ll need to decide which solicitor you’d like to appoint. If you don’t already have one in mind, we can help with that, or you can find solicitors that are members of the Equity Release Council
Your solicitor will provide you with an initial documentation pack and their ‘Terms of Business’.
The lender will arrange for your property to be valued. The valuer will usually contact you directly to arrange a convenient time.
Once the lender has assessed your application they’ll confirm how much you can borrow and send an Offer Letter to you, your solicitor and your advisor.
Once your solicitor has received the Offer Letter they’ll invite you to make an appointment to discuss it – this is a legal requirement. When you’re happy, you’ll be asked to sign a Mortgage Deed. Your solicitor will sign a certificate to confirm the essential features and implications of the plan have been explained to you.
Your lender will confirm once they’ve got all the correct documents and have carried out the necessary checks to be able to release the cash to your solicitor. In most cases, they will then transfer the funds to you.
Your advisor will keep you updated and be on hand to answer any questions throughout the whole process.
Equity Release could increase the amount of money available to you or boost your monthly income – this is the goal for many people. But it can impact your eligibility for certain benefits. It will also affect the value of your estate and may reduce the inheritance your loved ones receive. Seeking professional, independent advice is crucial.
Some people’s circumstances and plans mean that Equity Release isn’t right for them. In such cases, we may recommend an alternate solution such as a standard mortgage on an interest only basis.
You can obtain a Lifetime Mortgage on either, but there are additional checks with a leasehold property. The lender will need to know how many years are left on the lease, about services charges, ground rent etc.
Yes, but not all lenders will do it. Once we obtain property details, we’ll find out which lenders are able to help and advise you accordingly.
Yes, but not all lenders will do it. We’ll find out which lenders are able to help and advise you accordingly. The lender will require your partner to seek independent legal advice.
It depends on the lender, but we’ve helped people obtain Lifetime Mortgages in cases of:
Interest rates change often and for various reasons. However, once your Lifetime Mortgage has commenced the rate will remain the same for the lifetime of the mortgage.
Yes, but most lenders are not comfortable with this. Subject to your individual criteria, we should have access to some options for you, though.
It varies from lender to lender. Some calculate daily and others yearly.
Absolutely. The Lifetime Mortgage market now supports later-life borrowers with a range of flexible products. Many lenders will let you decide how long you wish to service the interest payments for. Some will allow you to chop and change from month to month.
Here are just some of the most common reasons people choose Equity Release:
Lifetime mortgages have existed for many years, and while the product has evolved significantly over time to improve customer outcomes, not everyone is aware of these important changes.
Below are some of the most common misconceptions our advisors encounter.
All Lifetime Mortgages now offer a ‘No Negative Equity Guarantee’. This means that when your home is sold, your family or beneficiaries will never be asked to pay a shortfall, if there is one, to your lender. If your home is sold for more than the amount you’ve borrowed against it, the amount left over belongs to you or your loved ones.
The Equity Release industry is regulated by the Financial Conduct Authority (FCA). All lenders and advisers must be registered with the FCA and adhere to their standards. PSG Financial Consultants are also members of the Equity Release Council – the Lifetime Mortgages trade body, which is dedicated to protecting people that hold Equity Release plans, and as such must observe their code of practice. Further information and advice can be found on their website
With all lifetime mortgages, provided that you abide by the terms and conditions of the loan, you will always retain ownership and control of your home.
If you want to, you’ll be able to stay in your home for the rest of your life. However, if your circumstances or plans change and you’d like to move, you can “port” your lifetime mortgage to your new home, providing the property its suitable to the mortgage provider. This means that when you move into your new home, you take the mortgage with you.
If you choose an interest roll-up mortgage, the outstanding balance can grow rapidly over time. This is because interest is calculated on a daily basis and added to the mortgage balance each month. You can reduce the impact of interest roll-up, by choosing a product that allows you to make repayments. Much like a traditional mortgage, most Lifetime Mortgages allow you to make regular and/or ad-hoc capital and interest repayments if you wish to.
Most Lifetime Mortgages will offer you the option to make partial, or full, repayments. Some lenders may charge for this, but where there are charges, this will be clearly explained. Your advisor will always discuss whether this is something that’s important to you and will consider this when recommending a product to you.
A Lifetime Mortgage is a long-term commitment, but you’ll always be able to choose to pay back the full loan amount, at any time. Any charges for this (Early Repayment Charges), which will vary from lender to lender, will have been explained before signing up to the mortgage. There are circumstances where some lenders will let you clear your mortgage without penalty. For example:
• If you take out a Lifetime Mortgage with a partner or spouse, and they pass away or move into long-term care, you will not need to pay an Early Repayment Charge if you repay your Lifetime Mortgage within a specified period of time.
• If you wish to downsize you’ve held your Lifetime Mortgage for over the specified period and you want to repay the loan because you are selling your home and moving to a different property, you may not need to pay an Early Repayment Charge.
If it’s important to you that you are able to leave an inheritance to your loved ones, your adviser will be able to recommend a product that enables you to do that.
There are products with features such as ‘Inheritance Guarantees’ which can help protect a percentage of the eventual sale value of your home from the outset, so it is available to you or your loved ones in the future.
You can apply for a Lifetime Mortgage if you still have a traditional mortgage, however in most cases, the traditional mortgage will need to be cleared by the money you release, as most lenders will only allow one charge on a property. Some lenders may allow two charges on the property, but this isn’t generally the case.
Clearing a traditional mortgage is actually one of the most popular reasons for taking out a Lifetime Mortgage.
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PSG Financial Consultants are a member of the Equity Release Council, the equity release trade body.
The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.
By being a member of the Equity Release Council, PSG Financial Consultants adheres to their standards and principles, to provide customers with reassurance that the products and services we offer conform with the best practices of the sector.
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