It’s a Financial Conduct Authority requirement that you get appropriate advice before taking out equity release. At Mortgage Advice Bureau Later Life, you’ll only ever deal with qualified, specialist equity release advisers.
From start to finish, we’re here to make sure you do what’s most suitable for you – whether that’s taking advantage of your property’s value with an equity release plan or not. We’ll make sure you have all the facts and understand your options before you decide to go ahead.
All of the providers we work with provide plans that meet Equity Release Council standards and come with extra safeguards and guarantees. These include:
With the no negative equity guarantee you’ll never owe more than your home is worth. This also means you can never pass on any debt accrued through equity release to your loved ones.
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home and can stay in it for as long as you like, subject to your plan’s terms and conditions.
All plans that meet the Equity Release Council’s standards allow you to transfer your plan to a new home subject to the plan’s criteria.
Some plans come with extra features, which may be right for your circumstances. Your adviser will explain them to you so you can find the right plan for you.
If you need or want to move to a smaller home in the future, your new property may not meet your provider’s criteria. As long as it’s at least five years after taking out your lifetime mortgage, with downsizing protection, available on some plans, you can pay your loan back without having to pay any early repayment charges.
Some plans offer inheritance protection with which you could protect a percentage of your home’s future value to be passed on as an inheritance when the plan comes to an end and the property is sold, no matter how much interest accrues.
Money when you need it: With a drawdown lifetime mortgage, you have the option of taking a lump sum initially, followed by smaller amounts as and when you need. You will only ever pay interest on the amount you release.
Release more cash: If you have certain health conditions such as heart conditions or diabetes or make lifestyle choices such as smoking, you may qualify for an enhanced plan and be able to release a larger sum of cash from your property.
We understand equity release isn’t for everyone, and we’ll never say it’s the right option for you unless we’re certain.
Everyone has different needs in later life, our equity release advice process brings together the professionalism of Mortgage Advice Bureau Later Life and Key Group – market leading specialists in equity release.
From start to finish, you’ll deal with equity release experts who will help you along your journey with advice that puts you in control.
Calculate how much you could release with our free equity release calculator giving you results in seconds.
