Equity Release
One of the most common questions I get asked is: What credit score do I need for a mortgage? Put simply, there isn’t one. This is because your score varies between credit agencies. Some agencies top score is 999 whilst others are 500. What is important is how your score is made up and the history of your credit. This is where you need to review your full report and not just your score.
I can offer face-to-face advice in the comfort of your own home, at our Ormskirk based office, or I can carry out the advice remotely by telephone or video call. Whatever suits you best.
I am completely independent and not tied to any one provider and offer a complimentary initial meeting to talk though your circumstances and goals and check if this type of mortgage is right for you.
There are two types of equity release: Lifetime Mortgages and Home Reversion Plan. Lifetime Mortgage is by far the most common. This ensures you maintain ownership of your home and allows you to make payments if required.
There will be a fee for the advice given for an equity release mortgage. The precise amount will depend on your circumstances, but the fee will be no more than £750.
Equity release may involve a lifetime mortgage which is secured against your property or a home reversion plan which requires the sale of property for a discounted price. To understand the features and risks, ask for a personalised illustration. You only continue to own your own home with a lifetime mortgage.
