Specialist Mortgage funding for the over 60s | Chase De Vere Mortgage Management
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Specialist Mortgage funding for the over 60s

 
The demand for Lifetime Mortgages continues to grow at a pace with well over 100,000 home owners now having released valuable equity from their homes.
 
Lifetime Mortgages are different to mainstream borrowings in the key respect that interest is not paid on a month by month basis, rather it rolls up to be repaid on the sale of the property and/or on death or full-time move into a care home.
 
At Chase De Vere we believe there are 4 main areas of need which may be satisfied by releasing equity through a Lifetime Mortgage:
 
-         drawing an income to fund lifestyle – supplementing insufficient pension income to cover day-to-day living expenses;
 
-         making capital purchases – new car, holiday home, conservatory to improve general standard of living;
 
-         adapting/improving the home to allow ;for the changing needs of older homeowners;
 
-         helping grandchildren and children to fund their property purchase – particularly providing much needed deposit monies for first time buyers – effectively releasing some of the inheritance now and potentially reducing/mitigating IHT liability.
 
 
The FSA has been regulating the Equity Release market for a while now and has recognised the expertise needed to provide the specialist and detailed advice to clients in this complicated marketplace. Major changes have occurred to address the problems associated with Equity Release in the 1980s with lenders now allowing drawdown of funds as the borrower requires them (meaning interest is only charged as money is utilised) and guaranteeing that any loan redemption will never exceed the value of the borrower’s property.
 
In light of the improved products and environment in this market, Chase De Vere have decided that it is now right to give advice on Lifetime Mortgages, bringing our strong brand reputation and unrivalled experience to the arena.
 
There is increasing pressure on the over 60s to help fund their grandchildren through higher education and eventually on to the property ladder. This often comes at the same time as they are considering retirement, maybe without sufficient pension or savings to continue to live to the level they have experienced – we believe there is now a feasible alternative in the Lifetime Mortgage area.
 
There are a number of well known high street lenders in this market, most of whom now offer drawdown facilities. It is even now possible to release equity from an investment property. As in the mainstream market, Chase De Vere has access to the lender’s decision makers and some exclusive products not available on the high street. We also have access to specialist lawyers who are well versed in the needs of the clients and the necessity of involving the family in the process.
 
Ask for Jed Newton, our Lifetime Mortgage Specialist or call him direct on 020 7484 9222 to discuss your individual circumstances in complete confidence. 
 
This is a lifetime mortgage.  To understand the features and risks, ask for a personalized illustration. Your home may be repossessed if you do not keep up repayments on your mortgage.