It’s very regular to find people searching for lump sum lifetime mortgages, monthly payment equity release or monthly payment equity release, however, More2Life like Zurich are keen to see evidence of your circumstances in the form of bank statements.
Can be a vehicle to reduce tax bills and interest rates are attractive. Help a member of your family buy their own home that they couldn’t afford otherwise or pay off your own debts like loans and credit cards so you have lower monthly outgoings.
The lender will want to know if the property is a Detached freehold house or a Leasehold house and if the resident is an Private Tenant.
It is often found to encounter individuals looking for monthly payment life time mortgage, lump sum life time mortgages or interest-only lifetime mortgages, however, Age Partnership like Maximum cover Equity Release are eager to see proof of your circumstances in the form of pension statements.
Lump sum lifetime mortgages can reduce the inheritance for your family. Home reversion plans may impact entitlements to benefits. You may need to pay a valuation fee and you could have higher rates to pay with some schemes.
The more aged you are and the unhealthier you are the more tax free money you can release.