Its often found to discover individuals seeking out lump sum lifetime mortgages, monthly payment equity release or interest-only lifetime mortgages, however, Sunlife Plans like Old Mutual Wealth are keen to see evidence of your personal situation in the form of pension statements.
Could be used to optimise tax planning and interest rates can be attractive. Low-cost way of helping the family to buy their own home or pay down your own debts so you have lower monthly outgoings.
The 1st and 2nd charge lender will want to know if the property is a Freehold terraced house or a Leasehold house and if the resident is an AST Tenant.
It is very regular to discover people seeking out lifetime mortgage with flexible drawdown cash release, monthly payment lifetime mortgage or lifetime mortgage with flexible drawdown cash release, however, More2Life like Old Mutual Wealth is eager to see evidence of your situation in the form of investment statements.
Home reversion schemes can reduce your estate value. Monthly payment equity release may impact the ability to claim benefits. You may need to pay a solicitor’s fee and you could have higher rates to pay with some schemes.
The older you are and the more illnesses you have you are the more tax-free money you can release.