Lifetime |
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If you are aged 55 years or older, you may wish to release equity in your home by There are two main types of equity release scheme. These are known as lifetime mortgages and home reversion schemes. The Society offers variable rate lifetime mortgages, although it is a good idea to consider other types of equity release schemes. Both Interest-only and Interest Roll-up schemes offer the facility to take either a lump sum at the start of the mortgage or to draw the money on an annual basis. It is possible to use the value of your home to raise funds for a wide variety of purposes such as: Inheritance Tax Planning Equity release schemes can be helpful in certain circumstances but are not suitable for everyone. It is important that you also look at whether there are other ways you could meet your financial needs before you make a commitment. Independent financial and legal advice should be taken. |
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You may wish to discuss the matter with your close relatives as any equity release scheme will affect the amount of money you will be able to leave to your beneficiaries when you die. Your tax and any welfare benefits may also be affected. The Financial Services Authority (FSA) provide helpful information, including a fact sheet about raising money from your home. This can be obtained from their consumer website at http://www.moneymadeclear.fsa.gov.uk or by telephoning their consumer help line on 0845 456 1555. As our interest rates are variable and we do not offer a "no negative equity guarantee", we have not applied to become a member of SHIP (Safe Home Income Plans). This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage |
means of an equity release mortgage. 
The Society is authorised and regulated by the
Financial Services Authority