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THEN YOU COULD CONSIDER RETIREMENT LENDING – the most common uses are: home improvements, repay an existing mortgage or unsecured debt, holidays of a lifetime, have funds for everyday living, gifting to family members which can help with a deposit towards a home purchase or funding school fees. Other reasons can include to purchase a holiday home, estate planning, to fund long term care or to pay for private medical costs.
WHAT IS RETIREMENT LENDING? – This can be in the several forms, typically from 55 years upwards; • Retirement mortgage - Similar to a traditional mortgage where you repay the capital and interest or solely the interest keeping monthly payments low, main difference is there is typically no end date with the interest only option • Lifetime mortgage - This is the most
Over 55? Looking to release tax free cash?
common type of retirement lending, where you have the option to repay the interest, make overpayments or let the interest roll upwithout making any payment. With many flexible products you can initially take enough money for your immediate needs with a drawdown facility for future use or to provide a regular income. • Home reversion 65+ - You raise money by selling all or part of your home while continuing to live in it, this is the least common and rarely features in current retirement lending
Borrowing is typically repaid from the sale of your home when you die or move permanently into residential care
THE ADVISER – Andrew McCrossan of Equity Life UK has a wealth of experience as an independent mortgage adviser,
T: 01622 826150
andrew.mccrossan@
equitylifeuk.com
www.equitylifeuk.com
The Old Library, St Faiths Street, Maidstone ME14 1LH
Equity Life UK is Appointed Representative of New Leaf Distribution Ltd. New Leaf Distribution Ltd. is authorised and regulated by the Financial Conduct Authority Number 460421 For retirement mortgages your home is at risk if you do not keep up repayments on your mortgage
he is friendly, professional and genuinely cares about his clients and giving best advice
Andrew has been established since 2003 and is one of the few mortgage advisers to have the prestigious DipMAP holistic mortgage qualification.
90% of clients are returning customers or referrals. The company ethos is that we will service clients for their lifetime, viewing the relationship as a long term commitment
Andrew is also a member of the Equity Release Council which sets standards and provides safeguards to consumers.
HOW DO WE DISCUSS THIS? – Andrew is happy to carry out meetings at the company office, in the comfort of your own home, by phone or video call, to start with please contact him to discuss this.
Business Focus
Maidstone September 2019
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