Type of Mortgage | Drawdown Lifetime Mortgage

Purchasing Insurance is One of the Best Ways to Use Capital From Drawdown Equity Release Schemes

Equity release is a secured loan obtained against a property like any other residential mortgage; however, the main difference is that you are not required to make any monthly repayments of the capital loan sum. Security of tenure is therefore an important consideration for any applicant. This reassurance is provided by the industry trade body known as SHIP or the Safe Home Income Plans. You have multiple options with equity release such as drawdown equity release, lifetime mortgage, interest only lifetime mortgage, enhanced lifetime mortgage and home reversion.

The lifetime mortgage is one of the most common equity release schemes […]

How Much of a Lifetime Mortgage Can I Borrow?

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Conventional mortgages are available through a great number of high street banks and other financial institutions. They have basic qualification criteria including income levels and property value to loan ratios, which enable people to borrow money in exchange for a part ownership of the property. The question of “how much can I borrow?” Is usually a matter of multiplying your annual salary by a set number of times to determine the maximum amount. The loan is repaid over a set number of months or years on a capital repayment or interest only basis.  This arrangement is confirmed between the lender […]