Buy with Equity Release ?
Posted on 21st December 2022 at 16:10
Equity Release or a Lifetime Mortgage isn’t just about repaying an interest only mortgage that’s come to its end of term and the lender wants repaying or releasing money from your property to assist others – it can also be used to purchase a property for you to live in.
Maybe you need to relocate to be nearer family but the property prices are much higher than where you currently are. Or you perhaps rented for a long while, you’re about to retire, have a lump sum of money but not enough to buy anywhere. Or need a property where everything is all on one level such as a bungalow. There are many other reasons but I think you’re getting the idea.
You can use an Equity Release Mortgage to bridge that financial gap and carry on with whatever your plans were.
As long as the new property isn’t some form of retirement home or sheltered accommodation, there should be a lender out there who will consider an application.
How much you can borrow will depend on the age of the youngest applicant, value of the property and , with some lenders, your health (weirdly, the worse your health is the better).
There may be further restrictions of the amount you can borrow if the property is a flat, but a qualified advisor can help you navigate the market
If any of this is of interest to you and you’d like a no obligation informal conversation with a qualified advisor, please get in touch on 07788 219647 or email email@example.com
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Tagged as: Equity Release, Lifetime Mortgage, No Income, Retirement
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