Lifetime Mortgages

If you are based in the London area of the UK, and you are also over 55, then the chances are that you will have built up a fair amount of value in your property, that is assuming you could afford to get on the property ladder in the first place!.

London property prices are sky high, which is good if you have built up equity as a result of the decades of price rises, with interests rates in the UK still at only 0.5% house prices shoot upwards until even at these low levels the amount of money you spend each month on mortgage still becomes a fair % of your net salary. If you are approaching retirement though it is no fun at all to have your money tied up in property and not so much available to spend to support yourself or your family, and Option though and its a good one to consider is taking out what is known as an equity release. This means you take a mortgage out, which you don’t pay yourself and continue to live in your property.

There are risks of course with such an approach, but it does mean that you can stay in your home and get the best of both Worlds, keeping your home but getting your hands on your cash.

Of course any decision like this needs to with help and guidance from professionals, I can therefore point you in the direction of an outfit my family have used who give advice for this sort of thing, they operate in the London area and the home counties but occassionally will help with other locations if your circumtances are right.

Anyway I hope you found this information of use and benefit.