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Lifetime Mortgages

A bespoke Lifetime Mortgage package could be just what you are looking for. If you are over 55 and own your own home, a Lifetime Mortgage could provide you with a tax-free lump sum or drawdown to spend on almost anything you wish.

 

Speak to Mark Wainwright from Bright Life about his award-winning broker service and get free, no obligation, no pressure advice as well as independent, whole of market plan comparisons to ensure that the plans we recommend are right for you.

We keep it simple. No jargon, everything in writing, everything upfront.

What is Equity Release?

A Lifetime Mortgage is very similar to a traditional mortgage, with a few key differences:

 

  • No term or fixed rate deal end date: you never need to remortgage your equity release, once it is set up- its set up for life. Your fixed rate will never change and only you can end the contract.

  • No affordability testing: because you have the option to make payments as and when you chose with most Lifetime Mortgage there is no affordability testing, making the application process much easier than with a traditional mortgage.

  • Flexibility: things change, and a lifetime mortgage account for that. Need funds now? Great a Lifetime Mortgage can do that. Need money later? Great, a Lifetime Mortgage can do that. Want to make payments? Great, a Lifetime Mortgage can do that. Want to make payments for a little while then stop? Great, a Lifetime Mortgage can do that. Want to move? Great, a Lifetime Mortgage can do that.

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

 

A fee may be charged for equity release advice. The exact amount will depend on your circumstances, but we estimate this will be £927 on completion

The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.

The Equity Release Council lay the foundations of all Lifetime Mortgage products offered by Mark Wainwright and his company Bright Life, which are:

  • For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan.

  • You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.

  • You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan.

  • The product must have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.

  • All customers taking out new plans which meet the Equity Release Council standards must have the right to make penalty free payments, subject to lending criteria.

Mark Wainwright and his firm Bright Life is a proud supporter and member of the Equity Release Council and strives to ensure all our clients have the best possible experience of Equity Release.

Find out more about the Equity Release Council on their website by clicking here.

Find Bright Life on the Equity Release Council register by clicking here.

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