Londoners Should Consider A Remortgage Equity Release Scheme
Properties in London are generally much more expensive than the national average home, which can be tough when you are starting out in life. On the other hand, Londoners who are at the stage in life where you own your home outright the stress of finding a hefty monthly mortgage payment is lifted, but are you really any better off financially?
Those who own a London property have a decent net worth to their name but no chance to access the value tied up in it; which is likely to be substantial considering the way house values rise so drastically year on year.
There is, however, a way for Londoners to resolve this dilemma. If you are aged 55 years plus, and your main residence is a mortgage free property in the London area, you may be eligible to access an equity release scheme.
Being able to tap into the equity of your home opens up endless possibilities for a secure future through retirement. Imagine being able to travel, refurbish, redecorate or extend your home, buy a new car, a holiday home, pay off debts, or help your family out? All this or anything else that appeals to you is possible.
London Equity Release staff deal with the various options you may be interested in, and our professional team are able give you more details on how you could possibly make use of the biggest asset you will ever have without having to sell your home and downsize.
Here’s a brief look at the types of remortgage schemes you could qualify for.
Standard Lifetime Mortgage
Homeowners receive a one-time cash lump sum, which is theirs to use as they wish, with no need to make any repayments until after their death.
Enhanced Lifetime Mortgages
This is similar to a standard lifetime mortgage except that the amount of equity released is greater as qualifying applicants are generally older than average.
Drawdown Lifetime Mortgages
This type of remortgage offers an equity figure which the homeowner can access (draw down) as and when they decide to. This is a good way to secure a cash seam to mine in emergencies, or to meet unexpected expenses.
Interest Only Lifetime Mortgages
A tax free cash sum is made in one payment, as with a standard lifetime mortgage, however, rather than the money borrowed being paid back from the homeowners estate, some or all of the monthly interest amount is repaid from the start to reduce the total ultimately paid back. This is a popular option for London homeowners who want to release some equity while also (hopefully) securing some value in the home for family to realise as inheritance.
Ask For More Information
London Equity Release team members are ready to provide more details for Londoners and answer any questions you may have on any of these remortgage schemes, all without any obligation.
Get in touch with the London Equity Release team using the form on our home page.