Equity Release

As an independent mortgage broker specialising in later life mortgage advice, we’re here to help. Here are the main areas we assist with:

1. Equity Release Mortgages – Equity release is available through a lifetime mortgage or home reversion plan.

2. Retirement Interest Only Mortgages (RIOs) – Similar to an interest-only mortgage, RIOs are designed for customers aged 55+ and do not have a set end date for repayment.

3. Hybrid Mortgages – A combination of capital repayment and interest-only mortgages can be an option for over-55s.

4. Capital Repayment Mortgages – Many lenders offer capital repayment mortgages up to age 80+ if you meet their criteria and pass affordability checks.

5. Interest-Only Mortgages – For the right person, an interest-only mortgage could be a suitable option. These loans have an end date when the capital will need to be repaid.

These choices can help you find the right solution based on your needs and circumstances.

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Equity Release

Equity release is a financial product that allows homeowners aged 55 and over to unlock the value tied up in their property, without the need to sell or move. It enables you to access a lump sum or a series of payments, which can be used for a variety of reasons, such as boosting retirement income, making home improvements, paying off debts, or supporting family members.

There are two main types of equity release:

1. Lifetime Mortgages: You borrow money against the value of your home, and the loan, along with any interest, is repaid when the property is sold, usually after your passing or if you move into long-term care.

2. Home Reversion Plans: You sell a percentage of your home to a provider in exchange for a lump sum or regular payments, while retaining the right to live in the property until you pass away or move into care.

Equity release is a flexible solution that can help you manage finances in later life, but it’s important to understand the potential impact on your estate and future inheritance. A qualified equity release advisor can guide you through the process to ensure it meets your needs and goals.

If you're considering releasing equity from your home, it's a good idea to speak with an equity release specialist. The most common reasons people choose equity release include:

• Supplementing Retirement Income: Boosting retirement income by unlocking funds from the value of their home.

• Home Improvements: Financing home renovations or upgrades to make the property more comfortable or accessible.

• Debt Consolidation: Paying off existing debts, such as credit cards, loans, or other financial commitments.

• Helping with Family Finances: Providing financial support to children or grandchildren, such as helping with house deposits or education costs.

• Paying for Care Costs: Covering the cost of home care or residential care, ensuring peace of mind in later life.

Retirement Interest-Only Mortgages

Retirement interest-only mortgages are a fantastic solution for many customers. Here are some key facts about them:

• Available from age 55+

• You’ll pay monthly interest-only payments

• No mortgage term – they run for life

• You’ll retain 100% ownership of your property

• Sole or joint names options

• Fixed interest rate for life available

• They are repaid upon death, moving into long-term care, or potentially through a lifetime mortgage in the future

• Leasehold or freehold properties are eligible

• Overpayments are allowed if within certain criteria

• The application process is similar to a traditional mortgage

Retirement interest-only mortgages offer great flexibility and act as a cost-effective bridge between traditional mortgages and equity release.

For those aged between 50 and 55, there are traditional mortgage products available, with both repayment and interest-only options.

Popular uses of a retirement interest only mortgage:

• Buying a new home or moving house age 55+.

• Repaying a mortgage that is ending soon.

• Releasing equity for debt consolidation or home

improvements.

• Bad credit options.

• Separations/divorce settlements.

• A large purchase such as a motor home, or caravan etc.

Address: 9 Duke of Wellington Gardens, Wynyard, United Kingdom
Emma@twentytwentyfinancialsolutions.co.uk

Olivia@twentytwentyfinancialsolutions.co.uk

Sara@twentytwentyfinancialsolutions.co.uk

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Twenty Twenty Financial Solutions

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Registered in England & Wales

Twenty Twenty Financial Solutions Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority.

The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK

Registered Office Address - 9 Duke of Wellington Gardens, Wynyard, Billingham, England, TS22 5FY

Registration Number - 10656878

Fees

Insurance

We will not charge you a fee for our services relating to insurance, but we will receive commission from the product provider. The commission will be calculated as a proportion of the premiums paid for the insurance product.

You will receive a quotation which will tell you about the fees and charges relating to any insurance policy that we recommend.

Mortgages

An initial fee of £299.00 payable at outset and a fee of between 0.5% and 1.00% of the mortgage amount payable on completion. The minimum total fee payable is £499.00.

We will receive commission from the lender in addition to the fees you pay.

Example (for illustrative purposes only)

If your mortgage is for £100,000, there will be a total charge of between £500 and £1000 if your mortgage completes.

Similarly, if your mortgage is for £40,000, there will be a total charge of £499, which is our minimum fee payable if your mortgage completes.

You will receive a mortgage Illustration when considering a particular mortgage which will tell you about any fees relating to it.

The amount we will charge is dependent on the amount of research and administration that is required. “

Refunds

You will not receive a refund of the initial £299.00 fee if your mortgage or loan does not go ahead, however there will be no requirements to pay the balance if your mortgage or loan does not go ahead.

Procuration Fee

We will also be paid a procuration fee by the lender. The amount of the procuration fee will be disclosed to you.

You have the right to ask us to provide information on the range of procuration fees that the lenders on our panels offer to us.

If an application is submitted to a lender via a packager (a 3rd party specialist) we will be paid commission by the packager. This will be disclosed to you.

Equity Release

This is a lifetime mortgage. To understand the features and risks please ask for a personalised illustration. Our typical advice fee would be £1,495. A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.

Equity Release

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Equity Release

Retirement Interest-Only Mortgages

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Twenty Twenty Financial Solutions

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