When it comes to money tied up in your home and unlocking this, there are a range of reasons why Lifetime Mortgages are the avenue older borrowers choose.
Even though some of the uses for Later Life Lending can be home improvements, offering cash support to family members or going on a dream holiday, in 2022 the main reason equity was released from homes was to clear existing mortgages.
With the rising cost of living this year, sandwiched with mortgage rates being a lot higher than they have been for a number of years – many didn’t think they would be in the position where they wish to stay in their home but simply can’t afford it.
The current cost of living, including the big increase in energy bills, has left many feeling uneasy about their financial position. It isn’t surprising that equity release is being used to clear mortgage payments, freeing up more cash each month for other expenses like food, utility bills and then on top of all of that thinking about the stress of Christmas.
Lifetime Mortgage plans offer so much flexibility and the right adviser will tailor to the individuals’ financial situations. Releasing money from your home isn’t for everyone, but it could be the answer for you.
Get in touch today to explore how equity release can help you unlock
some of the value in your home this winter
SPEAK TO AN ADVISER
This is a lifetime mortgage. To understand the features and risks, 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 mortgage advice. The exact amount will depend on your circumstances.