Developments in the mortgage industry mean that later life mortgages such as equity release are becoming more and more popular.
At Howard Wright, we provide financial advice on the most suitable mortgages to suit your retirement needs.
Whether this is a fixed, variable, capped, or discounted Mortgage. Other features such as offset accounts will also be considered.
At Howard Wright will be remunerated from the mortgage provider which is usually 0.3% of the loan amount. For example, a Mortgage of £150,000 would result in a fee of £450 from the lender. Any costs will be confirmed to you before any business is transacted.
Your home may be repossessed if you do not keep up your mortgage payments.
Equity release is a product that allows individuals to unlock some of the equity within their property, usually to assist with covering expenditure shortfalls in their retirement.
Usually, no monthly payments are required, though interest will increase the outstanding debt each year. Both retirement interest-only and equity release mortgages are usually repaid when you sell your property, move into long term care or pass away.
Our team of Chartered advisers are fully qualified to help you in deciding whether these mortgages are suitable for you and if so, we have the sourcing systems in place to recommend the most suitable product for you.
At Howard Wright we charge a fixed fee of £3,000 for Equity Release advice.
This is a lifetime mortgage (home reversion scheme). To understand the features and risks, please ask us for a personalized illustration.