FAQS

We can help with shared ownership mortgages.

If you are employed, you should supply your last P60 and three months’ pay slips and bank statements into which your salary is paid.  The statements should have your name and address on.

If you are self-employed, your last two years’ tax calculations and overviews will be needed.  If you are a company director, you will need to provide your last three years’ full trading accounts as well as tax calculations and overviews.  Lenders will also need your last three months’ business bank statements and may go back further.

If you are remortgaging, your most recent mortgage statement and account number.

If you are buying, proof of deposit and/or details of any sum that will be gifted.

Every lender has different criteria and policies on affordability, how they treat different types of income and how they view expenditure. That’s why it's important to let us research the whole market to find the most suitable mortgage for your circumstances.

A repayment mortgage is a term generally used in the UK to describe a mortgage in which the monthly payment will repay the capital amount borrowed as well as accrued interest, so that the amount borrowed decreases throughout the term and by the end of the loan term has been fully repaid.

How much you can borrow depends on your age, health and your property value.

A lifetime mortgage is an interest only mortgage that runs until you either sell your property, move into care or pass away.

With home reversion plans, you sell part or all of your home in exchange for a lump sum of money and the right to live in it.

 With a lifetime mortgage you retain ownership of your home.

A lifetime mortgage has a fixed interest rate is agreed at the time you take out the plan. This interest builds up as compound interest over the years and is added to the loan  or you can choose to make full or partial interest payments and even pay off capital, subject to limits.

 With home reversion plans there is no interest to pay as it is technically not a loan. However, if your property increases in value, you will only benefit from the increase in the value of the portion of your property you still own.

No. Lifetime mortgages have a No Negative Equity Guarantee, the amount of money you borrow against the value of your home, plus any added interest can never go above the value of the property.

You can use the money released for almost any legal purpose, typically we see the funds used for home improvements, helping the family, medical expenses.

Yes, you can use a Lifetime Mortgage to help purchase a new home, how much you can borrow depends on your age and the property value.

No, the funds released using equity release are tax free.