Equity Release in Milton Keynes 

It’s never too soon to start making plans for your later life. Many UK homeowners are now considering equity release options to access the value of their home as a tax free lump sum. 
 
You might want extra funds for your retirement or to make some home improvements, for example. 
 
Research shows that over £4billion was released from the value of people’s homes in 2021. On average homeowners accessed a little over £100,000 each; many using the funds to repay debts or to help family members. 

Excellent products are available 

There’s more choice available than ever before with multiple plans on offer and plenty of flexibility to meet your needs. Competition in the marketplace means you will also benefit from attractive interest rates. 
 
If you would like advice to help you choose an option to meet your needs then Janus Consultants will be happy to help. 
 
We provide friendly, face to face independent mortgage advice. We work with The Right Mortgage network and are members of the Equity Release Council
 

Types of lifetime mortgage 

If you are a homeowner aged over 55, a lifetime mortgage allows you to borrow money against the value of your main residence and keep full ownership of your property during your lifetime. 
 
You don’t have to make any monthly payments, although you can pay some of the interest or capital if you wish to reduce the amount to be repaid on your death. You can also ring-fence some of the value of your property as an inheritance for your family. 

Drawdown Lifetime Mortgage 

A drawdown lifetime mortgages are popular, allowing you to access funds in blocks (subject to minimum amounts) when you need them, following payment of an agreed initial lump sum. Interest is only applied to the money you've released. 

Lump Sum Lifetime Mortgage 

Alternatively, you might choose a lump sum lifetime mortgage where you access a single amount with interest applied to the whole sum over the lifetime of the mortgage. 

Retirement Interest Only Mortgages 

Retirement interest only mortgages, also known as later life mortgages, are designed for older homeowners. You simply make monthly repayments against the interest and the capital is repaid when you die, move into a care home, or sell your property. 
 
You only need to prove you can afford monthly repayments against the interest, not the capital, making interest rates lower, compared to other residential mortgages. Your interest rate will be fixed for a number of years, depending on your lender. At the end of the term, you can move to your lender’s variable rate or choose another retirement mortgage. 

Contact us for an informal discussion about your equity release options 

For an initial consultation, contact Mark Collender Certs CII (MP & ER)  
on 01908 751485 or enquiries@janusconsultants.co.uk 
Fill in the form below and a member of our team will contact you shortly 
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