Equity release mortgages
Release tax-free cash from your home
Interest only lifetime mortgages allow the homeowner to make monthly interest only repayments. This helps to protect future inheritances as the interest does not compound over time.
Many providers offer a guarantee to ensure the loan value never exceeds the value of the estate.
Exceptional from Start to Finish
It is not very often these days that one is able to honestly say that the service they have received is exceptional.
I have been helped through the equity release mortgage process by Mark and despite the challenges of Covid he has provided a first class service.
Attentive, patient and above all helpful, I would recommend this company to anyone considering a mortgage. I cannot thank you enough.
Stephen Oliver
Reassuring service
The legal circumstances surrounding our equity release were extremely difficult.
Mark handled our case with professionalism, patience and was reassuring at all times. Definitely recommend.
Keith Clutterbuck
Nothing was a problem
An Equity Release Mortgage during the height of COVID 19 lockdown? Incredible service from start to finish and could not recommend highly enough. First class.
Refined offers and excellent customer service. Nothing was a problem. Highly recommended.
Steve Decoded
How to release equity from your house
If you would like to release equity in your home, you can take out a loan or sell some of the value of your home using an equity release mortgage product. The loan, or value, is paid back by selling the property once you have either died or moved to a care facility.
You can release equity if you are aged over 55, own your property outright, or have a small mortgage outstanding on the property.
VA Mortgages can advise on the best equity release solution for your personal circumstances.
Our in-depth equity release guide contains more information if you would like to learn more before speaking with an advisor.
How to release equity from your house
If you would like to release equity in your home, you can take out a loan or sell some of the value of your home using an equity release mortgage product. The loan, or value, is paid back by selling the property once you have either died or moved to a care facility.
You can release equity if you are aged over 55, own your property outright, or have a small mortgage outstanding on the property.
VA Mortgages can advise on the best equity release solution for your personal circumstances.
Our in-depth equity release guide contains more information if you would like to learn more before speaking with an advisor.
What is a lifetime mortgage?
Your home still belongs to you, and you have the option to ringfence some of your property’s value as inheritance for your family.
A lifetime mortgage is different to a normal mortgage as you do not have to make monthly payments. The loan is usually repaid by the sale of your estate, with any remaining value being available for your family.
You can choose to add the interest to the loan or repay it. Many providers offer a guarantee to ensure the loan value never exceeds the value of the estate.
What types of lifetime mortgage are available?
There are two main types of lifetime mortgage:
- Interest roll up mortgage
You can opt for a lump sum or a regular payment, and the interest charged is added to the loan. The full amount you borrowed plus the interest is repaid at the end of the mortgage when your estate is sold. - Interest paying mortgage
You can opt for a lump sum at the start or a lower loan amount with the option to drawdown further amounts in the future. You will make interest payments, which reduces or stops the impact of compounding interest. The full amount you borrowed is repaid at the end of the mortgage when your estate is sold.
Choosing a lower lump sum on an interest paying mortgage with the choice to drawdown further regular, or occasional, small amounts allows you to only pay interest on the money you need today.
This can be a beneficial route, to avoid paying interest on a large lump sum that you do not need immediately.