Did You Know About Lifetime Mortgages and Flexible Repayments?

It is a little known fact that Lifetime Mortgages/Equity Release Plans are now so flexible that they allow for virtually any kind of repayments throughout the life of the plan.

It is well known that you do not have to make any repayments at all, but this has for so long been a thorn in the side of people who want to take out this type of plan, but at the same time want to make some of repayment.

Of course if you are able to make any kind of repayment, then you are reducing the amount of compound interest that will accrue on any loan taken.

If you are the type of person that needs to have the strict discipline of a monthly payment going out of your account, then you can choose to make Interest only payments. This means that provided you keep up these payments, then only the amount borrowed at the start will be owed at the end. These plans are offered by More 2 Life and Retirement Advantage.

However, if you would like to either repay more than the Interest Only amount, or repay on an ad-hoc basis as and when you feel like – you can opt for a roll up plan that offers this facility within its plan. These plans are offered by lenders such as Aviva, Hodge and Legal and General and as long as you wait for 12 months you can then start to repay anything up to 10% of what was originally borrowed per year!!

So no matter what your situation is, a Lifetime Mortgage/Equity Release still could be right for you.

#equityrelease #lifetimemortgage

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A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home.   

Equity release is not right for everyone and may reduce the value of your estate

Equity Release Council

Our fee for arranging a Lifetime mortgage is £750 payable only on completion. 

Research has shown that some companies charge over £1,500 or 1.95% of the loan, whatever is greater, for this service including a letter of suitability. 

Viva Retirement Solutions is a trading name of Viva Retirement Ltd and is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is regulated by the Financial Conduct Authority.

Registered Office: 4 Severnvale, London Colney, St Albans, Herts, AL2 1TE

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