There are now a variety of products available to help older borrowers release equity from their homes, and increasingly age is no obstacle to borrowing in many cases. We are authorised to advise on all types of later life and equity release products, but the most common by far are lifetime mortgages.
Typically, a lifetime mortgage involves borrowing a lump sum – sometimes with the potential to draw down on additional funds subsequently – on a rate that is fixed for life. The term will be open ended, and there are no compulsory monthly payments. In most cases, the loan will be repaid when the borrower either dies or enters long-term care permanently, at which point the property is sold and the debt repaid.
Bigmore Mortgages are members of the Equity Release Council, the leading industry standards body, and we’re committed to the highest standards of advice.
Releasing equity can be life changing - be that for carrying out home improvements, helping a loved one buy their own home, or paying for care costs later in life – however it is not right for everyone, and there are potential risks associated with it. At Bigmore Mortgages, we appreciate this, and by working with our colleagues in the financial planning arm of the business, we’re uniquely placed to offer holistic equity release advice and address your retirement planning needs.
With our professional mortgage advisers you can expect the following:
Consult
We’ll have an initial discussion to discuss your requirements.
Review the market
Find the most suitable product to meet your needs.
Report and Recommendations
Report our findings, including a full recommendation outlining our rationale.
Full Submission
Submit an application, along with supporting evidence for the provider and see through to completion.
Ongoing Support
Provide support with all your future mortgage and life assurance requirements.
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