Equity release mortgage used to fund lease extension on flat
Trinity Financial recently arranged an equity release mortgage for an older client to fund a lease extension on her flat.
The lease had reduced to 35 years and our client was keen to extend it to ensure her family had a saleable asset to leave as part of her estate. She was in her 70's.
As she did not earn enough income to secure a standard mortgage, our equity release adviser arranged a mortgage where the interest rolled up and she did not have to make any repayments.
The price of equity release mortgages has improved considerably in recent years and we secured our client a low rate with flexible options.
Case details
Value: £400,000
Mortgage: £90,000
Rate: 3.67% for the life of the mortgage
The overall cost for comparison is 3.8% APRC representative.
Lender’s arrangement fee: £0
Mortgage term: 15 years
Repayment type: Interest rolled up with repayment facility after 12 months.
Early repayment charge: Early repayment charges apply. Please ask for a personalised illustration.
Representative example: An equity release mortgage of £90,000 payable over 15 years, on a 3.67% variable rate for the 25 years. The total amount repayable would be £156,064.73. £125 exit fees. The overall cost for comparison is 3.8% APRC representative.
The actual rate available will depend on your circumstances.
This is a lifetime mortgage (home reversion plan). To understand the features and risks, ask for a personalised illustration.
Call Trinity Financial on 020 7016 0790 to secure funds for a lease extension
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 at application and £995 on completion of the mortgage.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
