A lifetime mortgage is designed to run for the rest of your life, this product allows you to release some of the cash tied up in your property without the upheaval of downsizing. If you are 60+ and would like to release some cash now, this product allows this without any repayments. This UK Building Society mortgage your property and release the cash to you, the interest then accumulates monthly with no repayments for the term of the mortgage. The mortgage is only repayable upon sale of the property, after death, or if the owner moves into long term care. This means you have an interest only mortgage on your property with the interest rolling up on a monthly basis, no repayments are required until the property is sold and there are no income requirements. The debt is lodged on your property and they have a no negative equity guarantee meaning you will never owe more than the property is worth.
The benefits to you are :-
1. Cash Lump Sum
2. No Repayments
3. Inheritance Tax is reduced
4. No proof of income required
5. You retain full ownership of the property
6. Any profit from sale will be paid to the owners or their beneficiaries
The minimum age for applicants is 60 years old with no maximum age limit, the maximum loan to value is 52% of the value of the property.
Information provided by Casahipoteca S.L. your professional mortgage broker in Spain. www.casahipoteca.co.uk
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