Lifetime Mortgages & Later Life
Unlocking the value of your home with lifetime mortgages
For many clients, your main home is your largest asset, and whilst we all would love to pass this money on to our dependents, it is rarely sensible to live on a low income in retirement just to pass the money on in your Will.
At Baggette & Company we offer unbiased and impartial advice you on how to release funds from your home to give you a lump sum, a regular income, or both. You may choose to use this money to fund your retirement, enjoy the finer things in life such as new cars, boats or luxury holidays, or even help the younger generation purchase their first property.
A Lifetime Mortgage is a method by which homeowners over the age of 55 are entitled to release part of the money from their home yet remain in the property until they die or enter long-term care.
A Lifetime Mortgage is borrowing funds secured against the value of your home and at a rate fixed for life. There are Schemes with no monthly repayments and interest is rolled up over the life of the loan – repayment is achieved when entering long-term care or death at which point the property is sold.
There are also plans that allow the owner to pay the interest on the loan each month thus ensuring the principle amount borrowed does not change or there are Schemes that allow a repayment schedule to be established.
In each case you will continue to reside in the property.
A Lifetime Mortgage is not suitable for everyone, but we will look at your individual circumstances before making any recommendations or advising on your options.
At Baggette & Company we care about how your money works for you
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Check that this lifetime 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.
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