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Equity Release (Lifetime Mortgage)

Equity Release, also known as a Lifetime Mortgage, is designed for homeowners who are approaching retirement age (you must be over 55 years in age to qualify).

If you have paid off your mortgage, or there is only a small amount left on it, then this can present a chance to raise money against the value of your property. Your age may prevent you from remortgageing your home so this will provide an alternative.

You can use it to boost your finances if you are struggling and you are unable to raise money by other means, such as a loan. If you only have a small pension and not much in the way of savings then you could release equity from your home to improve your standard of living.

How does it work?

You borrow money against the value of your home, but you do not have to pay anything back until you either move into a care home, or upon your death. The sale of the property will then pay back the loan with the accumulated interest.

 

 

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Pure Money is a trading style of Bradgate Financial Solutions Limited and is authorised and regulated by the Financial Conduct Authority under FCA number 672856. Trading Address: UN14 Armstrong House, First Avenue, Doncaster, South Yorkshire, DN9 3GA. Registered Address: 11a Leicester Road, Blaby, Leicester, LE8 4GR

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR DEBT SECURED ON IT