If you have been thinking about releasing some of the equity tied up in your home but are unsure if you are eligible, what it involves, or how to get the best deal, Bower provides impartial, independent equity release advice you can trust.
Lifetime mortgages allow older homeowners to secure a loan against their property, receiving a percentage of its value in the form of a tax free lump sum or gradual monthly instalments. Some of the many benefits of a lifetime mortgage are that you can continue to live in your home, the money released is yours to do with as you wish, and our no negative equity guarantee means that you will never owe more than your property is worth.
This can be a great way to free up some cash for your retirement, to spend on the family, make some home improvements or even take the trip of a lifetime. Whatever the money is for, we can help guide you through the process to find out if a lifetime mortgage is right for you.
Award Winning Equity Release Services
Because we are independent, unlike some equity release companies we are not tied in to any one particular provider which means that we are able to offer the best interest rates, deal, plans and products from the whole of the market.
At Bower, our team of professional, experienced home finance experts are here to help advise you on the right option for your personal circumstances which means that if we don’t think equity release is the right fit then we will help find a more suitable alternative that is better for you.
When customers work with us there is no hidden agenda, we operate in a way that is completely transparent and will always ensure that you have a full and comprehensive understanding of every aspect of your lifetime mortgage and what it entails. You will never be under any pressure or obligation to proceed and our fees are all agreed in advance and only payable once your plan completes.
Lifetime Mortgage Adviser Isle Of Wight
If you own a property in the Isle of Wight and are looking for some financial freedom that will allow you to enjoy your retirement, then a lifetime mortgage could be for you.
The team of lifetime mortgage advisers at Bower are here to help answer any questions you may have, offer impartial, reliable information on the available whole of market deals and can provide a fast, free estimate on how much you could potentially borrow.
To find out more about eligibility for a lifetime mortgage in Isle of Wight and how you can release some of the tax free cash tied up in your property, get in touch and one of our specialist advisors will be happy to help.
What is a lifetime mortgage?
A Lifetime mortgage provides older homeowners with access to tax free capital which you are able to spend as you wish whilst retaining full ownership of your property. There are no repayments required during your lifetime unless you choose to, and the amount available to you will depend on your age and the value of your property.
For a lifetime mortgage there is no repayment date or set term, the loan plus the interest continues until the plan comes to an end which is typically when the owner moves into full time residential care or passes away. Once this happens the property is sold and the funds are used to repay the original sum borrowed, plus any interest that’s accrued.
If you are still unsure or have any questions, then Bowers lifetime mortgage services Isle of Wight can help.
Who is eligible for a lifetime mortgage?
Some lenders can have slightly different or additional eligibility criteria but typically as standard, you could be eligible for a lifetime mortgage if you;
⦁ Are aged over 55 (for couples this applies to both borrowers)
⦁ Own your own home
⦁ Live in the UK
⦁ You property is valued over £70,000
⦁ The property is you main and permanent residence
⦁ Looking to borrow a minimum of £10,000
Some of these criteria may differ slightly depending on the lender who will need to fully review and assess your application before you are accepted.
Why choose Bower?
Our team of financial experts are dedicated to providing our customers with reliable, impartial and beneficial advice that will help them to make the most of their retirement and live more comfortably.
We understand that making decisions about such important financial matters can be daunting and we are here to ensure that you always get the advice that is right for you, even if that advice is not to take out an equity release plan. Our customers financial wellbeing is our priority first and foremost and you can feel safe in the knowledge that we will only ever recommend what is in your best interest.
At Bower we are proud and humbled to be able to say that over recent years we have received several highly accredited awards, voted for by our customers and industry peers. We also work closely with the Equity Release Council are authorised and are regulated by the Financial Conduct Authority (FCA).
Bower provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,495 be payable.
If you are considering equity release, we strongly recommend that you read our ‘Advantages and disadvantages of Equity Release’ page carefully and talk to one of our specialists before deciding if you wish to proceed.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will affect potential inheritance and your entitlement to means-tested benefits both now and in the future.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, please ask us for a personalised illustration.