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Did You Know? Every 12 minutes a homeowner over 55 in the UK unlocks £91,667 tax-exempt cash.
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Last updated 01 November 2019
Our Most Commonly Asked Questions
A buy to let mortgage could be a great way to help you enjoy your later life to the full.
By borrowing a tax-exempt lump sum you could be able to fund home renovations, help younger family members get on the property ladder, or simply keep your lifestyle in retirement.
How much you can borrow depends on a number of factors, how old are you, the type of property you own, and its value.
Use our calculator to find out how much you could get.
Discover what is an equity release?
When comparing the buy to let mortgage market, a specialist adviser will explain:
- You have to get experts advice before getting any policy .
- Check for policies that have a no equity guarantee, so you’ll never owe more than your home’s value.
- It reduces the value of your estate.
- The initial consultation is chargeless with no obligation.
- The most known form is a lifetime mortgage, which is a loan secured against your home. Note that you will still own your home.
A Buy To Let Mortgage is a way of releasing the wealth (cash) tied up in your property without the need to move.
With buy to let mortgage products, if you are over 55 years old, you can either borrow against the value of your home or sell all or part of it for a regular monthly income, a lump sum, or a combination of these options.
Use our free loan calculator to see how much you can gain.
Although there are many different schemes available, they can all be split into four categories.
Lifetime Mortgage Loan
You gain a lump sum from the value of your property, by taking out a mortgage secured on your property (provided it is your primary residence) whilst retaining 100% ownership of your home. This amount, plus any interest accrued, (you can opt to make repayments) is repaid from the sale of your property when you pass away or move into retirement term care.
This works similar to the lifetime’s but with a regular cash reserve/draw down options allowing you to withdraw amounts at a frequency you pick up to a specified amount of years, or until the cash reserve has been used up.
You get a lump sum and pay a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally repaid when your home is eventually sold.
Home Reversion Plan
Here, you sell some or all of your property to a home reversion provider in exchange for a lump sum of money or regular payments, whilst keeping the right to stay residing in your home, uncharged rent, while you live, but you have to agree to preserve and insure it. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
Use our free lifetime mortgage calculator to see how much you can gain now.
You can use the money on almost anything you like. There are many reasons for releasing money from your home and here are just a few of them.
- To supplement your pension income to cover living expenses
- To settle a repayment mortgage or clear the balance on an interest-only mortgage
- To improve your lifestyle
- To see your family enjoy their inheritance while you’re still here
- To carry out some home improvements
- To take that holiday off
- To help your children onto the property scale
- To pay off other outstanding debt and lower your monthly outgoings.
Use our free buy to let mortgage calculator to see how much you can gain now.
This is not for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use any of these product, you choose one that meets your needs.
Remember that taking a buy to let mortgage policy is generally a long term options. However, there are flexible ones available that may fit your varying needs and some will allow you to repay in the future without any penalties. A financial consultant can help you to choose the scheme that is right for you.
Use our free buy to let mortgage calculator to see how much you can get now.
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