Extra individuals over the age of 55 are turning to lifetime mortgages in a bid to ease rising prices and rates of interest, Bower House Finance claims.
A lifetime mortgage permits allows owners aged 55 and above to entry tax-free money by launch fairness from their property, offering them with a further supply of revenue.
Bower House Finance chief government officer Geoff Charles says: “As mortgage charges proceed to rise, we’re seeing a notable enhance in people turning to lifetime mortgages as an choice to repay their mortgage with no or optionally available month-to-month funds.
“With affordability turning into a big concern, lifetime mortgages supply a lifeline for owners in search of monetary stability whereas preserving their independence and high quality of life.
“By unlocking the fairness of their properties, people can entry tax-free funds to assist their residing bills and benefit from the life-style they deserve.”
He provides that Lifetime Mortgages can play ‘a vital position in enabling owners to age within the dwelling they love.’
Bower House Finance chief industrial officer Andrea Rozario says many householders are turning to lifetime mortgages as a ‘viable resolution’ to rising charges.
She says the advantages of a lifetime mortgage are ‘compelling’ however inspired individuals to contact the Fairness Launch Council for steerage and to debate any issues.
She provides they will trigger the worth of your property to lower, impacting the inheritance left behind, whereas eligibility for sure state advantages may be affected.