Here & Now Issue 35 | August 2019
Here & Now Issue 35 | August 2019
Here & Now Issue 35 | August 2019
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BUSINESS FEATURE<br />
FINANCE CORNER<br />
The equity release explosion<br />
Lifetime Mortgages are on the up. These<br />
are mortgages that are available for those<br />
aged 55 or over but are fundamentally<br />
designed for those in retirement.<br />
THESE DAYS THE SCHEMES have moved away from the label<br />
of equity release and are better known as lifetime mortgages.<br />
These products fall into two camps. The first is where you<br />
borrow funds against your home and the interest is added to<br />
the loan so there is nothing to pay each month. The second is<br />
where either all of the interest or a defined proportion of the<br />
interest (chosen by you) is paid so that the debt either remains<br />
the same, or increases at a slower rate. Both types are repaid on<br />
either death, vacating the home to move into permanent care or<br />
on sale of the home and downsizing.<br />
These schemes have a wide range of uses but these typically<br />
include:<br />
• Repaying an existing mortgage where you don’t have the<br />
means to repay it and don’t want to downsize yet.<br />
• Raising funds to update the home or make it retirement<br />
ready. These home improvements can be anything from<br />
a minor alteration to a complete renovation.<br />
• As a gift or loan to family members in need, typically an early<br />
inheritance to enable loved ones to get on the property<br />
ladder themselves.<br />
• Enhancing lifestyle so that you can fully enjoy your<br />
retirement and use the money in your home to do so.<br />
Schemes here often offer a drawdown facility so provide access<br />
to a large sum that can be drawn down in lumps of £2000 or<br />
more as needed. The benefit here<br />
is that you only pay interest on the<br />
funds utilised.<br />
If you would like to know more<br />
about how these schemes work<br />
or what may be available to<br />
you please contact the Emerald<br />
Finance team and one of our<br />
retirement specialists will be happy<br />
to help. You can book a meeting<br />
on 01903 222940 or just drop<br />
in to one of our offices at either<br />
10 Chapel Road Worthing or 77<br />
Rowlands Road, Worthing. n<br />
MATT SUTTON, MANAGING<br />
DIRECTOR OF EMERALD<br />
FINANCE, your local award<br />
winning financial advisers, is<br />
here to answer your financial<br />
questions. Got a query? Email<br />
info@emeraldfinance.co.uk<br />
The missing piece of<br />
your retirement plan<br />
A Lifetime Mortgage<br />
could help fill the gap in your<br />
finances, allowing the comfortable<br />
retirement you deserve<br />
Contact us<br />
for qualified and impartial advice<br />
Call Call us on us 01903 on 01903 222 222 940 940 for for find find us us at at www.emeraldfinance.co.uk<br />
This is a lifetime mortgage. To understand the features and risks please ask for a personalised<br />
illustration. Our typical advice fee would be £1495. A lifetime mortgage may impact your<br />
entitlement to means tested benefits and the inheritance you may leave.<br />
Plan availability is subject to lenders’ criteria and dependent on their terms and conditions.<br />
Emerald Finance is a trading Emerald name of Fairstone Finance Financial Management is a trading Ltd who is authorised name and of regulated Fairstone by the Financial Financial Conduct Authority, Management FCA Register Number Ltd 475973. who Your home is authorised may be repossessed and if you do regulated not maintain payments by on your mortgage.<br />
the The Financial value of your investments Conduct can go Authority, down as well as up and FCA you could Register get back less Number than you paid in. 475973<br />
6 | <strong>August</strong> <strong>2019</strong> | HERE & NOW ADVERTISE NOW 01903 686100
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