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Mortgages
Selecting the right type of mortgage or hunting around for the best mortgage deal is difficult at the best of times, even more so at the moment when quality mortgages are hard to find.
If you can find a mortgage provider willing to make you an offer, what type of mortgage do you choose? What is the best interest rate deal available - should it be a tracker, fixed, capped or variable rate?
Chessman & Partners have teamed up with a local independent mortgage broker to guide our clients through this minefield and source the best deals available,
Equity Release
Over the last four to five years, interest in Equity Release has gradually increased. Many people consider it to be a “fail safe card” to be used later in life when planning their retirement, but although most people have a vague idea that Equity Release is some kind of mortgage, they do not know the nuts and bolts of how these schemes work. In response to a demand for information, Mike McDonnell and Diane Needham have recently undertaken a course arranged by the Personal Finance Society to ensure that we can deal with any queries that may arise on this topic.
Basically, there are three ways you can release equity from your property:
Downsizing:
This does not involve any scheme. It simply means selling your present home and moving to a cheaper one. After payment of fees and relocation costs you can use the funds released for any purpose.
Home Reversion Plans:
This means selling some, or all, of your home to a provider. You can continue to live in the property until you die or need full time care. You have no repayments to make to the provider for your ongoing tenancy.
Lifetime Mortgages:
These are loans designed to last for the duration of your life. Schemes are available with a variety of repayment methods. On death - or on vacating the property – the capital, interest and any charges outstanding fall due and are normally repaid from the sale of your property.
There are many rules and regulations governing tenancy and occupancy of your property and care needs to be taken prior to entering into any agreement. However, these schemes can be very beneficial if used wisely.
Chessman & Partners have entered into an agreement with a specialist firm of independent Equity Release advisers who can provide advice, make recommendations and arrange suitable schemes when appropriate. If you would like to know more, please contact us.
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