Prudential Equity Release
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Prudential Equity Release Review
Are you paying too much?
If you have an existing Prudential equity release plan you maybe considering whether you could refinance to get a better deal.
With interest rates significantly lower than they were 10 years ago there may be considerable savings to be made in reviewing your existing equity release plan with Prudential.
Equity Release Service
- Borrowing options from age 55 to 99
- Independent advice on your mortgage options
- Interest only options
- Top UK lenders compared
- One short form to complete
Key facts about lifetime mortgages:
- Allows you to access equity tied up in your home without having to move.
- The property remains yours until you die or move into care.
- No need to make monthly interest repayments unless you choose to.
- The property still belongs to you.
What is a lifetime mortgage?
Although your home will still belong to you your lender will usually require you to keep the property in good condition, they may occasionally ask to come around to inspect it.
A lifetime mortgage is a loan secured against your home, but it does not work like a traditional mortgage you may have had or currently have on your home. In a lifetime mortgage you can raise funds by borrowing a percentage of your home’s current market value, but you do not need to make any monthly repayments on the loan and its interest, instead the debt is repaid from the money generated from the sale of your home after you either die or move.
How much equity could you release?
The actual amount of funds you can release by applying for a lifetime mortgage depends principally on the value of your property, the amount you can typically release is between 30-60% of the market value however the maximum amount will depend on other factors such as whether it a single or joint mortgage, your age and how much you would like to leave to your beneficiaries in your will.
This is known as negative equity. Many lenders offer a ‘Negative Equity Gurantee’ on their lifetime mortgages this means that even if your property becomes valued at less than the amount you borrowed neither you or any of your beneficiaries will ever be charged more than the amount the property is sold for.
What happens if your property decreases in value?
During the application process you would need to pay your solicitor’s legal fee however.
The specific costs involved vary by each plan but you will usually be required to pay arrangement fees during your application as well as some administrative fees to the lender. Some lenders will allow you to bypass the initial arrangement fee and instead will take the amount into consideration when calculating your interest rate. Similarly some lenders will give you the opportunity to pay any administrative costs from your loan so you do not have to pay it up front.
Are there any costs involved?
Is a lifetime mortgage right for you?
Your broker will help you to understand schemes and will search the whole market, comparing equity release plans with others to find the right deal for you.
Therefore if you are considering any type of equity release you should make sure you fully understand all aspects of it. Our equity release service can put you in touch with a specialist adviser who can offer free quotes and advice on the leading UK equity release plans. You can speak to a specialist on the phone or arrange an adviser to meet you at your home.
There are many different types of lifetime mortgage plans available on the market from various providers, all of which have different terms and conditions and there are other alternatives to lifetime mortgages which might be better suited for you.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.
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- How Does Equity Release Work?
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- Releasing Equity
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- What is equity release?
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.