PRESS: Ask the Expert – Sussex Business Times
This months Sussex Business Times features our Managing Director, Thomas Webster, in their ‘Ask the Expert’ section.
Full magazine link: https://issuu.com/lifemediagroup/docs/sbt_415_2017
Article reads:
Thomas Webster DipFA, CeMAP, CeRER, Managing Director at Sentry Advice
Lifetime mortgages for over 55s.
Equity release was the fastest growing sector of the mortgage market in 2016 in terms of customer numbers, the equity release council says. But there is still a stigma attached to this ever growing financial service.
If you are over 55 and looking to raise tax free funds using the equity in your home a lifetime mortgage could give you the freedom to enjoy your retirement. Here are the top 3 equity release myths we come across when advising:
1. I won’t own my own home any more. So I might lose it.
A surprisingly common misconception. People are regularly relieved to hear that a lifetime mortgage means they remain the owner of their home.
2. I don’t want another mortgage now. I can’t afford the repayments.
The downside of discovering that the most popular equity release product is actually a mortgage! Doubts are often dispelled once learned that no repayments are normally required until the borrower dies or goes into long term care.
3. I don’t want my children to be inheriting a debt.
The ‘No Negative Equity Guarantee’ invariably comes as a pleasant surprise to people with little prior knowledge of equity release products.
If you or someone you know is interested in releasing equity in their home the first step is to find an independent mortgage adviser with the specialist qualifications needed to give advice on lifetime mortgages. Also look for your adviser to be members of the Equity Release Council as this means they voluntarily subscribe to a strict code of ethics.
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of Sentry Advice Limited. All comments are made in good faith, and neither Sentry Advice Limited nor the author will accept liability for them. No advice is given in any posting. Please contact your adviser for more information or advice.
Mortgages to Purchase a Property
Mortgages to purchase a property a fee of £495 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Remortgages
For processing a remortgage a fee of £295 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Rate Switch / Product Transfer
For processing a product transfer/rate switch where you are remaining with your current lender a fee of £145 is payable on application.
Adverse Credit
For applications where there is a history of adverse credit then a total fee of £495 will be charged, of which £245 is payable at the point a personal recommendation is made, whether you decide to proceed or not. The remaining £250 is payable if/when an application is made and is refundable if we are unable to obtain a mortgage offer.
Equity Release Mortgages
A total fee of £990 will be charged, of which £495 is payable at the point an application is made with a provider. The remaining £495 is payable if/when the application completes.
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