What is the difference between a Lifetime Mortgage and a Home Reversion Plan?
The main difference between a lifetime mortgage and a home reversion plan is when you take out a lifetime mortgage you retain ownership of your home. With home reversion plans, you sell a share of your home in exchange for a lump sum of money or a lifetime of regular income.
The other difference is that with a lifetime mortgage, a fixed interest rate is agreed at the time you take out the plan. This interest builds up as compound interest over the years. With home reversion plans, there is no interest to pay as it is technically not a loan. However, if your property increases in value, you will only benefit from the increase in value of the proportion you still own.
We do not provide advice on home reversion plans.
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.
We can accept payment via bank transfer, credit/debit card via PayPal.
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