LIFE TIME MORTGAGES
About our life time mortgages
We offer information and advice on Lifetime Mortgages. Lifetime Mortgages are a way to release the equity in your home without the requirement to repay the debt until you either move into long term care or upon the death of the last surviving borrower.
You now have the choice to cover the monthly income, cover a set percentage of the amount borrowed or make no repayments at all.
We as a company follow the SHIP code of practice. SHIP is short for Safe Home Income Plans. It is a way of protecting us and you, the customerProtecting you, the consumer, was and still is at the heart of its formation, which is why the SHIP equity release guarantee was developed.
SHIP equity release plans offer the following guarantees to those homeowners taking out a lifetime mortgage:
1. They may stay in their property for life providing it stays their main residence
2. They are entitled to a fair and simple outline of their lifetime mortgage or home reversion plan
3. They may move their plan to another suitable property without incurring any financial penalty
4. They retain the right to use an independent solicitor of their own choosing to take care of the legal work involved and to sign the SHIP certificate
5. They have the protection of the SHIP certificate which ensures they are aware of the terms and implications of the equity release plan
6. They have the protection of a no negative equity guarantee which means they will never owe more than the property is worth
By choosing an independent equity release adviser who only recommends SHIP equity release schemes or those which carry the same guarantees, you will have peace of mind in all of these areas. Homeowners particularly feel confident in the fact that they will never lose their home or owe more than it’s worth, but of course the other SHIP guarantees are all highly beneficial.