REPAY YOUR INTEREST ONLY MORTGAGE and WITHDRAW LUMP SUM WITHDRAWAL – USING A LIFETIME MORTGAGE

By Chris Morgan | Published: 19th September 2018

DOWNLOAD YOUR FREE QUICK GUIDE TO LIFETIME MORTGAGES AT OUR WEBSITE LINK AT THE END OF THIS ARTICLE.

THIS GUIDE IS TOTALLY FREE WITHOUT US TAKING ANY OF YOUR PERSONAL DETAILS, CALL US IN YOUR OWN TIME, INSTEAD OF US CALLING YOU !

Real Life Situations by Chris Morgan

Eric, Aged 67, With large existing mortgage, also wishing to supplement pension income.

Eric approached us wanting to finish his existing “Interest Only” mortgage and also withdraw the maximum amount he could from his property while he is able to still enjoy travelling and make the most of the funds. His mortgage term is coming to an end in the near future and he wants to remove the burden of making regular monthly payments.

We arranged a £500,000 Equity release, which cleared an outstanding Interest Only mortgage and made available £250,000 to use as he chooses. This meant that he didn’t have to move away from the area that he’s lived for the majority of his working life and where he has been a member of the local golf club, where he spends a great deal of his time.

Client Quotes: 

“I couldn’t bare the idea of having to join another golf club after being a member of my existing one for so long, of course my priority was to finish the mortgage and have financial freedom each month. By having a mortgage without any monthly payments it means that I can pay the membership fees, without an worries and have plenty left over for other things.  

“I had approached a broker before finding “The Lifetime Mortgage Expert”, but they had wanted to charge me a broker fee of over £2000 pounds, which prompted me to look online and see what options there were out there “Fees Free”. With the money saved In fees I was able to book an extra golfing weekend away in Scotland”. 

Lifetime Mortgage Expert Advice … 

Lifetime Mortgages have a variety of uses and in recent real life situations, we can see that many people use them to repay their existing Interest Only Mortgage outstanding with lenders. There might be a variety of reasons they took out an interest only mortgage in the fist place, but the theme they all have in common is that the mortgage will need to be repaid at some point.

We have met a number of borrowers over the last year that have been sent letters by their lenders because their mortgage terms are ending. Some lenders are known to be inpatient on this issue and can even treat this as a breach of mortgage contract if the borrower doesn’t repay the debt on time.

Thankfully there are now several Lifetime Mortgage options that people can use to end their existing mortgage, without the burden of having any ongoing monthly payments. With The Lifetime Mortgage Expert, you are likely to save between £1281 and £2395 in broker fees, as we offer “Qualified Advice, With Zero Broker Fee*”.

We think that is a significant mount of money that you could be using on a nice long weekend break away somewhere instead?

If you would like to download our Free Quick Guide To Lifetime Mortgages then visit www.lifetimemortgage.expert Our Lifetime Mortgage Expert Chris Morgan can also be reached by email at enquiries@lifetimemortgage.expert

Chris Morgan’s full Biography can be read here …

http://lifetime-mortgage.expert/adviser-career-biography-chris-morgan/

Here is also a direct link to the Free Quick Guide …

http://www.lifetimemortgage.expert/assets/Lifetime_Mortgage%20_Expert_Guide.pdf

*Please Note: 

Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. We do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2018, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1281 and the largest fee charged was £2395.

This entry was posted in Fees Free Mortgage Advice, Free Financial Advice, Interest Only Mortgage, Lifetime Mortgages, Qualified Advice, Retirement Mortgages, Zero Broker Fee and tagged , , , , , , . Bookmark the permalink.

  • Lifetime Mortgages

    “Qualified Advice, Zero Broker Fee”

    Unusual Mortgages are Independent Mortgage Advisers who specialise in Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release for over 55’s. Our resident “Lifetime Mortgage Expert” is Chris Morgan who has 30 years experience in Banking, Finance and Mortgage Advice. You can read his career biography at the link below this column. We have agencies with all the major lifetime mortgage providers and are able to provide Independent advice from the Whole of the market.

    Products …

    The concept of Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release for over 55’s has grown massively over the last 20 years. It is very true that the initial products that were released into the market received poor press and were not popular. However, in more recent times these products have become highly regulated, with product providers having to meet industry standards and provide certain assurances and guarantees over negative equity – we think this is a very good thing.

    Qualications …

    Financial Advisers also have to pass a higher level qualification to be able to arrange Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release. However, we have noticed that consumers have been left with a difficult choice between “chicken farm” financial advice by companies offering these products in huge volume, or local financial advisers who rarely are asked for advice in this area. Your alternative is to approach Chris Morgan, the UK’s leading Lifetime Mortgage Expert, who specialises in mortgage products for people over 55 without charging a broker fee*.

    Fees …

    He offers highly experienced “Qualified Advice, Zero Broker Fee”, which means those drawing £100,000 or more are likely to save themselves an average of £1210* in brokers fees. Instead of offering you a free pen, calculator or shopping vouchers with your quotation, we offer you enough of a saving on your advice fees advice fees equivalent to a weekend break away? Chris is always interested to hear which destination you would choose with the money you will save?

    *Please Note: 

    Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. We do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £100,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

    If you wish to draw less than £100,000 we may charge a small fee to ensure a minimum total earning of £1995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2019, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1210 and the largest fee charged was £2395

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