Would you pay a £10,000 redemption penalty to move Lifetime Mortgage?
One national newspaper recently reported that a couple had recently done exactly that and paid a £10,000 redemption penalty to escape their “Sky-High Equity Release Rate”, in order to secure a better long term interest rate deal on their Lifetime Mortgage.
If you visit part 1 of this article you will see that in one of our recent case examples, we found a 0.82% difference between the cheapest and most expensive product for the same amount of loan. The overall difference in interest paid over 22 years would have been £60,000 which I’m sure you would agree is hugely significant.
You can read the article here …
Without any doubt if an existing Lifetime Mortgage holder had been locked into that higher interest rate, it would have been worth considering paying a redemption penalty to move. This of course is not “conventional” financial advice and any such decision should only be made after taking professional expert advice.
This recent news story raises a highly relevant and topical issue in my opinion of whether it is time to consider the unthinkable? Are Lifetime Mortgages really for Lifetime? Should people on higher long term “Historic” interest rates be re-considering their Lifetime Mortgage options?
With Interest Rates currently so low, it’s apparent that existing Lifetime Mortgage holders, particularly those with larger outstanding loans, should be asking a “Lifetime Mortgage Expert” to run some calculations for them. Are you paying too much interest on your Lifetime Mortgage?
If you require advice on Lifetime Mortgages you can contact The Lifetime Mortgage Expert at Unusual Mortgages on 0845 474 3075. We would be very happy to assist you in finding the right product, without charging you a broker fee for arranging your Lifetime Mortgage. “Qualified Advice, Zero Broker Fee*”.
Free Quick Guide Brochure
Lifetime Mortgage Expert offer a “Quick Guide To Lifetime Mortgages”, that provides all the relevant information you need free in a convenient PDF download. This document is not thirty pages of hard sell, it’s three pages of directly relevant information, containing all the essential things you need to know about Lifetime Mortgages.
Most importantly we make this download available to you, without you needing to give us any personal details up front, including your property value, address, phone number and email. There are many places you can try and get a free guide to Lifetime Mortgages, but most will want your personal details, so they can then keep phoning you and trying to sell their services and products to you.
Our policy is very different, we make our “Quick Guide” available free of charge, without collecting your personal data. When you are ready to proceed, we then ask you to call us to talk about your requirements. We will even make time to speak with you for around 15 minutes free of charge without any further commitment at that stage.
When we say our Quick Guide to Lifetime Mortgages is Free, we actually do mean FREE ! See our other real life examples further down in this blog to read more about the types of Lifetime Mortgages available and the scenarios they can be used.
If you would like to download our Free Quick Guide To Lifetime Mortgages then visit www.lifetimemortgage.expert The Lifetime Mortgage Expert, Chris Morgan can also be reached by email at enquiries@lifetimemortgage.expert
Chris Morgan’s full Biography can be read here …
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 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.