Croft Mortgage Services only offer Lifetime Equity Release Mortgages for Northern Ireland. Please see our Initial Disclosure Document for details of the services we offer on Equity Release.
For many millions of people retirement can be a constant worry. With many working throughout our lives but having insufficient income to maintain a reasonable lifestyle in retirement. Not having having sufficient income many feel unable to satisfy those dreams of a round the world trip, home improvements, that new car or indeed long term care provision.
Equity release has become a popular choice for many thousands of over 55's after all other alternatives have been exhausted.
There are many options to consider and equity release should only be considered as a last resort. Taking a Lifetime plan will reduce any inheritance to your family. It's important to involve your family from the outset in this important decision.
Look at the alternatives. Is moving to a smaller house an option, selling and renting a house, have you maximized all available grants, could the family help or have you reviewed your savings and investments to produce more income? These are some of the important considerations but there are many more alternatives before equity release should be considered.
Although taking equity from your property has obvious advantages be cautious to the pitfalls. Knowing these will help you make an informed decision as to wither equity release is right for you.
At Croft Mortgage Services, we can guide you through the process and help come up with solutions to meet your needs and objectives.
We offer a panel of lenders which represents whole of market advice with the safeguard of knowing that many of the schemes we offer, comply with the Safe Home Improvement Plan (SHIP) scheme
This scheme offers high levels of consumer protection.
1) Members of SHIP agree to provide fair, simple and complete presentations of their plans. The literature will clearly state the benefits, obligations, costs, position on moving house, tax situation and effect of changes in house value.
2) All clients legal work will be carried out by an independent solicitor of your choice. The solicitor will be required to sign a certificate confirming that the effect of the scheme has been explained to you.
3) The SHIP certificate will clearly state the main cost to the house holders assets and estate.
4) All SHIP plans carry a 'No Negative Equity' guarantee. This ensures the plan holder will never owe more than the value of the property.
Please see the Safe Home Improvement Plan link under useful websites.
If you feel equity release is the best way forward, it is vital to gain professional advice. Croft Mortgage Services offer a free initial consultation. If you decide to take out a lifetime mortgage, you will need to pay us an application fee of £199, which is non-refundable. As part of the service we not only assess your needs but we will recommend solutions to help you achieve your objectives. Any equity release decision should take into account how income tax, social security benefits and local authority grants will be affected. As part of our available service we will include a tailor made report which will highlight benefits available which haven't been claimed, local grants available etc. This will help you make an informed decision.
For further information please ring or email us on our enquiry form.
Further guidance can also be sought on the Safe Home Income Plans website. See useful links.
Lifetime mortgages are not suitable for everyone. The value of your estate and therefore any inheritance you leave will be reduced and your tax position and certain state benefits may be affected.
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