A lifetime mortgage adviser can explain the features and risks in detail and make a personal recommendation to you.
All our Lifetime Mortgages offer an option that you can choose at outset to protect a percentage of the value of your home for your beneficiaries. If you take the inheritance protection option it will reduce the amount you can borrow.
We offer an option to secure a percentage of your property’s value from the outset, but this will reduce the amount you can borrow.
You only need to repay the loan when you die or go into long-term care. If you decide to repay the loan before this, you may need to pay an early repayment charge.
You can use your own adviser or if you don't have one you can find a qualified adviser in your area by visiting equityreleasecouncil.com
Alternatively, Santander can put you in touch with The Retirement Lending Advisers, a separate company who only advise on our Lifetime Mortgages. If you use them, they won't charge you an advice fee.
If you choose to use The Retirement Lending Advisers, a separate company who only advise on our Lifetime Mortgages, they won't charge you an advice fee.
Your adviser will have all the details and be able to check your eligibility before you apply.
It's only an estimate; the actual amount depends on a number of factors, and your financial adviser can explain these to you.
Your adviser can help you understand how any benefits you're receiving may be affected.
Some options could include selling the house, repaying the loan, and dividing the remainder between you; you could decide who’ll be the owner (and we could remove the other person from the title deeds); or, if a court is involved, any equity left after the property has been sold and our loan repaid, would be distributed as directed by the court.
Please talk to your adviser to find out how it may affect your tax position.
If you decide that you want to repay the loan early outside of the terms of our optional partial repayment feature, you may need to pay an early repayment charge which could be substantial.
Failure to comply with these could result in the forced sale of your property and the loss of the right to inheritance protection, if this has been chosen.
However, with our Lifetime Mortgages you can make optional partial repayments (OPR) if certain criteria are met. If you decide that you want to repay the loan early outside of the terms of our OPR, you may need to pay an early repayment charge which could be substantial.
Your new property will be valued by an independent valuer that we'll choose - and you’ll have to pay the valuation fee, the property transfer fee, all legal fees and any moving expenses. Depending on the situation, you may have to repay part of loan if it exceeds the amount we would agree to lend to a new customer in comparable circumstances. There would be no early repayment charges on that amount.
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