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Is a Reverse Mortgage Right for You? A Guide in 2024
What is a Reverse Mortgage? A reverse mortgage is a financial agreement where a homeowner unlocks equity in their home in exchange for regular payments or a lump sum of money. This concept is also known as an equity release scheme. But what exactly does ‘equity release’ mean? Equity is the value of your property […]
Best Retirement Mortgage Providers in the UK in 2024
Who are the Big Players? When it comes to the UK mortgage market, certain names are bound to come up more frequently than others. These are the “Big Six” lenders: Rank Lender Lending (£bn) (2021) Market Share (2021) 1 Lloyds Banking Group 55.9 18.1% 2 Natwest Group 36.1 11.7% 3 Nationwide Building Society 35.4 11.5% […]
How are Retirement Mortgages Calculated?
What is a Retirement Mortgage Calculator? A retirement mortgage calculator is a tool designed to estimate the mortgage amount that you could potentially borrow for in retirement. But why is this tool important? Mortgages can be tricky, especially when you’re planning for or are already in your retirement years. Factors like your age, income, equity […]
What Happens to My Mortgage If I Die? A Must-Read Guide
What Happens to a Mortgage When Someone Dies? Contrary to what some might think, a mortgage doesn’t just disappear upon the death of the holder. This becomes part of the estate and must be paid off before any savings or assets are distributed to family members or other beneficiaries named in the will. The aftermath […]
Is a Drawdown Mortgage Right for You? A Guide in 2024
What is a Drawdown Mortgage? Drawdown mortgages are clever financial tools designed with you, the mature borrower, in mind. They’re a special type of equity release that lets homeowners with a property valued over £70,000 get their hands on some of the money tied up in their homes, anywhere from 18% to 50% of it […]
