Equity Release Advice in Peterborough
Could the value tied up in your home help support your plans for later life?
Before deciding, you need to understand how equity release works, what it costs and how it could affect your future choices. Our advisors help you consider the benefits, risks and alternatives in the context of your circumstances.
We offer:
- Free initial consultation
- Personal advice on lifetime mortgage options
- Clear explanations of costs and long-term commitments
Explore the Long Term Decision with BMFC
We start with why you need the money, your existing borrowing and your future plans. Our advisers explain how a lifetime mortgage could affect your finances, inheritance and entitlement to means-tested benefits.
We also consider alternatives, including downsizing, available savings and other suitable borrowing. You receive a clear explanation of costs and commitments before deciding whether equity release is appropriate; for home reversion plans, BMFC acts as an introducer only.
A Few More Things to Consider
Explore the details that matter to your decision. If you would like to discuss your own circumstances, our advisers are here to help.
What Is Equity Release?
Equity release allows eligible homeowners to access some of their property’s value while continuing to live there. The two main forms are lifetime mortgages and home reversion plans.
A lifetime mortgage is a loan secured against your home, usually available from age 55. You retain ownership, and the loan plus any outstanding interest is normally repaid when the last borrower dies or moves permanently into long-term care.
A home reversion plan involves selling all or part of your home to a provider. For home reversion plans, BMFC acts as an introducer only.
Will I Still Own My Home?
With a lifetime mortgage, you retain ownership. A home reversion plan works differently because you sell a share or all of the property. Understanding this distinction matters before choosing a product.
How Can Interest Increase What I Owe?
Some lifetime mortgages allow interest to be added to the loan instead of paid monthly. This means interest can accumulate on both the original borrowing and previous interest, increasing the balance over time.
Payment options vary, and early repayment charges may apply. Your adviser should explain the terms of the specific plan.
Can I Move Home with a Lifetime Mortgage?
Lifetime mortgages meeting Equity Release Council standards allow a move to a suitable alternative property, subject to lender criteria and contract terms. Moving is not automatically approved.
These products also include a no-negative-equity guarantee, subject to its conditions. This protects against a qualifying shortfall when the property is sold; it does not guarantee an inheritance.
Explore Your Options Before Making a Decision
Speak to our team about equity release and how it could fit your plans. A free initial consultation is an opportunity to ask questions and understand what to consider next.
Equity release may reduce the value of your estate and affect your entitlement to means-tested benefits.
Equity release includes lifetime mortgages and home reversion plans. To understand the features and risks, ask for a personalised illustration. For home reversion plans, we act as introducers only.
01733 331 603
01223 987422