A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.
This is an example for illustrate purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
What our customers say…
“I’ve been using Luke and the team at Errington Stanley for about 8 years now. The level of customer support and market knowledge is always very consistent. Luke especially goes out of his way to explain the plans, details and options. I like the way you get a tailored experience with this team. I would highly recommend Errington Stanley.”
“Being a first time buyer, Vikki was a great help in explaining the process and how it all worked. She had our interest at heart and we couldn’t of wished anymore from her. Thank you for all your help.”
“Vikki was extremely helpful, she explained everything thoroughly and found me the ideal policy for my circumstances. The process was simple and she was available whenever I needed any advice. Thanks!”
“Considering this was our first experience with any of this as we are first time buyers, I thought we could get overwhelmed with the amount of things we needed to do/learn about, but Luke, from Errington Stanley Mortgages Ltd made our lives extremely easy and did an amazing job explaining everything to us and advising us on the ideal way to go about certain things. It’s been an absolute pleasure working with Luke and I will highly recommend Errington Stanley Mortgages Ltd to anyone I know who is looking for these kind of services.”
“As a result of the excellent service we received our daughter also arranged her mortgage through Errington Stanley, and Luke got her on the property ladder at 22 years old. Her and her partner are now arranging their second home. We have also recommended friends and colleagues to Luke, and I think I could name three or four other people who now have mortgages through Errington Stanley.”
