Equity Release Schemes

Equity Release Schemes

Fish4Mortgage is located in Weston-super-Mare, Somerset & is the area’s leading Mortgage Broker with over 25 years of knowledge in the field. We specialise in many areas including re-mortgages, first time buyers, commercial mortgages, general insurance & secured loans. Explore our website to find out more information & also go ahead & use our Mortgage Calculator to see what deals are available to you.

Types of Equity Release Schemes

Lifetime mortgage

You take out a mortgage secured on your property provided it is your main residence, while retaining 100% ownership. This will allow you to keep some of the value in your property for inheritance purposes for your family. You can either roll the interest up or make monthly repayments. Ultimately the loan and any accrued interest will be repaid when you die or if you move into long term care.

Home Reversion

This is where a Home Reversion provider will purchase part or all of your home off you at below market value in return for a lump sum or regular payments. You have a right to continue living there until the day you die rent free as long as you agree to maintain and insure the property. You can also keep a percentage of the property for future use such as an Inheritance for your family. Your percentage will always remain the same despite the value of your property at all times unless you decide to release further equity at a later date. Once the plan finishes the property will be sold and the sale proceeds will be shared according to who owns what percentage of ownership.

Differences Between Lifetime Mortgages And Home Reversion Plans

Lifetime Mortgage Plans

It is a mortgage, but you don’t have to make repayments during the lifetime of the mortgage unless you choose to. The Interest on the mortgage is usually ‘rolled-up’ and added to the mortgage. The mortgage is paid back when the last survivor on the mortgage dies or moves into long term care. Early repayment fees could be applied if you chose to pay back the mortgage early. A No Negative Equity Guarantee applies.

The Firm offer Lifetime Mortgages from the Market as a Whole.

Home Reversion Plans

The provider buys a share (or all) of your property in exchange for a lump sum or regular income. The amount you receive will be less than the current open market value of your property as you retain the right to live there, rent free, for life or until you move into long term care. When the property is sold, the provider receives their share or the sale proceeds based on the percentage that you sold to them. If you choose to buy back the share of the property you sold to the provider, you have to do so at full market value.

The Firm do not offer Home Reversion Plans.

Enhanced Borrowing, Vulnerability, Health & Life Expectancy

Enhanced Lifetime Mortgages

Are a ‘roll-up’ Equity Release scheme where lending criteria is based on your personal health records. In principle, these schemes will allow more cash to be released depending on your answers to a health & lifestyle questionnaire. Basically, the poorer your health, the greater the tax free lump sum that could be made available.

The lender works on the underwriting principle that life expectancy is likely to be reduced if ill-health has been experienced. The enhanced lenders can therefore afford to offer greater lump sums to these people, than for someone who is likely to live much longer. Upon calculating the size of these maximum enhanced Equity Release schemes, these companies assess your health and lifestyle, as well as your age. Based on this information they are usually able to offer a loan that can be much higher than the standard Equity Release loan-to-values.

Types of illnesses that apply

A simple health & lifestyle questionnaire will ask for answers to the following:

  • Whether you Smoke
  • Height & weight including body mass index(BMI)
  • High Blood Pressure
  • Suffer from Diabetes
  • Medical problems such as Angina, Heart Attack, Stroke, Cancer, Dementia including Alzheimer disease
  • Multiple Sclerosis, Motor Neurone or Parkinson’s disease
  • Mental Health
  • Retired early due to Ill Health
  • Whether you are on Prescription Medication

This list is not exhaustive and other health and lifestyle factors that could qualify which if more severe could provide a larger amount of cash from your release of equity.

Vulnerability

To enable us to be confident that you can understand the business we may conduct we need to know if you can follow what we are explaining.

Involving the family

It is recommended that family members are included in any discussions and decision making. We also have to consider where any Lasting Power of Attorney (POA) is in place. These are Legal documents enabling you to appoint one or more people to assist you in making decisions or to make decisions on your behalf.

LPA’s were introduced in October 2007 and replaced Enduring POA’s which if in place still remain valid. Health & Welfare LPA gives an attorney power to make decisions relating to matters such as your daily routine, washing, dressing, eating and medical care including moving into care and life sustaining treatment. These can only be used when you can’t make decisions yourself.

Whereas Property & Financial Affairs LPA gives an attorney the power to make decisions relating to money and property – paying bills, collecting benefits and pensions, and selling your house. Giving someone else this authority may be very important because at some point in the future you could find yourself in a position where you are unable to make decisions and run your affairs.

The Office of the Public Guardian (OPG) who issue LPA’s can help you. It is recommended that you seek legal advice in this regard. In Scotland & NI the process is slightly different.

So for the most competitive mortgages on the market telephone us now on

01934 519 111 or freephone 0800 567 7482

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We would highly recommend Fish4Mortgage, in particular Brian, who went above and beyond to answer all our queries and obtain what we were hoping to achieve. Always on hand to reassure and give advice in a very professional but friendly manner, making the whole process relatively stressfree. Can't thank him enough, and will definitely deal with them again in the near future.
Julie Wingrove
Julie Wingrove
2018-07-04T16:14:03+0000
This should have been posted about two weeks ago but I’m a scatter brain!!Me and my partner Ollie were trying to buy our first home. Everywhere we went told us we were in over our heads, that we’d never have our dream home and to “aim lower” but not at the mortgage shop!!!! Tim went above and beyond to help us and supported us every step of the way! He keeps everything light hearted and he will talk to you in a way that makes it easy to understand (he doesn’t blur you with figures and terms ) Truly the nicest man and the best service! If it wasn’t for everyone at the mortgage shop we wouldn’t have our own home! We are just about to move into our home as a family and settle in and it’s all thanks to Tim.EVERYONE should be using Fish4Mortgage and if you’re not? You’re crazy!
Jordan Paige Kenny
Jordan Paige Kenny
2018-05-18T21:36:43+0000
Good evening Tim,Thank you very much for all of your help. You have been very professional and helpful at all times. When I first started the remortgage process, I had very little knowledge and understanding of what needed to be done. Every question that I asked was returned with a very quick and easy to digest response, which has made this a very smooth process for me. I look forward to working with you and your company again in the future and would have no hesitation in recommending you again.
Andrew Woodley
Andrew Woodley
2018-04-26T12:05:11+0000
We experienced an efficient and stress free process and our mortgage application was completed within 4 weeksThank you Brian for a great service.
Fiona Macinnes
Fiona Macinnes
2018-03-03T20:06:01+0000
From start to finish Tim was amazing, couldn’t do enough for us, helped us every step of the way selling our old house & buying our new one. Tim kept in contact all the way through & went above & beyond to ensure our move went through as smoothly as possible. Highly recommended !!!
Mark Bailey
Mark Bailey
2018-01-02T21:14:31+0000
A big thank you to Tim and the team didn’t think we would be where we are today but we are and I love our home so thank u very much couldn’t of done it without ur help �
Annmarie Muldoon
Annmarie Muldoon
2017-11-11T11:56:51+0000
We were looking to by our first house and went in completely blind. Everybody at fish4mortage were brilliant. But a special thanks to Tim. From start to finish everything ran so smoothly. Any issues or queries we had he was always ready on the other end of the phone and kept in contact religiously every step of the way. Highly reccomened to everybody!! 5*
Michael Woodward
Michael Woodward
2017-08-19T08:19:45+0000
My mum tried for a mortgage 7 years ago, however debts from a business made her lose the mortgage that they agreed. She then tried other places but was refused by mortgage companies. She then tried again recently, going to different mortgage brokers and banks, one person quoting 'he would eat his hat if she was given a mortgage.' 🤔😕 She then gave up and thought she would have to sell her house, to pay her ex husband out. Luckily she was recommended Fish4Mortgage, and they were the only ones to get her a mortgage. Bearing in mind she is a foster carer and had massive debts, normally they would not entertain this criteria. They were amazing and worked above and beyond on her behalf and now she can proudly say she has kept her house thanks to them. Cannot recommend enough! Needless to say... She hopes the previous man has a sumbero.Thanks to Claire and all the team, you were amazing!
Khalid Barmaki
Khalid Barmaki
2017-05-06T10:39:12+0000
For first time buyers it can be very scary, but they made sure we had the best mortgage possible and was always there for advice, would highly recommend.
Nikki Curtis
Nikki Curtis
2016-02-17T15:44:35+0000
Brian Frost
Brian Frost
2016-02-17T09:29:19+0000
For a first time buyer like myself mortgages seem daunting and complicated, however the team at fish4mortgages made it simple and stress free as well as saving me money. Couldn't recommend them enough.
Patrick Berryman
Patrick Berryman
2016-02-16T22:10:41+0000
Highly professional and very helpful ! Would recommend to anyone looking for help with mortgages !
Lizi Macbeth
Lizi Macbeth
2016-02-16T22:09:21+0000
Really friendly service !! Would highly recommend the team 🙂
Emma Fox
Emma Fox
2016-02-16T17:20:28+0000
Brian was really helpful to myself and my husband when we were trying to find a mortgage that was best suited to us. Brian is extremely knowledgeable and pointed us in all the right directions :)! We were able to relax knowing all was under control with the mortgage as it was one less thing to stress about when moving house! Definitely recommend these guys!!
Kyle Chloe
Kyle Chloe
2016-02-16T16:44:59+0000

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