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Mortgages, Equity Release, Life insurance, Colchester Essex

Equity Release Solutions

What is later life lending or Equity Release?

Later life lending covers a range of financial products from lenders that cater for the financial requirements of those aged fifty-five and above. Equity Release helps people to use the equity in their homes (hence the name) up to and into retirement, for a variety of purposes.

What to expect with later life lending?

At Berechurch Financial Solutions we will work with you to explore all your equity release or later life lending options before making a personalised recommendation to you. There are a number of options so it’s a good idea to understand them all in order to make an informed choice. A lifetime mortgage can make a big difference to you and your family and there are many factors to consider. Our qualified advisers will guide you through the journey.

What we can help with?

Retirement interest only mortgages Colchester Essex

Retirement interest only mortgages

Retirement interest only mortgages or RIO’s are similar to a traditional interest only mortgage. You would pay the monthly interest payments throughout your lifetime and the loan is typically repaid when you pass away, sell the property or move into long term care.

Lifetime mortgages to borrow against your homes equity, Colchester Essex

Lifetime Mortgages allow you to borrow money against your home’s value

A lifetime mortgage is an equity release product. Put simply, equity is the value of your home minus any debts secured against it, such as a mortgage or other loans. An equity release product allows you to convert some of your home’s value into cash without having to sell and move out. For some people this can be a great way to raise money.

Lifetime mortgage consultation, life time mortgage Colchester Essex

Lifetime Mortgages allow you to borrow money against your home but still own it

Lifetime Mortgages are so called as they are designed to last for the whole of your lifetime. They allow you to borrow money against the value of your home, while still owning it. This loan can be taken as a lump sum or paid in stages as you need. As with any mortgage, interest is charged. However, the loan and the interest do not have to be paid during the term of the loan. The interest is ‘rolled up’ and added to the loan, and the total amount is repaid from the sale of the property when you (or you and your partner if a joint mortgage) pass away or move into long term care.

Home reversion plan, Colchester Essex

Home Reversion

A Home Reversion Plan also allows you to access all or part of the value of your property while retaining the right to remain in your property, rent free, for the rest of your life. With a Home Reversion plan, the provider will purchase all or part of your house considering your age and health. They will then provide you with a tax-free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life. There is no day-to-day interference and no restrictions on treating the house exactly as before as a private home to live in freely. Berechurch Financial Solutions do not provide advice on Home Reversion plans but we can introduce you to Key Partnerships who will be able to provide advice to you.

For further information on Equity Release and later Life Lending contact us

Members of the Equity Release Council

Berechurch Financial Solutions and the Openwork Partnership are proud to be members of the Equity Release Council.

The Equity Release Council represents the equity release sector and exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.

These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, dispelling myths about equity release, and educating the public about the potential to access the wealth in their home for a variety of uses.

The reputation and standing of the brand and the trust developed has seen its membership grow, bringing the sector together and helping it strengthen its voice: providers of equity release plans, solicitors, intermediaries, financial advisers, consultants, surveyors and other industry professionals – all committed to the Principles of membership. The Council builds on this unified voice of its members, while remaining independent from the specific views of individual member firms or particular segments of the equity release market.


Important information

A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action.  If you are considering releasing equity from your home, you should consider all options available before equity release.  

The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution.  As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.

Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.

Your home may be repossessed if you do not keep

up with repayments on your mortgage.

Most buy to let mortgages are not regulated by The Financial Conduct Authority.

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Berechurch Financial Solutions is a trading name of Steven Beeton which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

© 2023 Berechurch Financial Solutions
Approved by The Openwork Partnership on 19/06/2024

Equity Release advice from a member of the Equity Release Council, Colchester Essex
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