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IMS, now a member of The Equity Release Council

Posted by IMS Team on 07/06/2020
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IMS are now a member of the Equity Release Council! 🥳

In order to be a member you need to take further mortgage broker qualifications, Michelle & Jasmin have successfully passed these exams and are now lifetime mortgage specialists!

 

So what is a LIFETIME MORTGAGE?

If you are a UK homeowner aged 55 or over, IMS Independent Mortgage Solutions may be able to help you access money tied up in your home.

While some lenders will refuse to let borrowers have a mortgage in retirement, we have access to plenty of lenders who will not only allow this but have competitive rates too!

The majority of people aim to reach retirement age mortgage free, but there are lots of reasons why you may be thinking about having a mortgage that runs into or even starts after your working days have ended.

🏠 Do you want to purchase an investment property in order to top up your pension income?

🏠 Do you want to release equity to fund home improvements / help loved ones on the property ladder / fund a once in a lifetime holiday / consolidate debt?

🏠 Are you nearing the end of your current interest only mortgage and no means to repay it?

 

Different Types of Lifetime Mortgages:

🏠 An Interest roll-up mortgage: you get a lump sum or are paid a regular amount, and get charged interest which is added to the loan. This means you don’t have to make any regular payments. The amount you borrowed, including the rolled-up interest is then repaid when the house is then sold.

🏠 We will always ensure we find you a lender who will have a ‘no negative equity guarantee’ which means that you, or more specifically, your estate will never owe more than the property is worth when it is sold.

🏠 An interest-paying mortgage:you get a lump sum and make either monthly or ad-hoc payments. This reduces, or stops, the impact of interest roll-up. Some plans also allow you to pay off capital, if you so wish. The amount you borrowed is repaid when your home is sold.

You can also decide whether you want the money as a lump sum or whether you want it to fund an income.

Please call us on 01869 248339 or email info@imsinternet.co.uk where we will be happy to help you with your lifetime mortgage enquiry.

Please remember to keep up repayments on your home or your home may be repossessed.

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