Which lenders provide Equity Release?
Regarding Lifetime Mortgages, Omni Finance only deals with lenders who abide by the rules, and are members of, the Equity Release Council.
Amoungst other things, these companies must ensure that:
For lifetime mortgages, interest rates are either fixed for life or if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan.
You have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.
You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your Equity Release loan.
The product has a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.
The current lender members are, but not restricted to: Aviva; Hodge; Just.; L&G home finance; LV=; More2life; Pure retirement; Retirement advantage.
They each specialise in different specific requirements, such as better rates for medical issues, maximum amount of over all borrowing, cheapest interest rates, fixed Early Repayment Charges rather than variable, monthly amount paid to you rather than one lump sum etc. etc.
To discuss your circumstances further, in your own home at a time which suits - call to book your free appointment.