Lifetime Mortgage Advice

Is Equity Release always the right thing to do? What alternatives should you be considering?

Before considering whether taking Lifetime Mortgage advice would be appropriate, prospective borrowers should consider carefully the reasons for needing equity from their home. There may be other alternatives available.

For those needing more income, an assessment of the entitlement to State Benefits, such as Pensions Credit, Pensions Savings Credit and Council Tax Benefit should be undertaken. Many pensioners may be entitled to more benefits than they are currently receiving. As part of the Equity Release and Lifetime Mortgage advice process, Andy Wilson will usually undertake such a check on your behalf.

If you are looking to carry out certain home improvements or repairs, there may be grant facilities that could help. Your local Council will usually be able to help you to consider these.

Many pensioners are reluctant to run down their savings. However, it may be more appropriate to use some of the savings that are earning a poor rate of interest than borrow at higher rates. Could today be that rainy day you have been saving for? And how bad a rainy day does it need to be to justify using savings?!

Downsizing has to be a consideration where it is proving difficult to make ends meet. This has to be balanced with staying in a home you may love, in an area you have lived in for some time, where your friends and social network are close by and which is well served by shops, Doctors, entertainment and other services.

Family may be able to help – if only they knew what your problems were. We are naturally reluctant to discuss our needs with children and relatives, but if they knew your situation and were well placed to help they may be happy to do so – especially when the alternative could see a depletion of their possible inheritances!

If these measures cannot solve the problems then getting Equity Release and Lifetime Mortgage advice from a qualified and experienced adviser such as Andy Wilson may help. When you meet, Andy will need to fully understand your situation and will ask many questions. This is to ensure the advice they give and recommendations they make are appropriate. All recommendations will be confirmed in writing within a full report and recommendations before you commit to a scheme, and a full illustration of the scheme features, benefits and risks will always be given to you. This will detail the loan, the set up costs fully itemised, the loan position over forthcoming years, the risks involved and the potential costs of repaying the loan early.

To see how much you might be able to borrow against your property, please use our Lifetime Mortgage Calculator page.

Getting the right advice is important. You are likely to only take an equity release scheme once and it could stay with you for life, so you need to know it is the absolutely best thing for you. Andy will always inform you if he feels such a scheme is not suitable for you and whether better alternatives should be considered. He may tell you things you did not want to hear, but he will always tell you things you need to know!

Please use the ‘Contact Andy’ form below to request further information or to arrange a no-obligation meeting to discuss your options.

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Equity release may require a lifetime mortgage or home reversion plan. A Lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration. We charge a fee for equity release. The fee will be £990 where we are able to retain commission from the lender.

Andy Wilson Financial Services Ltd is registered in England No. 07547809. Registered Office: Landmark House, 1 Riseholme Road, Lincoln, LN1 3SN. Andy Wilson Financial Services is a trading style of Andy Wilson Financial Services Ltd which is an appointed representative of TenetLime Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register ( under reference 311266.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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