Lifetime Mortgage Advice

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

Andy Wilson


Professional Lifetime Mortgage advice will carefully consider the reasons for needing equity from the owner’s home. There may be other more cost-effective alternatives available.

What are the alternatives?

For those needing more income, an assessment of the entitlement to State Benefits should be undertaken. Benefits include Pensions Credit, Pensions Savings Credit and Council Tax Benefit . A significant number of 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 people are reluctant to run down their savings, saving for a rainy day. However, it may be more appropriate to use some of the savings than borrow at higher rates of interest. Could today be that rainy day you have been saving for? And how bad a rainy day does it need to be to justify keeping significant levels of savings earning very little interest?!

Family may be able to help – if only they knew what your problems were. Our sense of pride  naturally makes us reluctant to discuss our needs with children and relatives. However, 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!

Should you downsize?

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, bus routes, entertainment and other services.

Many of the clients Andy meets did originally intend to move when they reached retirement. They imagined buying a bungalow for later life. However, when they reached retirement, fit and well and enjoying life, they often want to stay put! And why not?

How much can you borrow?

Our lifetime mortgage calculator offers a rough guide to the maximum you may be able to borrow against your property. However, you should only ever borrow what you immediately need. Provision can often be made to draw more money later when it is needed.

The advice process

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. Andy will speak with you by telephone or video call  to discuss your basic requirements. If appropriate Andy will then visit you in your own home to discuss your options, with no obligation at all to proceed further. There is no charge for this meeting.

When you meet, Andy will need to fully understand your situation and will ask many questions. He will also ask you to have some documentary evidence about your situation to hand – proof of income, benefits, bank statements, identification etc. This is to ensure the advice he gives you and recommendations he makes are entirely appropriate.

All recommendations will be confirmed in writing within a full report and recommendations before you commit to a scheme. 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.

The right advice

Getting the right advice is important. You will usually only take an equity release scheme once and it is likely to stay with you for life. You therefore need to know it is the absolutely best thing for you. Andy will always tell you if he feels such a scheme is not suitable for you and whether you have better alternatives. He may tell you things you didn’t want to hear, but 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.

EQUITY RELEASE INCLUDES LIFETIME MORTGAGES AND HOME REVERSION SCHEMES. WE CAN ADVISE AND ARRANGE LIFETIME MORTGAGES AND WILL REFER TO AN APPROVED SPECIALIST FOR HOME REVERSION SCHEMES.

THERE MAY BE A FEE FOR LIFETIME MORTGAGE ADVICE. THE PRECISE AMOUNT WILL DEPEND UPON YOUR CIRCUMSTANCES BUT WE ESTIMATE IT WILL BE £990.

Contact Us

Contact Andy Wilson Financial Services directly or fill out your details and we will contact you as soon as we're available.

I provide my consent for Andy Wilson Financial Services to contact me regarding my enquiry. We will use your name, email address and contact number (‘personal information’) to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with our advisers and supervisors. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy.

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Equity release includes lifetime mortgages and home reversion schemes. We can advise and arrange lifetime mortgages and will refer to an approved specialist for home reversion schemes.

There may be a fee for lifetime mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £990.

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 name of Andy Wilson Financial Services Ltd, an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

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

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I provide my consent for Andy Wilson Financial Services to contact me regarding my enquiry. We will use your name, email address and contact number (‘personal information’) to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with our advisers and supervisors. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy.

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