Speak to an expert
Michelle is an award-winning chartered financial planner who holds the designation 'Fellow of the PFS' demonstrating her commitment to maintaining the highest standards of knowledge, ethical conduct, and professional practice. Michelle is also an accredited member of the Society of Later Life advisers. Michelle offers a fully personalised service tailored to each clients individual needs and goals, using an approach that was recognised and honoured by the Women in Financial Advice awards in 2021. Clients working with Michelle can expect a high level of professionalism, integrity and a lasting relationship built on trust and open communication
Michelle Boakes
Chartered Financial Planner
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How does it work?
Similar advantages and disadvantages as a regular lifetime mortgage, with additional issues that are unique to this kind of equity release scheme. The main difference is that you don't request the full sum of money available to you immediately. Instead, you decide on a maximum amount of equity you want to release, and 'drawdown' the cash in stages as and when required.
Free Introductory Meeting
We offer a complimentary introduction meeting to understand your existing plans and your financial objectives so that we can offer you the right advice and service that meets your objectives and your preferences.
ADVANTAGES
- You are in control of your money as you can release cash when it suits you, or you may be able to request a monthly income with no monthly payments to make
- You retain full ownership of your home
- You only pay interest on the amount of equity released from your home, so interest could accumulate more slowly than with a regular lifetime mortgage
- Drawdown Lifetime Mortgage plans may be available to younger people (aged 55+)
- Some Drawdown Lifetime Mortgage plans let you guarantee an inheritance for your family
Our personalised evidence-based recommendations that build on your current plans are achieved using robust research. We investigate different financial scenarios so that you can be confident in achieving your objectives.
DISADVANTAGES
- Interest rates are usually higher than on a standard lifetime mortgage
- Reduced amount available to leave as an inheritance
- Interest grows quickly as it is compounded
- If you want to increase the amount of equity released beyond the original amount agreed, you will normally have to apply for a further advance, which is not guaranteed
- If you repay the lifetime mortgage loan early, you may have to pay an early repayment charge
- Your tax position and certain state benefits may be affected
Get in touch
When we tell you about a fee, you will always receive a clear explanation of: The total fee, the advice service it relates to, how it's been calculated, when you need to pay it and your payment options.
Warning Text
EQUITY RELEASE (INCLUDING LIFETIME MORTGAGES AND HOME REVERSION PLANS) WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.
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ESTATE PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
