LIFETIME
MORTGAGES.
Please
feel free to contact us with any question without obligation.
It
is a well known fact that people are now living longer than ever. We
have a much healthier diet, we exercise more and take a much keener
interest in life than say our grandparents did. We want to enjoy our
lives, even when we are in our eighties and nineties and why not.
WHAT
A LIFETIME MORTGAGE COULD DO FOR YOU
A
lifetime mortgage will give you the opportunity to release some of
the equity from your Spanish home for you to do with as you wish.
This could give you the resources needed to enhance your lifestyle
and do some of the things you have been dreaming of. Maybe that world
cruise you have always promised yourselves or maybe a brand new car.
I am sure your list is endless with all the things you would love to
do if you had the money. Well, now you can by letting your property
pay you back for all the years of hard work you have put in, creating
it. The Lifetime Mortgage is not tied to any investment product.
HOW
THE LIFETIME MORTGAGE WORKS
The
Lifetime mortgage allows you to release equity some of the equity
from your Spanish home, enabling you to borrow money as a single cash
lump sum. You are able to use this money for any purpose and it does
not have to be repaid during the life of the mortgage. You will make
NO monthly repayments. Instead, the interest compounds and is added
to your mortgage each month.
The
mortgage is secured on against your Spanish property and the amount
you owe and the interest due is only repaid from the sale of your
property when you pass away, or permanently move out of your home.
It
is a practical way of unlocking some of the value that has built up
in your home without having to move. You are not selling or giving
away a share of your home, and therefore you will retain full
ownership of it, and as the owner you can continue living in it for
as long as you wish.
If
you are borrowing with your spouse or partner, the mortgage will only
need to be repaid following the last surviving partner dying or
selling the property. The excess of the sales proceeds over the
amount required to repay the Lifetime mortgage belongs to you.
The
Lifetime mortgage is available to UK, Irish and European Union
nationals, if they speak and understand English and who own their own
home in mainland Spain and the Canary Islands or the Balearic
Islands. If you currently have an outstanding mortgage, this will
need to be repaid either before or at the same time that your new
Lifetime Mortgage begins. The minimum age at entry is 60.
You
will remain the owner of the property so you are within your rights
to sell it or move to another property at any time.
NO
NEGATIVE EQUITY GUARANTEE
In
the event of your home being sold for less than the value of your
mortgage and the interest owed, you or your beneficiaries will not be
required to make up the shortfall. This guarantee provides
prospective clients and their future beneficiaries with complete
peace of mind.
Spanish
mortgages and property solutions
