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Lifetime Mortgares

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Reasons2b Posts: 2 Newbie

23 October 2017 at 2:45PM in Mortgage-free wannabe

Recent figures with regard to Equity Release Lifetime Mortgages need close scrutiny by any newcomers to this marketplace.
Based o average figures House prices in England 244,000
Average monies released 70,625
Average % in property asset 5.30%
The impact in future Legal Charge to property is important.Based on the above figure
in 7 years time the debt will be 101,583.in 14 years time 146112,in 21 years tome 210161
The only thing to impact on these figures is the increase in house prices dueto their
inflation.This is a guarantee that cannot be given.Nor is deflation
Unlike other spending they is no free switching to a cheaper rate should they come to the market 25% is the average charge even after one year and with no cooling off period.
Your borrowings maybe different fom the above so ask for a personal assessment.

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