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Some great information from our Cert CII (MP&ER) Mortgage, Insurance and Equity Release Specialist.

Many people dreams have been shelved since the dreaded brexit.  So if you are affected by the 90 days rule, read on.

We bring you some ideas of how to use the UK property for security, to help you realise your dream of having your own place in the sun.  😁 Good alternatives to selling up!

Remortgage property/ies in the UK and raise money. 

A later life Mortgage or Equity Release for people over 60. 

Second Charge Mortgage Lending.  

It has to be a UK property used for security, so you will need to have equity in a UK property to get started. 

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For ‘normal’ mortgages. LTV will vary depending on lender but there are lenders that will lend up to 80%. Its all about affordability. 

  • If your existing property is a residential one with a residential mortgage, then you will need to have an income to support the existing and the new mortgage. (this can be earned or pension)
  • If the existing property is being renting out, then the rent will have to be sufficient to cover the mortgage payment. 
  • If you are looking for an Equity Release Mortgage, then the income isn’t an issue.
  • It will depend upon your age. The older you are, the more equity you can release, for example:
  • If you are 60, you’d be looking at being able to release around 20%. 
  • If you’re much older, you could be looking at 50% or more.
  • If you are affected by the 90 days rule, these options may give you the flexibility you need, to be able to have the best of both worlds.

We are happy to help you with all your needs. Contact us now to speak to our specialist.