Spire Solicitors Equity Release team specialise in advising clients on the legal implications of lifetime mortgages, including lifetime interest only mortgages and hybrid lifetime interest only/compound mortgages.
There are many reasons why you may choose to release equity from your home. It may allow you to make home improvements, travel, help your children financially, or improve your standard of living.
Equity release involves turning the equity you have in your property into disposable funds. The equity is calculated by looking at the value of your property minus any outstanding mortgage. Tax is not payable on the money released.
The most common type of equity release scheme is the Lifetime Mortgage. This enables you to release a lump sum from the value of your property while you retain 100% ownership of your home. The amount, plus any interest that is accrued, will be repayable out of your estate when you die or if you move into a long-term care facility.
Our knowledgeable equity release team are also able to provide legal advice on the other types of equity release such as Drawdown Lifetime Mortgages and Home Reversion Plans.
We are proud to offer a professional, efficient, and friendly service while ensuring your best interests are protected. It’s important to remember that if you are looking to release equity from your property, it is essential that you receive independent legal advice as part of the process.
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