Second Home Lifestyle Options
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: 5.63%: 5.90%:: Free Unlimited Valuation | 2nd Home Equity Release Plan | 8-Year Fixed Early Repayment Charges | Plans Start Age 55 | No Repayments Required
Eligibility
- Homeowner(s) with an additional 2nd property which must be available for the sole occupancy of the owner
- If the second home is let-out, then thus can only be for a maximum period of 4 weeks at a time
- The property must be lived in for at least 4 weeks of the year by the homeowner themselves
- No formal Shorthold Tenancy Agreements should be in place
- The house cannot be advertised to let via online or estate agency
- Minimum property valuation of £70,000
- Maximum property valuation acceptable is £6 million
- Property must be located in England, Wales or Scotland
- Minimum age of youngest homeowner is 55, maximum age of 90
- Minimum loan of £10,000, maximum £750,000 nationwide (ask for details if higher)
Features
- Second home equity release mortgages providing a lump sum on completion
- No repayments are necessary, although payments can be made subject to early repayment charges
- No Negative Equity Guarantee – can never leave a debt for your beneficiaries
- Unregulated product & not covered by the Equity Release Council standards
- Fixed early repayment charges over 8 years; Years 1-5: 5%, Years 6-8: 3%, No penalty thereafter
- Loan-to-values start at 19% at age 55, rising by 1%pa to age 80+ where the maximum LTV is 44%
Options
- Free unlimited valuation option
- This product can be ported to a new property
- Additional borrowing available subject to a minimum loan of £4,000