Mr Mortgages specialise in Equity Release and Lifetime mortgages, covering Torquay, Paignton, Brixham and the surrounding areas.

Equity Release in Torbay

Equity release allows homeowners over 55 to unlock the value in their property by turning it into a cash lump sum or regular income. There are typically no monthly repayments to make and you continue to own and live in your home until you die or move into permanent care. Only then is your plan normally repaid from the sale proceeds of your property.
If you are over the age of 55 and a homeowner, you are probably eligible to take out an equity release plan. The money you release is tax-free and yours to spend on what you want. Popular choices are home improvements, repaying debts, helping children on to the property ladder or simply enjoying later life.

Lifetime mortgages
A lifetime mortgage is the most common type of equity release scheme and is usually secured against your main residence. This is a mortgage designed to run for the lifetime of the homeowner, in which the property remains 100 per cent in your name.
Unlike traditional mortgages, there are typically no month-to-month repayments to make, but most plans now have the facility to make voluntary repayments to help control the balance, if needed. There are many flexible options which can be included with lifetime mortgages, which provide the facility to:

• Make repayments either on an ad-hoc or regular basis via voluntary or monthly repayments which can help control the future mortgage balance.
• Protect an element of equity by including an Inheritance Protection Guarantee, which safeguards a percentage of your estate to pass onto your loved ones.
• Take future tax-free cash withdrawals on a drawdown lifetime mortgage basis, following the creation of an initial cash reserve facility.
• Include innovative features such as downsizing protection and compassionate early repayment, both helping negate the need to pay early repayment charges.

What are the benefits of equity release?

Financial Freedom

Whether you want that new kitchen or holiday you’ve always dreamed of, or want to help your children buy their first home, it’s up to you how you spend your cash. Your money is tax-free and what’s more, you can take your money as a lump sum, income or in several smaller chunks – giving you more flexibility.

No need to downsize

Equity release means you don’t have to experience the stress, inconvenience, and cost of moving out of your family home to a smaller property. It provides not only financial freedom, but importantly - freedom of choice.

The Milk Bottle
99 Torquay Road
Paignton
Devon
01803 872109
office@mrmortgages.co.uk
Authorised and Regulated by the Financial Conduct Authority. Registered in England and Wales Company No. 5161473. Registered Office: Compton Holt Lodge, Compton, Paignton, Devon, TQ3 1TA. FCA Firm Number: 311509. Mr Mortgages is a trading name of Mark Rainey Mortgages Ltd.