SPANISH LIFETIME MORTGAGE

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1 SPANISH LIFETIME MORTGAGE

2 The following presentation relates to a Lifetime Mortgage which is available to European owners of Spanish Residential properties who are fluent in English. Golden Age Distribution is the exclusive Sales Distributor throughout Spain, on behalf of Manchester Building Society for Lifetime Mortgages.

3 Having worked hard all our lives most of us dream of enjoying a happy and relaxed retirement. But nowadays being retired can be a costly business - pensions and savings are not stretching as far as they used to and you may be worried that they are not giving you the comfortable lifestyle that you have come to expect. Couple this with the fact that many of us are living longer, and retired people are increasingly finding that they need an extra source of cash to help pay bills and maintain the Spanish way of life they are accustomed to. While selling and downsizing to a cheaper property is one option, it would be a major upheaval to leave the home you love and go through the stress and costs of a move. In today s climate, as most people s greatest asset is their home, it could make sense to capitalise on this wealth by releasing some equity from your Spanish property.

4 WHAT IS A LIFETIME MORTGAGE THROUGH MANCHESTER BUILDING SOCIETY? A responsible, competitively priced mortgage facility from a prestigious UK Building Society available to European Nationals who are Spanish residential property owners and are fully fluent in English

5 HOW DO THESE MORTGAGES WORK? A Lifetime Mortgage is a special type of loan which is designed to run for the rest of your life. It is a way for you to release equity from your Spanish property by enabling you to borrow money to provide a cash lump-sum. This money does not have to be repaid during the life of the mortgage. You make no monthly payments. Instead, the interest accumulates and is added to the mortgage balance each month. The loan is secured on the property and the amount owed - the initial loan plus interest - is only paid back from the sale of the property, after the death of the last surviving of you, or if the last survivor moves into long-term care. Any monies left over from the sale of the property would pass to your beneficiaries.

6 HOW DO THESE MORTGAGES WORK? You retain full ownership of your property and can continue living in it for as long as you wish. The funds released through the mortgage can be used for any purpose holidays, home improvements, new car, grandchildren s education, the purchase of a second property, tax planning, downsizing to a smaller property etc. These mortgages have a No Negative Equity Guarantee provided by Manchester Building Society, which means even if the outstanding mortgage (inclusive of interest) is higher than the eventual sale proceeds, your heirs will not be required to pay off the shortfall.

7 IS PROPERTY THE NEW PENSION? Falls in the equity markets earlier this decade have left many retirees with lower savings and income levels than they were expecting. The general costs associated with living in Spain have been continuously rising. At the same time people have seen the value of their Spanish property increase substantially. These people are often property rich but cash poor. It therefore could make financial planning sense to look to realise some of that value by releasing a part of the equity from your Spanish property. A Lifetime Mortgage from Manchester Building Society could be used to top up your pension income. Available to both Spanish Resident and Spanish Non-Resident property owners.

8 WHO ARE THEY AIMED AT? We re not just living longer these days. We re fitter, healthier and more active. We re more outgoing, more adventurous and more and more of us want to live life to the full when we are in our 60 s, 70 s, 80 s & 90 s. Lifetime Mortgages can help you to make the most of this special time in your life. This is a golden age for people in a retirement full of golden opportunities. Can also be used to give advance inheritance to children or grandchildren.

9 LOAN DETAILS Interest only mortgage with interest roll-up No repayment requirements until property is sold Available for owners of mortgage-free residential properties throughout mainland Spain and its associated islands, or those looking to re-mortgage an outstanding loan Euro denominated loans Non-Status mortgages, i.e. you do not need to have an income to apply Fixed rate loans

10 KEY FEATURES INCLUDE: Product offers excellent LTV s There are no income requirements to qualify for a loan Very competitive i interest rate lifetime i fixed Not linked to any investment product Competitive easily understood early repayment charges No Negative Equity Guarantee provided Released monies taken as a single cash lump-sum advance

11 KEY PRODUCT SPECIFICATION: Minimum age 65 both applicants Minimum advance - 50,000 Tax Residents, 75,000 Non-Residents Maximum advance 500,000 Actual amount determined by age and property value Property values generally between 150,500 and up to 3,000,000 Properties in excess of 3,000,000 may be considered by negotiation Lifetime fixed interest rate Interest is applied to the loan monthly and therefore interest will be charged on the higher figure on a monthly basis Early redemption charge 5% for first 5 years no such charges thereafter No early redemption charge applied as a result of death of last survivor or on last survivor moving into long-term care No Negative Equity Guarantee provided by Manchester Building Society

12 AGE RELATED LOAN TO VALUE TABLE 65 = 25% 74 = 34% 83 = 43% *Maximum 2 66 = 26% 75 = 35% 84 = 44% Borrowers 67 = 27% 76 = 36% 85 = 45% 68 = 28% 77 = 37% 86 = 46% 69 = 29% 78 = 38% 87 = 47% 70 = 30% 79 = 39% 88 = 48% **LTV based 71 = 31% 80 = 40% 89 = 49% on lower age 72 = 32% 81 = 41% 90+ = 50% 73 = 33% 82 = 42%

13 WHO PROVIDES THE LOAN? Manchester Building Society Founded in 1922 in England A Mutual organisation that is owned by its members Main business lines mortgage products, savings and investment products, secured lending Fully regulated in the UK by the Financial Services Authority and a member of both The Building Societies Association and The Council of Mortgage Lenders

14 Manchester Building Society provides a No Negative Equity Guarantee with their Lifetime Mortgages. This means that whatever might happen in the future with regard to interest rates or property prices, there is no risk whatsoever of your estate being left with an outstanding mortgage debt after the property is eventually sold. In the event of the property being sold for less than the amount of the mortgage, including interest, Manchester Building Society guarantees to make up the difference. If the property is sold for more than the outstanding mortgage balance, then your beneficiaries will receive the difference. This No Negative Equity Guarantee is a very important safeguard for you, your family and any future beneficiaries. i i

15 Application Fee Scale Property Value * Includes costs for property valuation as well as fee for independent legal advice. Fees listed below are inclusive of G.I.C. /I.V.A Fee Scale* Canary Islands Mainland Spain Up to 200,000 euros ,001 to 400, ,001 to 600, ,001 to 800, ,001 to 1,000, ,000,001 to 1,500, ,500,001 to 2,000, ,000, to 2,500, ,500,001 to 3,000,

16 WARNING NOTICES The contents of this presentation represents a general summary only and are not intended to be a substitute for specific advice. Prospective clients should also read the Sales Brochure as well as the All You Need to Know booklet accompanying these products. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. Neither Golden Age Distribution nor Manchester Building Society are responsible for the giving of specific advice. It is important to make sure that a Lifetime Mortgage is right for you. You should seek independent advice from a Lawyer and we also recommend that you seek financial advice. We would further recommend that you discuss your options with members of your family. The type of equity release mortgages described are not suitable for everyone. You should always consider other alternatives such as trading down to a cheaper property or using your savings or other assets. Family members are often willing to help. We strongly recommend prospective clients make a Spanish will before taking out a Lifetime Mortgage.

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