Unsure which way to turn? A guide to release tax free cash from your home

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1 Unsure which way to turn? A guide to release tax free cash from your home

2 Welcome to Financial Service Professionals Guide to Lifetime Mortgage Retirement is a time to make the most of life. After years of juggling work and family, it is a time to focus on you. Why not fulfil your dreams and aspirations whilst maintaining the quality of retirement you had hoped for. Over the years rising house prices have allowed people to build up substantial equity in their homes, yet underperforming savings and pensions, combined with rising living costs, mean that some people struggle to maintain the life styles they had hoped for and find it hard to pay to fulfil their dreams. You may be at a stage in your life where your health affects your quality of life and you may need to adapt your home to make it easier to manage. Or you may be looking to fund medical costs or care, such as care at home. Lifetime mortgages may be able to help. If you are reading this guide then you are probable already thinking about how a Lifetime mortgage plan could potentially make a difference to your life. As an independent Lifetime Mortgage specialist, it is our job to work with you and help you decide whether a Lifetime Mortgage is your most suitable option. We also assist with choosing the most suitable plan, to suit your needs and help you along the way. For a free consultation call on Or visit FSP Limited advise on Lifetime mortgages. FSP Limited do not advise on Home Reversion Plans. Page 2

3 Index What is A Lifetime Mortgage? What types of Lifetime Mortgage are available? Who can benefit from a Lifetime Mortgage? What are the risks? Why choose FSP Limited? Common questions answered Case studies The interest only mortgage ticking Time Bomb A note from the Equity Release Council Contact details Other Services provided by Financial Service Professionals Page 3

4 What is a Lifetime Mortgage? Page 4

5 What is a Lifetime Mortgage? A Lifetime Mortgage allows you to release tax-free money from your home by taking out a loan secured against your property. The value of your home, less any outstanding mortgage or secured loan or charges, can be described as the equity. If you are aged over 55 years and a homeowner, then you may qualify for a Lifetime Mortgage plan. Usually to access your equity in your home you would need to sell your property or re-mortgage and take a monthly commitment. Taking out a Lifetime Mortgage plan means that you won t need to sell your property or down size. With most plans there are no monthly repayments to make. With a lifetime mortgage, you continue to own the property 100% and the deeds remain in your name. You have the right to remain in your property until the death of the second applicant or the move into long term residential care. With the majority of providers, you can either take the money in one lump sum or in stages as and when you need it or a mixture of the two. (Lender specific.) Due to increases in the property market, there is every chance that your home is your biggest asset and is worth considerably more than you paid for it. Many millions of UK homeowners who have reached or are approaching retirement, find themselves with a wealth of equity that outweighs their income and savings. There have been a number of improvements within the lifetime mortgages in recent years and the Equity Release plans on offer are regulated by the Financial Conduct Authority. In our opinion, the Lifetime Mortgage Plans have become more affordable, secure and flexible. Equity Release lets you concentrate on the important things in life. Q: Are you one of the thousands of homeowners in or approaching retirement with concerns about your current of future finances? A: Then why not transform the money held in your bricks and mortar into a tax-free cash lump sum to ease the worry of life. Equity Release is not suitable for all individuals. TO UNDERSTAND THE FEATURES AND RISK OF A LIFETIME MORTGAGE PLAN, ASK FOR A PERSONALISED ILLUSTRATION. (FSP Limited do not advise on Home Reversion Plans. Equity Release is not right for everyone and should be a last resort. It is advisable to consider alternatives before releasing equity.) Page 5

6 What types of Lifetime Mortgage are available? Page 6

7 What types of Lifetime Mortgage are available? There are three main types of lifetime mortgages available. 1) Interest-Only Lifetime mortgage. You make regular monthly interest repayments. You can pay anything from 25 per month up to the full amount of interest due. Paying some or all of the interest during the lifetime of the plan reduces the amount owed when the property comes to be sold, leaving a greater amount for your loved ones to benefit from when compared to a standard lifetime mortgage. Any interest you do not pay will roll up. The remaining balance is paid off from the value of your estate once the last homeowner on the deed passes away or moves into long term care. If you decide you do not want to make a monthly repayment any more, you can stop and the plan will switch to a Roll up lifetime mortgage. You retain 100% ownership of your home. 2) Roll-up Lifetime Mortgage. No regular monthly repayment to make. Interest will accrue on the amount of cash you choose to release. The amount you release plus the interest is repaid from the value of your estate once the last homeowner on the deed passes away or moves into long term care. You retain 100% ownership of your home. 3) Drawdown Lifetime Mortgage. Similar to the Roll-up Lifetime mortgage but with more flexibility as to releasing the money. Rather than just a lump sum you can release cash over time, as and when you need it. This is held in a cash reserve. Interest is charged only on the cash that is taken and so can be more cost effective. Page 7

8 Who can benefit from a Lifetime Mortgage? Page 8

9 Who can benefit from a Lifetime Mortgage? Tens of thousands of people are already enjoying the benefits of a Lifetime Mortgage and the freedom it offers. (SOURCE: Equity Release Council July 2014) But Lifetime Mortgages are not suitable for everyone and it is very important to talk to an independent Lifetime Mortgage specialist before making a decision as to whether to proceed or not, such as FSP Limited. If you are aged 55 years or over and a homeowner then you may qualify for a Lifetime Mortgage plan. The amount you can unlock depends on the age of the younger applicant and the value of your home. This amount increases as you get older. Some lenders will also take health issues into account to maximise the amount you may be able to release. If you already have an outstanding mortgage balance, or secured loan, or other charges against your property, then it will be a condition of the offer that these are repaid. This has been a benefit to a number of retirees who have come to the end of their interest only mortgage and have no means to repay the mortgage and do not want to move home. And to retirees that have seen a drop in income since retiring and have struggled with mortgage commitments and increasing living costs. (SOURCE: Exisiting FSP Limited customers) How can the tax-free money be spent? The money you release can be spent in any way that you wish. Some popular reasons for unlocking the cash tied up in homes are as follows: Holidays. Buy a new car. Home improvements such as, conservatory, new kitchen, landscaping, extensions, improving the home for health issues. Pay off existing mortgage or other credit commitments to reduce your monthly outgoings and free up cash. Help support your family. Enjoy seeing your children of grandchildren enjoy their inheritance. There are inheritance tax advantages. (FSP Limited are not tax specialists and cannot give advice on tax planning.) A general better lifestyle. TO UNDERSTAND THE FEATURES AND RISKS OF A LIFETIME MORTGAGE PLAN, ASK FOR A PERSONALISED ILLUSTRATION. (FSP Limited do not advise on Home Reversion Plans. Lifetime Mortgage are not right for everyone and should be a last resort. It is advisable to consider alternatives before releasing equity.) Page 9

10 What are the risks? Page 10

11 What are the risks? Lifetime Mortgages have developed significantly since regulation in All plans that we arrange are regulated by the Financial Conduct Authority (FCA) FSP Limited helps the over 55 s to use their biggest asset in a responsible way to release equity. The regulation of a Lifetime Mortgage and the specialist advice that we offer can give peace of mind, there are other things that also need to be considered. Moving home may be a cheaper option and has this been considered? Most people don t want to move home or may have already down sized, but you should be aware that moving to a cheaper property may be another solution rather than taking out a Lifetime Mortgage plan. Releasing equity will reduce the value of your estate over time. This will reduce the amount that you would be able to pass on to your beneficiaries. The plans we can advise on do carry a no negative equity guarantee which ensures that you will never owe more than the value of your home. Some plans will also allow a protected equity guarantee. Releasing equity from your home could affect your entitlement to means-tested state benefits that you receive now or that you may receive in the future. Consolidating existing loans and credit commitments into the lifetime mortgage could mean that the term of the credit is extended. Extending the term of these debts will increase the overall cost. If you are struggling with debt then an alternative may be to talk to an experienced debt advisor. If you invest the monies you release then your tax position could be affected. Also, the investment return may be less than the interest charged on the Lifetime Mortgage. (FSP Limited do not give any advice on investments.) Page 11

12 Why choose FSP Limited? Page 12

13 Why choose FSP Limited? FSP Limited is Authorised and Regulated by the Financial Conduct Authority. FSP Limited are members of The Equity Release Council and uphold all of its standards and regulations. The Equity Release Council, formerly known as SHIP, is an organization dedicated to the protection of the Equity Release consumer through a code of conduct which goes over and above the Financial Conduct Authority regulations. We only ever recommend Lifetime Mortgage plans that adhere to strict Equity Release Council Standards. Only those who hold the required qualifications are allowed to advise and arrange an Equity Release Council plan. FSP Limited offers honest and independent advice that you can trust. We believe in offering a professional, caring and respectful service without prejudice, at all times. We secure special lifetime mortgage plans for our customers from providers, across the whole market, which means that we can recommend the most suitable plans to suit your needs. Our experienced and qualified advisors offer a professional and friendly service either over the telephone or in the comfort of your home. With our expert advice, and clear information, you will be free to decide whether a Lifetime Mortgage plan is right for you. During our consultations, we welcome the involvement of family members, beneficiaries, trusted friends or legal representative, so that we can answer any questions that they may have. At the end of the consultation, we will be able to recommend whether a Lifetime Mortgage plan is right for you and which is the most suitable. If you choose to take up our recommendation, we have access to preferential deals from providers and will arrange the plan from start to finish for you to ensure that it competes as smoothly as possible. Page 13

14 The Next Steps Contact us on Web: Step 1 Do you qualify for a Lifetime Mortgage plan? Step 2 - Is a Lifetime Mortgage plan right for you? Step 3 - Completion of the application form Step 4 Completion and receive your money Page 14

15 Common questions answered Page 15

16 Common questions Answered 1) If we choose an interest lifetime mortgage, what happens to our payments if one of us dies? The remaining borrower can choose to continue or stop paying the interest payments. If you decide to stop, your lifetime mortgage will convert to a full interest roll-up basis. This is typical of most lenders. However lenders amend criteria from time to time and this will be clarified at time of application. (Lender specific) 2) Can we still leave an inheritance to our loved ones? When your property is sold the loan plus any interest accrued is repaid. Any money left over could be left to your loved ones. Some Lenders offer a Protected Equity Guarantee. This allows a percentage of your property s value to be safeguarded as an inheritance for those who matter to you most. (This answer is relevant to the Lifetime mortgage. FSP Limited does not advise on Home Reversions Plans.) 3) Can I move house once I ve taken out the plan? The plans are portable, meaning you can move to a new property and take the loan with you, as long as your new property meets the lenders criteria. The lenders provide a tariff of charges which explains the fees that apply when you move. If your new property has a lower value than your existing property, part of your lifetime mortgage may have to be repaid. (This answer is relevant to the Lifetime mortgage. FSP Limited does not advise on Homer Reversion Plans.) 4) Will I lose any ownership of my home? No. With a lifetime mortgage you retain 100% ownership of your home. (This answer relates to Lifetime mortgages only. FSP Limited do not advise on Home reversion plans.) 5) I have had health issues in the past, will this affect my application. Health is taken into account when we access your application. Some lenders offer enhances plans for customers that have had health issues. Page 16

17 6) What are our obligations? You are required to live in and keep your property in a good state of repair for the duration of the loan. You are required to inform the lender, if anyone not party to the loan moves into the property. Your property must be adequately insured for the duration of the loan. Further obligation details are provided in the offer document. 7) Can the provider take my house away from me? Whatever the plan you choose, you have the right to stay in your home, depending on the terms of the plan, until you die or choose to permanently leave the property or move into long term care. 8) Will we benefit from any future increases in our property s value? You retain 100% ownership of your home and so will benefit from any future increase in your property value. (This relates to the Lifetime mortgage product only. FSP Limited does not advise on Home Reversions Plans which work differently.) 9) What will it cost? We offer a free, no-obligation quotation, giving you the chance to see whether Lifetime Mortgage could help you. We are totally independent specialists, giving you access to plans from the whole of the equity-release market. We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 3% of the amount released be payable. The answers provided are lender specific and subject to change dependant on the lenders criteria at the time of application. Page 17

18 Case studies A Lifetime Mortgage lets you concentrate on the important things in life. Page 18

19 These are for illustration purposes only. Case studies By taking out a Lifetime Mortgage, Mrs B was able to repay debts and regain control of her financial situation Mrs B lives in a 3 bedroom house in Sheffield. Earlier this year she took out a Lifetime Mortgage. Due to ill health Mrs B s husband took early retirement from his teaching job at the age of 50 on a full pension. At this time Mrs B, also aged 50, was working as a nurse for the NHS. During this period they took up offers from numerous companies to take out new credit cards and have increased credit limits, without thinking too much about how much this might impact them in the future. They felt they could make the minimum payments and started to use credit freely. At 55 Mrs B retired with a pension from the NHS so that she could spend more time with her husband and they could enjoy doing things together in their retirement. At the age of 60, Mr B suddenly fell ill and was diagnosed with cancer. Mr B sadly passed away within a matter of weeks. This was a shock to the family, and left them absolutely devastated. Following Mr B S death, his pension payments were reduced. After a while Mrs B struggled to make the minimum payments due, and before she knew it she was using one credit card to make the minimum payments on another. Mrs B had 12 credit cards and was beginning to get additional charges for late payments. She started to become under increased pressure from the credit card companies. Gradually her grief gave way to the realisation that she was no longer in a position to service the growing debts. Mrs B s financial situation was now affecting her life in many ways. She was feeling trapped and didn t know where to turn. Mrs B decided that she had to take action and address her financial situation. She spoke to her sons who recommended she speak to a financial adviser. She made contact with an advisor and although this felt like a difficult step to take, the advisor reassured her straight away that there were ways to get her finances back on track. The advisor outlined the options available to Mrs B and explained how a lifetime mortgage could offer her a sensible solution. Mrs B admits that she had initial reservations on hearing the words a lifetime mortgage, her immediate reaction being no thanks as she didn t fully understand how a lifetime mortgage worked. The advisor provided Mrs B with information on how a Lifetime Mortgage would allow her to pay off all of her credit cards, and vastly reduce the rate of interest applied to the borrowed amount. Mrs B and the advisor looked at all of her income and outgoings and Page 19

20 identified that by taking the Interest lifetime mortgage, she could afford to pay the monthly interest payments comfortably giving her with peace of mind.the advisor gave her space to think about it and encouraged her to talk about the options with her sons before making any decisions. Mrs B says that once she had all the information available to her, taking out a Lifetime Mortgage was an obvious choice. It would enable her to clear the credit card debts, regain control over her finances, be able to stay in her home, and by paying the interest she would protect an inheritance for her family, while being significantly better off on a monthly basis. Mrs B felt confident the lifetime mortgage product was the best option for her. The ability to make interest payments made Mrs B feel more comfortable with her choice. As a result of her Lifetime Mortgage, her life is now so much more positive In fact she says her life has changed completely and she now feels she has a future. Not that long ago Mrs B was struggling to keep up with financial matters and could not afford to do anything. Now she describes her situation as a breath of fresh air. Mrs B s recommendation to anyone feeling uneasy about their financial situation, or who has concerns about their retirement income, is to do something about it. Don t just sit on it, take advice. Mrs B says that although it was difficult to acknowledge she had to do something, once she did, she was made to feel at ease and reassured. Mrs B has even recommended looking into the option of a lifetime mortgage to her sister, whose situation, although quite different to hers, may also be improved by it. Mrs B says it s important to not make any assumptions about a lifetime mortgage before finding out more by talking to an adviser or doing some research yourself, because there are more options, possibilities and safeguards than she had ever realised beforehand. Mr and Mrs C used their Lifetime Mortgage to help them buy their dream home Mr and Mrs C, a retired couple in their sixties, had lived in their home in Bromborough Wirral for 35 years. They were not intending to move, but when Mrs C went to a house viewing with her daughter, who was looking to purchase her own property, she fell in love with it. The property was a brand new build, ready to move in to, and close to the local amenities which her and her husband both knew well. After discussing it, Mr and Mrs C decided to sell their current house and move to their dream home. Their house sold quickly, but unfortunately they did not raise enough money to buy the new house they were 20,000 short. They decided to seek financial advice but found out that they were not eligible for a conventional mortgage but did qualify for an a lifetime mortgage product to raise the additional money. Page 20

21 The Lifetime Mortgage would be secured on the new house, and would also help provide the funds to buy it. The sale, purchase and a lifetime mortgage conveyancing was managed by experienced Solicitors, and Mr and Mrs C were able to move into their new home in no time at all. When Mr and Mrs C found out more about how a lifetime mortgage works they were surprised at the safeguards it offered and what the money could be used for. They admit that whilst they had heard about a lifetime mortgage before, they didn t understand what it was or how it worked. The lifetime mortgage recommended to the C s allowed them to make monthly interest payments. This felt almost natural to them, as they had always had a mortgage and were used to servicing it. In addition to this, it offered safeguards that a conventional mortgage would not, such as no repossession. Mr and Mrs C were pleased with the advice, as they were able to secure their dream home and even buy some new furniture and fittings. They felt the decision was very much their own choice and were comfortable with the whole process. They are thrilled with their Interest Lifetime Mortgage, and are proud of their new home. A Lifetime Mortgage allowed Mrs D to gift 20,000 to her daughter as an early inheritance Mrs D lives in Scotland, and recently moved into a new home which she has been improving and enhancing. Her daughter and son-in-law live close by, and Mrs D enjoys spending time with them and her two granddaughters. Mrs D started to see her daughter struggle with financial commitments. She decided she wanted to help out and started looking into how best to do this. Being financially comfortable herself, she approached a bank to see if she could loan some money and make monthly payments to clear it. However the repayment amount was too much, so she did not want to proceed. Mrs D started looking for other options, and began to do some research online. She had heard of lifetime mortgages before and so looked into them in greater detail. When Mrs D made the decision to help her daughter, she decided that she would want to make interest payments on any money she borrowed, to reduce the impact of interest roll-up. As this was an important feature to her, she was thrilled to see that she could take out an interest servicing lifetime mortgage where she could choose how much interest to pay each month. Mrs D contacted an advisor who offered a whole of market advice. Page 21

22 Mrs D received an Offer document within 2 weeks, and completed soon after. Mrs D is thrilled that she has been able to gift an early inheritance to her daughter at a time when she needs it, and is pleased that she can make interest payments to safeguard her future inheritance as well. She said that the process was straight forward and she was pleased with the efforts of everyone involved. Mr and Mrs A used a Lifetime Mortgage to help them return to the UK and buy a new property Mr and Mrs A decided they needed a change to their daily routine. They wanted to stop working and start enjoying their retirement. They chose to move to Alicante, Spain at the beginning of 2007, looking for a change in pace and climate. After 6 wonderful years, the A S recognised that the unstable Spanish economy was only due to worsen. With this in mind, they decided it was time to return to the UK. However, due to their earlier choices, their finances were depleted they could either look to rent a house or find an alternate way to fund buying one. After ruling out renting, they started to do some research about the options which would allow them to buy, looking at financial press and the internet. Their research led them to a Lifetime mortgage. To their joy they discovered that they could take out a lifetime mortgage on the new property to help them purchase it. They already knew that they wanted to move back to Norfolk, as they d missed the spectacular coast line and beautiful countryside. They spoke to their family, who were in agreement that this was the right route to take, and they started looking for a property to buy. They found a property which they wanted, and decided to release 42,000 to help them top up their own funds and purchase it. The money would also cover the associated fees. They decided that they wanted to make interest payments each month, so the Interest Select option was recommended to them. Page 22

23 Mrs A is thrilled to be back in Norfolk, saying Without the help of the lifetime mortgage we would not have been able to purchase our own home upon our return to the UK. It was a very effortless experience, and although we had many questions on the process we always had a very professional, satisfying and quick reply. She would absolutely recommend a lifetime mortgage as a solution to others in a similar situation. (Source Stonehaven) TESTIMONIALS:- Mrs Powell I had been considering a lifetime mortgage since my husband passed away and had even accumulated a mountain of literature from different lifetime specialists, over the years. I am a very active person, but as much as I love life, I simply did not have the funds to fulfil my retirement dreams. I have a love for travelling and during my working life have accumulated friends around the world, but since retirement and the loss of my husband, I could not afford to visit my friends. One day whilst rattling around my home, I decided to contact FSP Limited, who had been recommended to me. The advisor came to visit and explained the lifetime mortgage in detail. The information I had accumulated over the last four years, suddenly made sense and I knew then that the lifetime mortgage was right for me. FSP Limited helped me throughout the process, which made it less daunting than I had imagined. My only regret is that I did not do this year ago. Life is better and the flights are booked. J.J A house at the beach was always my dream retirement goal and FSP Limited have helped me to achieve this goal. Having been declined by a number of mortgage brokers, my dream was almost shattered, but finding FSP Limited and the lifetime mortgage ensured that I could retire in the way I wanted to. The professionalism and guidance given by FSP s knowledgeable advisors was exceptional throughout out the process. My days now start with a walk on the sand and with more money in my pocket, my days are much more filled and fun. Page 23

24 One Lifetime Mortgage, Lenders, view on tackling the Interest only ticking Timebomb Over the next decade many older homeowners will face the nightmare scenario of not being able to pay back their mortgage capital. For the over 55s Equity Release is a solution for homeowners who traditionally struggle with access to mainstream lending. Georgina Smith tells Mortgage Finance Gazette how lifetime mortgages have evolved and can be a solution for many older mortgage clients. They are many statistics being quoted around this problem. The recent thematic review from the FCA indicates that 160,000 mortgages are maturing this year and next, with an average outstanding amount of 34,000. Also, recent research from GfK Financial has shown that nearly half of those with a mortgage maturing up to 2015 are aged 55 or over, 41% of whom are expected to have a shortfall of over 20,000. Whichever statistic you believe, the fact is that there are a lot of homeowners with a shortfall who are now facing difficulties. Just over a quarter of interest-only mortgage holders have been contacted by their existing mortgage lender in the last year to ask about their capital repayment plans. For a number of people the repayment strategy they cited at the outset of their mortgage is no longer in place. This could be due to underperforming endowments, or expensive life events such as divorce. Older borrowers who no longer have a repayment vehicle in place are being told that they cannot extend their term due to their age, and that the repayment is still due. Similarly, those trying to remortgage with an alternate lender are being declined as providers are restricting their lending criteria. The press are referring to the combination of restricted lending and repayment shortfalls as the interest-only time bomb. One development we ve seen in the Equity Release market is advisers recommending a lifetime mortgage to help tackle this ticking clock. In particular, interest paying lifetime mortgages are being used to clear existing mortgages. In 2012, 40% of Stonehaven s customers used this new type of lifetime mortgage to clear their existing mortgage. This is significantly different to the past and when compared to the more traditional products available in the wider Equity Release market. As alluded to above, lifetime mortgages have evolved over recent years to adjust to changing customer needs. With the introduction of interest paying products, lifetime mortgages are becoming more similar to mainstream mortgage products. They operate in a similar way, which means that customers moving from one type to the other are familiar with how their mortgage will work. Page 24

25 Innovative Equity Release products now offer the ability to make interest payments which allow customers to make regular payments each month to stop the debt rolling up. By choosing how much they want to pay and for how long, customers are able to stay in control of their finances. At the same time, the impact of interest roll-up is eliminated, or significantly reduced. Interest payments are also allowed on additional borrowing, which means that customers can take only what they need at the outset, knowing that they have the option to drawdown more in the future. Additional safeguards have been built into these products; if the customer can no longer afford to make the interest payments, the mortgage will revert to interest roll-up and there will be no threat of repossession. Products which allow one interest payment a year are also available, benefitting customers who can afford to service some of the mortgage but cannot commit to a fixed monthly amount. One consistent comment that I hear is that these type of mortgages are expensive. In reality, interest rates, which are fixed for life, are lower than they ve ever been and are not that different to the SVRs being charged by lenders. Also, the product features applied to lifetime mortgages have also been developed. Lenders who are a member of the Equity Release Council offer a No Negative Equity Guarantee. This means that the customer will never owe more than the value of their home, and no debt will be left to their beneficiaries. They also allow customers to remain in their property for life and retain ownership, alongside the ability to move their plan to another property without financial penalty. With the additional safeguards available and product developments, lifetime mortgages allow older homeowners to access products which offer peace of mind and flexibility. If in the future they want to borrow more money, or their circumstances change, they will not be penalised for their age. And if they want to make interest payments and avoid the roll-up effect, then they can. Advisers must start to recognise that a lifetime mortgage could be a sensible solution for someone with a mortgage shortfall. Banks and building societies are now looking at these types of mortgages for their customers and the recent CML toolkit cited Equity Release as a very viable option. Ignoring these type of mortgages could mean that your customers are missing out on a sensible solution to their problem (Source: Stonehaven June 2014) Page 25

26 Daily Mail Article regarding the Interest Only Time Bomb Around 1.3million families face losing their homes after taking out mortgages which they have little or no hope of repaying, a major report reveals today. Many householders on interest-only deals have failed to make provision for paying back the capital, the Financial Conduct Authority concludes. When their mortgages expire, they could be forced to sell their family homes or borrow money from friends or family to make up the shortfall. Others face extending their mortgages well into their 70s Asked how they planned to repay the capital, some admitted their only hope was that they will have died before their bank asks for its money back. The FCA believes the mortgage timebomb will hit 40,000 people a year between 2017 and 2032, many of whom will be over the age of 65 when their loan matures. It said its report was a wake-up call for the 2.6million householders with interest-only mortgages, which allow them to pay off only the interest. At the end of the term, they are supposed to have amassed enough in savings or equity to pay off the capital. However, the FCA found that the average amount owed on interest-only loans is 72,000, with many owing more than double that. The FCA report warns that a shocking 48 per cent of such borrowers either have no way of repaying the loan, or will fall woefully short of the amount they need. Around 260,000 have no strategy at all for repaying the debt. Many said they planned to downsize to a smaller home, while others were pinning their hopes on inheriting a lump sum from a relative In addition, many borrowers are already in dire financial straits, with one in ten having in excess of 25,000 of unsecured borrowing, including credit card bills, overdrafts and payday loans. (SOURCE May Page 26

27 A note from the Equity Release Council, August 2014: Chairman of the Equity Release Council comments on misplaced fears about Equity Release: The Equity Release market is experiencing record growth as increasing numbers of over-55s look to capitalise on their biggest asset their home to achieve financial security and stability in later life. However, there are some common misconceptions about Equity Release that do not ring true in today s modern market: if these are not addressed, pensioners run the risk of missing out on a valuable product that can add a much-needed boost to their income. Modern Equity Release products have a number of safeguards to ensure over-55s can use Equity Release safely and with complete confidence. For example, members of The Council will always provide customers with the right to remain in their property for life, while the 'no negative equity' guarantee ensures they will never owe more than the value of their home. Customers can even ring-fence a portion of their property to leave as inheritance. Pensioners now have even greater autonomy in how they manage their retirement savings following the changes announced in the Budget, so it s never been more important to take out independent financial advice to fully understand the options available. Through greater education and improved consumer understanding, we can challenge these misplaced fears and ensure that Equity Release is recognised as a valuable part of retirement planning. Page 27

28 Contact details Telephone: Website: Page 28

29 Other Services provided by Financial Service Professionals YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOTKEEP UP REPAYMENTS ON YOUR MORTAGAGE A TYPICAL FEE FOR MORTGAGE ADVICE IN 5% THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE SOME FORMS OF MORTGAGES, LOANS AND FUNDERAL PLANS. Page 29

30 SECURE LOANS What is a Secured Loan? A secured loan is where a borrower pledges an asset property as collateral for the loan, which then become a secured debt owed to the creditor who gives the loan. Why a Secured Loan? THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE Loans for many purposes including : Consolidation Home Improvements Car Purchase Wedding Tax Bills / Injecting cash into a business Holiday home / Timeshare Cosmetic surgery Available to the employed or self-employed Rates from 5.7% Apr Lending up to 95% equity Loans from 3000 to (lender specific) Maximum early redemption penalty just 2 months interest Capital repayment and Interest only available Defaults, CCJ and missed mortgage payments taken into account (lender specific) Avoid early redemption penalties on mortgage Separate to the main mortgage and can be over a different term Page 30

31 Saves re-mortgaging off a low rate Buy to Let second charges available Semi commercial second charged available Why a secured loan instead of a re-mortgage of further advance? THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE Redemption penalties on a mortgage? About to come to the end of a mortgage deal and need to consolidate other borrowings No pay slips or accounts to prove income Turned down for a further advance Need funds quickly and can t wait for a re-mortgage Need to borrow up to 95% of property value (FSP Limited are a broker and not the lender.) YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT 15% typical APR. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME 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 INDEPENET ADVICE. A typical fee for advice if 5% of the advance. The lenders charge a fee and this is lender specific. Page 31

32 MORTGAGES FSP Limited have access to mortgages from the whole of market, and not being tied to any particular lender we can ensure that each and every client gets the most suitable product available. First time Buyer Moving home Re-mortgage Further advance Buy to let purchase or re-mortgage. Commercial Are you coming to the end of an interest only mortgage term and are worried about where to turn? Do you want to secure a competitive interest rate on your current mortgage before any potential rate increase? Purchasing your first home? Need extra monies for home improvements? Buying a new home can be a daunting task, and with seemingly endless range of mortgage products on the market how do you find out which is the most suitable deal for you? To ensure you are getting the most suitable advice and help available, the simple answer is; ask the experts. FSP Limited offer a first class service, taking clients through the process of finding the right mortgage and taking care of all the details right up until the day contracts are exchanged on their new home. Page 32

33 FSP Limited covers all aspects of mortgages for first time buyers, remortgage, buy-to-let mortgages, commercial mortgages etc. We are also able to advice on general insurance, including Life cover/critical illness and buildings & contents cover. Buying a property is such an important task and probably the biggest financial transaction you will ever make so, put yourself in the hands of FSP Limited and have the confidence and personal professional service offered in helping each client with their individual needs and doing our utmost to provide the most suitable mortgage advice available. With all this under one roof there is no need to go anywhere else. YOUR HOME / MORTGAGE MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. A typical fee for advice is 3% of the amount borrowed PROTECTION Who knows what stormy weather may be ahead or what hazards we may face? We make all sorts of other plans and provisions and waste no time in protecting our physical assets like mobile phones and even our holidays but what about us? We kid ourselves that nothing will ever happen to us but would you go to sea without a lifejacket? Building & Contents Whether for your own home or if you are a landlord, we advise on policies that may suit your needs. (Please note that FSP Limited are not the insurer.) Life Cover We should always review our protection portfolio when any life-changing event takes place. Discuss your protection needs and assist you to plan today, for tomorrow. Page 33

34 Critical Illness Life expectancy in the UK has increased but what if we were to be diagnosed with a serious illness? What of your financial commitments? How would you meet them? (Source daily express July 2013: FUNERAL PLANS Why do I need to think about a funeral plan? Peace of mind knowing that the arrangements are taken care of in advance Potentially save money by fixing your funeral director s cost at today s prices Reassurance for your loved ones A guarantee of no more to pay for your funerals director s services. (Pre-paid funeral plan) Understand funeral costs Funeral costs have increased by 80% since 2004(Mintel 2013). It is little wonder then that many of us are considering ways to protect our loved ones from these rising costs. Currently, the average cost of a funeral service in the UK is 3,456 a figure that is set to rise to over 6,000 by 2022 if this trend continues and that s before other expenses such as flowers, catering or commemorative items are added to the equation. And while it is possible to use your savings or your estate to cover funeral expenditure, investing in a pre-paid funeral plan offers a cost-effective method of meeting funeral expenses. (SOURCE: Golden Charter 2014.) Page 34

35 Ease the cost of a funeral thanks to pre-paid plans Opting for a pre-paid funeral plan gives you complete peace of mind that the arrangements are in place, which, in turn, relieves much of the emotional and financial strain that organising a funeral can have on your loved ones. Regardless of the funeral plan you opt for, though, it will cover: The funeral director s services The provision of a hearse to a local cemetery or crematorium The coffin With a pre-paid plan, the providers that we work with, offer east and accessible funding options that are designed to suit your financial situation. About Golden Charter Golden Charter is the UK's largest independent funeral plan provider, and after more than 20 years of operation, over 400,000 people have taken out a Golden Charter pre- paid funeral plan. Golden Charter is owned by an association of independent funeral directors. We work solely on behalf of nearly 3,000 independent funeral directors throughout the UK - more than any other funeral plan provider. (SOURCE: Golden Charter August 2014.) Please ask our advisors for further information including cancellation rights, benefits and risks and key features. Security Page 35

36 When you take out a Golden Charter funeral plan, you have the reassurance that your money is protected. You select how you wish to pay for your plan and, depending on your choice, your money is paid either into the Golden Charter Trust or to one of the UK s leading life assurance companies. The Golden Charter Trust is a separate entity, run by an independent Board of Trustees, whose purpose includes holding and investing the funds and paying the agreed funeral director invoices at the time of the funeral. The current value of the Golden Charter Trust is 450million (2014). Your money grows and, when the time comes, your selected funeral director receives the payment, including any growth, and uses this money to provide the agreed services to your family. No matter how much costs have risen in the intervening period, your loved ones will not be asked for a penny more for your funeral director s services, which are guaranteed within your plan. For More details contact FSP LIMITED directly. Page 36

37 FSP limited is authorised and regulated by the Financial Conduct Authority. FSP Limited are a member of the Equity Release Council. Page 37

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