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Home reversion plans
Available to homeowners aged 60 and over home reversion scheme allows you to sell a percentage of your property to a provider, which pays you a tax-free lump sum in return. Although the lump sum is significantly less than the market value of your home, you remain a co-owner of the property (or a beneficial owner if you sell more than 50%) and continue to enjoy the right to live in it for the rest of your life.
You can take out a lifetime mortgage, which enables you to borrow money against your house, from the age of 55. You can choose to either take smaller payments frequently or as and when you need them, or a lump sum.
Drawdown lifetime mortgage
Lump sum life mortgage
A lump sum lifetime mortgage gives you access to a one-off sum of cash, and you’ll still own your own property. There are different ways to pay the interest too – either roll-up or interest only; or a hybrid where you can change from interest-only to roll up at any point.
When buying a property with an intent to rent it out there is a special type of mortgage that you need to apply for. We actually have advisers with extensive experience and knowledge about buy-to-let mortgages, so give us a call or check out bestbuytolet.co.uk for more details.