Moving home can be an expensive and stressful process at any age. Many people would prefer to stay put and benefit from the ‘equity’ or value tied up in their homes, and equity release schemes allow them to do that.

There are various types of plans available to homeowners aged 55 and over. With Lifetime Mortgages where the interest is rolled up, a loan is taken out on the property to provide a lump sum, an income or a combination of the two. No interest is payable until the home is sold, which could be when you and your partner have both died or gone into long-term care.

A Lifetime Mortgage with a drawdown facility allows you to take the cash in stages as it suits you. This can be useful as it gives flexibility and the reassurance that you can access further funds at some point in the future should you need them. Interest is also only charged on funds when they are drawn down.

A Home Reversion scheme lets you sell part or all of your home in return for a tax-free lump sum or a regular income and is normally available to homeowners aged 65 and over.

You will normally receive below a below market value for your property, as you retain the right to stay in your home rent-free until you die or move out permanently.

When this happens, your home will be sold and you or your estate will receive the value of your share. The value you receive will be the amount your home sold for, minus the share you sold to the equity release provider originally.

This means you’ll know exactly what percentage of your home’s value will be left to your estate on your death.

mortgage calculator

Why use Miles Rhodes

You’re protected

An important thing to understand is that when you receive mortgage advice, Miles Rhodes has a duty of care to you. We will recommend a suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse.

All our mortgage advisers are qualified

There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

Mortgage advisers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender’s call centre.

We are on your side

Miles Rhodes will look for the best mortgage for you. We aren’t on the lender’s side, we are on yours, and we give you access to far more products than if you went direct.

You will get unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

 

We know the industry

Mortgage criteria has tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development.

It’s been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

Our Reviews

J Sheldrake
2 months ago
Kevin mitchell at miles rhodes is by far the best such service provider i’ve been lucky enough to come across. He originally sorted out my mortgage five years ago, after a recommendation from a friend who couldn’t praise him enough. This time it was read more
Mr Stephen Andrews
7 days ago
Kevin mitchell has helped me with mortgages for the last 13 years always got me the best rate just recentley helped me find a good rate and sorted a problem with mortgage company cant speak highly enough of kevin he always does what he says all the read more
Amy
2 months ago
This is the second time we have used kevin mitchell, he contacted us in the summer 6 months before our existing term was coming to an end to advise us of our options. Interest rates were continuing to rise so he ‘booked’ the rate with our current read more
Clair A
2 months ago
Dave bates has been our mortgage advisor for a number of years now and we are so grateful for his support, knowledge and expertise. It’s always an absolutely joy to speak and see dave – he’s a genuinely lovely chap and we always know we read more
Christopher Orton
2 months ago
Kevin sorted my mortgage out, i came to the end of the original term and kevin started the process much before it was due and put a lot of time into sorting the best rates and in the current climate he looked at several options. With read more
Ray Halms
2 months ago
We had kevin mitchell sort our mortgage renewal. We’ve used kevin in the past so knew straight away who to go to. Our mortgage renewal was not a straight forward one but kevin made us feel at ease, was thorough and efficient at getting the read more

Want to know more?

To find out more or arrange a meeting with us, please call
01362 423042, or email contact@milesrhodes.net