Trust is very fragile. It can take years to nurture and only a moment to break.
T.B. Mortgage Services believe that our customers needs are of the utmost importance and we are committed to meeting those needs. As a result, a high percentage of our business comes from existing customers and referrals.
We understand that Equity Release is likely to be one of the largest financial decisions you are going to make for the rest of your life, so it is vital to make the right choices.
''Very helpful, informative, polite & patient when dealing with all my questions and concerns. Would definitely recommend.''
(Miss Cope - Nuneaton)
Contact us on 0115 9169884
We provide impartial, whole of market advice on all matters relating to Equity Release products. You can be safe in the knowledge that your adviser will be fully qualified, holding the CeRER (Certificate in Regulated Equity Release), a professional qualification issued by the Institute of Financial Services.
After gathering information about your current circumstances, we shall make a recommendation. If an Equity Release product is suitable to your requirements we will provide a key facts illustration on the plan recommended and provide you with various options to allow you to make an informed choice.
If appropriate (and/or applicable) we will actively encourage you to involve family members such as children or grandchildren as ultimately your decision may have an impact on their inheritance. Alternatively, if we believe that an Equity Release product is not suitable to your circumstances we will inform you of the reasons why.
We would welcome the opportunity to earn your trust and deliver you the best service in the industry.
Contact us now on 0115 9169884
T.B. Mortgage Services only recommends Equity Release plans offered by providers who are members of the Equity Release Council. This organisation, formerly known as SHIP (Safe Home Income Plans) was established to promote plans which offer fair & clear terms and provide a 'No negative equity guarantee'.
Companies recommended include household names such as Aviva, Legal & General, Liverpool Victoria and Bridgewater as well as a portfolio of less prominent, but equally as good providers.
What are Equity Release plans?
There are many variations of Equity Release plans but the three main types are Lifetime Mortgages, Home Reversion Plans & Interest Only Mortgages.
Lifetime Mortgages are designed to allow you to release some of the capital tied up in your home without the need to take out a traditional mortgage. The amount that can be released depends on your age and the value of your property. The equity released can be used to provide a lump sum, a regular income or a mixture of both. No repayments of interest or capital are required whilst the plan is running and you remain the legal owner of the property. Interest is added to the amount released and rolls up. The amount of cash released & interest accumalated becomes payable when you either sell the property, die or go into long term care. This type of plan is normally available from the of age 60 but some providers offer terms from age 55.
Home Reversion Plans
Home Reversion Plans allow you to sell a percentage or your entire home to a provider in exchange for a cash lump sum or a regular income. If you have sold a 100% stake in your home, your estate would receive nothing from the eventual property sale. If you have sold a 50% share, your estate would be entitled to 50% of the sale price. With this type of plan the reversion company becomes the legal owner of the property and you become a lifetime tenant. As with a Lifetime Mortgage, you would remain in the home until you die (both of you if a couple) or go into long term care. These plans are normally available from the age of 65.
Interest Only Mortgages
If you have sufficient income to make monthly interest payments this may well be the best option for you. You can release a lump sum normally between 20% and 50% of the value of your property depending on your age. Interest is then charged on either a fixed or variable rate and provided you meet these payments each month, the mortgage debt will never increase. As an example, if you released £50,000 and a fixed interest rate of 5% was charged, your monthly mortgage payment would be £208.33 (£50,000 x 5% = £2,500 divided by 12).
When the Equity Release plan ends, the amount to repay would only be the £50,000 originally borrowed as you will have already made the monthly interest payments.
Is Equity Release right for me?
That depends very much on your own individual set of circumstances. Selling your current home and down sizing to a smaller, less expensive property in order to release capital may be the most cost effective approach. You may also have existing savings and investments which could be used as an alternative. You could be in receipt of, or entitled to state benefits that may be effected if you release cash from your home. Grants may be available from the local authority for essential home repairs. Careful consideration should be taken as some of the options will have an impact on what you leave your family as an inheritance. However, Equity Release in some circumstances could reduce an inheritance tax liability should your estate exceed the nil rate band.
''Very professional & extremely helpful & friendly. Would recommend this adviser without hesitation.''
(Mr J Atkin -Nottingham)
What is the next step?
Get in touch with us and we'll help you discover if Equity Release is the right option for you. Your initial consultation is free and if you decide not to proceed you will have paid nothing. If eventually you do decide that an Equity Release plan is right for you, we will make a recommendation and process your application. Once an Equity Release plan completes a broker fee (Typically £750.00) is charged and paid via your solicitor. This fee may increase if home visits are arranged outside a ten mile radius of the office.
We are also paid a commission by the lender or reversion company.
Although we specialise in Equity Release, whole of market advice is also available on first charge residential mortgages and re-mortgages as well as associated insurance products such as life/critical illness insurance, income protection plans/buildings & contents etc.
We also provide a professional Will writing service* and discuss with all clients the benefits of Lasting Powers of Attorney (LPA's)
(Note* that Will writing is not a regulated activity)
Please feel free to contact us via the prompt at the top of this page or use one of the methods listed below.
Tel: 0115 9169884
Address: T.B. Mortgage Services
PO Box 6797
Please note that the information on this website is for generic purposes only and should not be construed as advice. A recommendation will only be made once a detailed factfind document has been completed and all relevant information collected.
T.B. Mortgage Services is authorised and regulated by the
Financial Conduct Authority.