Lifetime Mortgage News from Age Partnership
“Some people want to help their children or grandchildren onto the property ladder, whilst many simply wish to treat themselves to an improved lifestyle. After all, when you’ve spent most of your life paying for your home, it’s nice to know that you can get a little bit back out at the end of the day.”
Lifetime Mortgages available on buy to let properties
New Life Mortgages have announced that they will now offer Lifetime Mortgages on buy to let properties. This will allow the over sixties to turn equity in their second homes or buy to let portfolios into accessible cash without having to sell up or pay anything back in their lifetime.
Commenting on the plan, Chief Executive of Age Partnership, Tim Loy said “We welcome the introduction of this lifetime mortgage plan which is likely to prove popular with people who want access to the equity in their second homes to supplement their pensions, but are reluctant to sell their property. This may be because they want their families to benefit from future growth in the property’s value or to potentially avoid a Capital Gains Tax liability that would crystallise on disposal”.
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