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  • Mortgages & Finance

    equity release

    Is there a way to release equity from your existing home with little or no income to pay off an existing mortgage.

    My client needs to take 40k of around 100k equity out of her residential property to pay of a mortgage on a BTL.

    Is this possible??

    Many thanks

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    Hello Jonathan

    Yes, as long as .....

    Your client is old enough to qualify for a Lifetime mortgage and has sufficient eligible equity remaining.

    Lifetime mortgages are not income-based and the new tranche of these products carry excellent no negative equity guarantees, IHT guarantees, they can only be advised on by higher level qualified Brokers and due to this particular sector now being under far greater regulation and control so our compliance management is even more robust and comprehensive too.

    https://www.PropertyTribesFinancialServices.com is qualified and authorised to advise on this specialist area.

    Traditional ('normal') mortgages will not allow a non-earner to raise funds against a main residential property.



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    Yes this would be an equity release mortgage as you say. There are no affordability regulatory requirements but your client will need to be over 55 and possibly quite a bit over.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022


    my client is 34. doesn't sound like a viable option.

    Thankyou for your reply

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    It is confusing when you say she has no income but also has a BTL - which presumably produces an income.

    Why exactly does she wish to redeem the BTL loan?

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    Hello Jonathan,

    As an authorised adviser in Equity Release I'd be more than happy to see how we can be of assistance.

    Contact numbers are below

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    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice