Trafford Retirement Solutions – Retirement Finance Made Easy.
We have been advising our clients on the best retirement finance solutions since March 1987.
Taking professional advice is essential if you are thinking about unlocking cash from your home. We are members of the Equity Release Council giving our clients the peace of mind that they are receiving expert advice.
At Trafford we are here to discuss your needs and support you throughout your equity release journey.
Moving house can be an expensive and stressful process at any age. Many older people would prefer to stay put to and benefit from the ‘equity’ or value tied up in their homes, and equity release schemes allow them to do that.
More and more people are using equity release to help enjoy a comfortable retirement, pay down debts, boost their income or plan capital expenditure.
Professional advice is essential; equity release isn’t the right solution for everyone.
Releasing cash from your home reduces the value of your estate and the amount of inheritance you leave, so you should involve your children and dependants from the outset.
Great Service – Low Fee’s
We offer a friendly and professional service.
Unlike most advisers and the firms that we all see advertising on TV we charge a fixed advice fee of £600 – which is only payable on completion.
Compare this to the firms that charge a percentage fee. Imagine arrnaging a new lifetime mortgage for £150,000 with a firm who charges 1.9%.
This would cost you £2850 where with Trafford the same mortgage would cost only £600 – Saving you hundreds !
We could save you hundreds of pounds in fee’s. We do not charge an hidden application or packaging fees.
The chosen lender’s fees will be detailed in a personalised illustration.
As impartial specialists we can help you decide which plan is the most suitable from all of the regulated equity release providers.
These are the main types currently available:
The loan you get can be a regular income or a cash lump sum. Fixed or variable interest is added to the loan monthly or yearly. But you do not pay the interest until your home is sold.
This could be when you die or need to go into a care home. Interest is charged on the loan and also on all the interest that has already been added. Because of this, the amount you owe can grow quickly, especially if you take a lump sum at the start.
Drawdown – Roll up.
This means that instead of taking the loan as a single lump sum at the start, you take smaller amounts over time.
These amounts can be taken at regular intervals or as and when you need them.
Because you are taking smaller amounts over time, the total amount you owe will grow more slowly than if you take a lump sum at the start.
The loan you get is a cash lump sum. You pay interest on the loan each month at a fixed or variable rate.
If the interest rate is variable and your pension or other source of income is
fixed, you may find it more difficult to meet your repayments when interest rates rise.
The amount you originally borrowed is repaid when your home is sold.
Fixed repayment mortgage
The loan you get is a cash lump sum. Instead of being charged interest on the loan, you agree that when your home is sold you will pay the lender a higher sum than you borrowed.
This higher sum is agreed at the outset. How much higher it is will depend on your age and life expectancy.
The lender takes this higher sum in repayment for the mortgage when your home is sold.
However, when you die, the lender may charge interest on this higher sum from the date you die until the mortgage is actually repaid.
Landlord Options & Second Home Options
Brand New For 2017 is the option to have a lifetime mortgage on a second home or buy to let property.
Funds can be taken as a rollup mortgage, interest only or a rollup with the option to make overpayments of up to 10% of the balance each year.
For Let properties – Property must be let as a single-family dwelling on an AST for a maximum term of 12 months.
For Second Homes – Borrower must use home at least 4 weeks a year. It must not be let out for more than 4 weeks at any one time and cannot be advertised agency or online.
This is a brand-new innovation in the retirement finance world.
Please call us on 01455 324461 for more information.
Think carefully before securing other debts against your home.Equity released from your home will be secured against it.