The best enhanced lifetime mortgage plan is a matter of choice and the one that best suits your needs. While there are many insurers offering different plans and mortgage brokers who have access to an extensive market, there are actually only four main providers for lifetime mortgage plans. These are:
- Aviva
- Just Retirement
- More2life
- Partnership
When it comes to choosing your plan, you will want to ensure you have the best enhanced lifetime mortgage plan and while the four big providers will have the same result, the market is tough for them as they vie for your business. There could be enticing offers from each company and an independent financial advisor could have affiliations with one or more of the big four.
There will be different criteria for each company and before making any decision, getting a quote from all four will help you to make an informed decision based on your current needs.
Some of the health conditions that may be offered by one may not be covered by another and the rates could differ. The interest rates have taken some time to come in line with the bank’s interest rates and this is mainly due to the competition between these providers. Some providers who have used government gilts are able to pass on these lower rates when it comes to calculating their rates on the open market. An independent equity release specialist will have access to all the rates available and from there you should be able to source the best enhanced lifetime mortgage plan.
The current market shows low rates being offered and this is an enticing prospect for those looking to release equity from their homes. What was once considered a high-risk way to borrow money, is now considered a safe alternative raising funds in other ways. With low rates now being offered to new customers, now is a highly attractive time to consider a lifetime mortgage option. This is an option if you have a pension pot that is not sufficient at the time of your retirement or you took time out of paying into your pension pot during your working life due to other family commitments.
When looking at your options, seek the best rates from each of the main four providers. What may be best for your situation may not be the best one for another person. The lowest rates might sound attractive but there could be a number of different criteria for the lowest rate that doesn’t apply to your direct circumstances. While it is important not to take too long in choosing your plan, finding the best enhanced mortgage plan will take a little time and research.
