The Aberdeen Mortgage Brokers Ltd

03/02/2022

That is the announcement by the Bank of England.The base rate if interest is changing to 0.5%.
If you have a mortgage on the variable rate get in touch and see if you can reduce your payments.

24/12/2021

Merry Christmas & Happy New Year for 2022.

29/11/2021

Great evening helping distribute food and hot drinks in Monymusk at the Bennachie Bike Bothie.

20/08/2020

25/07/2019

Equity Release
What does it actually mean: - It is a way to access money tied up in your home while still being able to live in it. You can release as much or as little money as you want from the property dependent on your age and property value. You can choose if you want to make repayments on the mortgage or not. If you do not make payments, then the interest is rolled up on the amount you have withdrawn.
Common myths and misconceptions about equity release.
Myth 1 - My family could end up owing money to the company after my death.
Most companies offer a no negative equity guarantee - this means that the amount owed can never increase to more than the property’s value.
Myth 2 – If something happens to one of us, I will need to sell the house.
For joint applications it is not until the last owner dies or goes into full time care that the property will be sold. Also, after the death of one party most companies will offer the option to sell or repay the equity without penalty.
Myth 3 – I need to have paid off my mortgage.
As part of the equity release, the funds can be used to repay any outstanding mortgage as well as loans. It can also be used if you have an interest only mortgage but do not have a way to repay it at the end of the mortgage.

If you want to learn more or just want a friendly chat over your options get in touch with us as The Aberdeen Mortgage Brokers.

Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks ask for a personalised illustration.
Check that this mortgage will meet your needs if you want to move or to sell your home or want your family to inherit it.
If in doubt, seek professional advice.