Lifetime Mortgages & Equity Release Bournemouth, Christchurch & Poole


The Mortgage Hive

Free Equity Release Advice,
Available in Bournemouth & Surrounding Areas Today!



Over 55 years old? Own your own Property? Wanting to release some cash? A lifetime Mortgage (Equity release) maybe the best solution for you!

The equity you have built up in your home could be released tax-free, no need to sell up and downsize.

Speak to an Expert Local adviser in person or on the phone to find out how we could help you!

Release the Equity in Your Property, Tax Free
Live In & Keep Ownership of Your Own Home
No Monthly Commitments, Optional Re-Payments
Local Advisers in Bournemouth & Surrounding Areas
Consider All of Your Later Life Lending Options.
Professional Service with Excellent Reviews

 

Call 01202 084064 - Or Complete The Form Below

Free Advice - Is Equity Release Right For You?

The Mortgage Hive Fee Free Mortgage Advice BournemouthCall01202 084 064

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Don't Get Stung By Fees, Save Money, Contact Us Today!



Drawdown The Cash When You Require it

Help Your Loved Ones To Get On The Property Ladder!

New Bathroom, Kitchen or Car? Raise Money For Things You Need!

Pay Off Existing Mortgages

You Have Worked Hard, Now Reap The Benefits

Quick Simple Painless Process


Save Money Today Call 01202 084064

Free Advice Tailored To Your Circumstances


Equity release is an important decision, we will discuss all of your options before deciding if equity release is right for you. Get in contact with us today to see how we can help you.

The Mortgage Hive is located on the border of Winton and Moordown in Bournemouth. We Offer Fee Free Expert Advice to everyone in the UK. Face-to-face meetings in Bournemouth, Poole, and Christchurch. We regularly visit clients all over Dorset and Hampshire.

What is Equity Release?

 

Equity release is a way of releasing tax-free money that you have tied up in your home.

Some equity release products allow you to get an initial cash release upfront, then give you the facility to drawdown extra money at a later date. The money you borrow from releasing equity is paid back when all applicants either pass away or go into long-term care.

We are Independent equity release advisers, we access the whole of the market and only use regulated lenders.

Who is Eligible for Equity Release?

 

Anyone over the age of 55 is eligible for an equity release product. Some lenders will allow applicants to apply leading up to their 55th birthday.
If the property is jointly owned, the lender will always use the youngest applicant’s age.

Unlike traditional mortgages, you will have no commitment to make payments. Therefore there is no minimum income requirement, as no affordability calculation is done. The amount of money you can release is solely decided on the youngest applicant's age & the property value.
There will be a credit check, but there are still options for those with poor credit. More on how we can help with poor credit below.

Lenders will need to make sure that the property is suitable security to lend against, most but not all Lenders will also offer a free property valuation. The maximum amount you can release will be dependant on the valuation of the property and the age of applicants.

You do not need to be a homeowner to apply for Equity Release, it is possible to use a Lifetime Mortgage to help finance the purchase of your new home.


The Mortgage Hive Strongly recommends that you discuss with your family all the advice offered by our experts

What is the difference between Equity Release and a Lifetime Mortgage?

 

We offer a large range of equity release products available from Reputable lenders. There are 2 different Equity Release products:

Lifetime Mortgages

Home Reversion Plans

Both enable you to release money tax-free that has been tied up in the value of your property.

99% of Equity Release applications that we currently advise on are Lifetime Mortgages.

We will always make sure that our free advice has your best interests at heart & our confident that we will select the right company & equity release plan that best suits your current circumstances & future plans.

A Lifetime Mortgage allows you to continue to own your home, this means you will still benefit from any future increases to the value of your home. Different funders also offer various product benefits. For example
You can choose to make “optional” payments.

 

You could choose to initially take a lump sum then drawdown additional funds later on when required.
You can have inheritance protection. To safeguard leaving a minimum equity percentage to your estate beneficiaries.
When you pass away or go into long-term care, the property will be sold to repay, the Equity Release Loan. Any remaining proceeds will be transferred to your estate.

Home reversion plans are rarely the best option for a client. Ownership of your property is effectively sold to the funder, you then become a lifelong tenant. Living in the property rent-free until you pass away or go into long-term care.


However, Equity Release is not just limited to releasing money from your current home.
At the Mortgage Hive, we often meet clients who are looking to move home or even purchase their first home, It is possible to use an Equity Release product to raise the finance required.

We Offer Fee Free Advice On All Of Our Products.

How Much Money Can I Borrow?

 

The minimum amount you can raise is £10,000

The maximum amount you can borrow is dependent on 2 factors

1/The value of your property

2/The Age of the Youngest applicant

The older the youngest applicant is, the larger the percentage you can take out.

For Example, someone aged 55 may be able to release 31 % of the property value. Someone aged 85 may be able to release 58% of the property value.

Most lenders increase the maximum you can release by about 1% extra each birthday.

What Can I Use The Released Funds For?

 

At the Mortgage Hive we see a wide variety of reasons clients release money, some of the most common are:

Reducing, Consolidating Debt

Paying Off an Existing Mortgage

Buying A New Home

Home & Garden Improvements

Boosting Retirement Income

Holidays

Medical Bills Or Care At Home

Helping Loved Ones With School Or University Fees

Helping Family To Get On The Property Ladder.

Purchasing A Second Home, Either In The UK Or Abroad

 

What Is The Equity Release Council? Is It Safe? Is It Regulated?

 

The Mortgage Hive is regulated by the Financial Conduct Authority #844138. All the lenders we advise on are also regulated by the FCA.

The Financial Conduct authority (FCA) ensures that only companies regulated and approved can offer advice, making sure that companies always put the customers best interests first. All the lenders we use are also members of the Equity release Council, They agree to follow the rules and adhere to the equity release council's state of principles.

View The Equity Release Council Here

Why Equity Release previously had a bad reputation!


Back in 1980s and 90s the sector was poorly regulated. People could end up owing thousands more than their property was worth. Lenders would purse the borrowers children and beneficiaries to pay and settle the debts.

Now the market is regulated by the FCA and the lenders sign up to adhere by the equity release councils principles this is no longer an issue.

Can I Owe More Than The Property Value?
NO, Lenders have a no Negative Equity Guarantee

 

As all the providers we use are part of the equity release council. They all offer a No Negative equity guarantee. So even if you took the mortgage out at Age 55, Lived until you were 110 & Property prices decreased, You decided never to make an optional payment. The compound interest will never exceed the property value.

You will never be in a situation where the lender can take other assets from your estate. The loan is secured only against the property, and the maximum it can ever be, is equal to the value of your home.

Lifetime Mortgage, Lump Sum or a Draw Down Plan?

 

With a Lump Sum Plan. You release all the cash your require from the lifetime mortgage in one go at the onset. Ideal if you know you want the money for and have immediate plans.

Possible to lock in a fixed interest rate for the rest of your life.
Can be expensive if you have the possibility later on you want to release more money. As a new Valuation and legal work will be required.

A drawdown lifetime mortgage will allow you to release an initial lump sum, then release extra cash at a later date.
This is ideal if you wish to use the funds for various projects at different timescales or to help more than one family member.
You will only be charged interest on the amount you have actually released.
However any future releases of money will be on the lenders prevailing rate.
No additional costs for future cash release such as a new valuation or additional Legal Work

What Costs Do I Have? What Are The Interest Rates? Can I Make Payments?

 

What Will It Cost?

The Mortgage Hive Offers Fee Free Advice and does not charge clients any fees.

All providers pay brokers a procuration fee for introducing business. So we are only paid if successful in finding a solution for you that proceeds. The vast majority of brokers will also directly charge the client a fee, for advice or brokerage. However, at the Mortgage Hive, all the mortgage advice we give is Fee-Free.

In the process of proceeding with Equity Release, You may find you will have some of the following costs:

A Product Fee From The Equity Release Lender

Valuation Fee For The Property

Solicitor Costs

At the Mortgage Hive we are a whole of the market lender, we will source the cheapest & most appropriate lender for your circumstances. Rates are highly dependent on the amount you release as a % of the property value. The lowest rates offered are competitive with standard and retirement mortgages. These rates start from under 3%.

We will generate a personalised illustration. The information contained in your personalised lifetime mortgage illustration will show you the interest rate applicable, in most cases, this rate will be fixed for life. The interest rates vary greatly between each lender. We have your best interest at heart and will check the whole of the market. This is to make sure you get the best interest rates available to you.

Repaying Back The Loan & Optional Repayments.

 

Equity Release Mortgages do not have to be paid back, no repayments are required. Instead, the loan is repaid when the applicant(s) Passes away or goes into long-term care.

With a lot of the Equity Release lenders, you can make optional payments. Some will allow you to make as many payments as you like, with a minimum amount each time.

However, there is usually a maximum you can pay back within a calendar year. Some will be 10% of the current balance, another lender could be 10% of the original amount borrowed.

Our expert advisers will find the most suitable product for you, depending on your circumstances and future plans.

Early Repayment Charges.

 

If you were to pay the whole loan off early, you could have extensive early repayment charges.

These can be fixed or linked to the gilt market, which will make the charges variable. Our expert free advisers will find the most suitable product for you & your circumstances.

Significant Life Event Exemption


Some lenders will also have a policy called 'A Significant life event exemption'. This will allow the surviving partner to choose if they wish to repay the loan while avoiding an early repayment charge. Lenders often allow up to 3 years following the passing of one of the property owners, so they have time to decide how they wish to live moving forward.


Credit Check

 

The lender will carry out a credit check

But it is possible to get Equity Release with a poor credit rating. Such as previous Bankruptcy, IVAs, CCJ, Defaults, Late Payments.

We would always suggest its a good idea to get a copy of your credit repot.

Check My File, Will check all 3 big UK credit agencies for you (Experian, Equifax, TransUnion) and let you download the report as a PDF to email over. They offer a free 30 days subscription, after which you can choose to carry on or not. Get Your Credit Report Here

Moving Home, Can I Transfer My Lifetime Mortgage?

 

Yes, most providers will let you transfer your existing lifetime mortgage to a new property.

Downsizing Protection

 

However, if downsizing you may find you are required to pay back some of the lifetime mortgage.

 

This is often called Downsizing protection an exemption offered by some funders, it allows clients to pay back early when they move home, without incurring any early repayment charges.

Will It Affect My Benefits?

 

Yes it could be possible that drawing-down money in your home to put into your savings could have an effect on means-tested benefits

Equity Release isn't typically classified as an income as it's effectively a loan against your house.

However, keeping the money in cash savings could take you above the threshold to receive certain means-tested benefits such as:

Housing Benefit

Child Tax Credit

Working Tax Credit

Income Support

Job Seeker Allowance (JSA)

Employment & Support Allowance (ESA)

These benefits are slowly being replaced by Universal Credit.

If you currently have less than £6000 in savings, you have to declare the money but it won't affect your universal credit amount.
Between £6001 and £16000 will impact your benefits by reducing the amount you are awarded. Above £16,000, you will not be eligible to claim Universal Credit.

If you have pension credit to top up your basic state pension this can also be affected. Unless it's with an indefinite assessed income period.

Can I Still Leave An Inheritance?

 

Yes absolutely, we offer certain products that ensure a percentage of your home is protected, for that purpose, you can ring-fence a value of your property so you can make sure you are leaving something behind for your loved ones. Our Expert Advisers Will Give Free Advice Explaining Your Options.


Can I lose my house?

 

NO! As you have no monthly commitment, it is impossible to default on payments. You will stay in your home until you pass away or go into permanent long term care

Our Latest Reviews

 

Georgia Blackley
Georgia Blackley
5. May, 2022.
Verified
Thanks to the Mortgage Hive we are finally on the property ladder! Paul helped us from start to finish with our first time buyer application, what we needed, what to expect and kept us updated every step of the way. Every question (trust me I had a lot) was answered promptly, confidently and simple for us to understand. Thanks again 🎉
Susan PRICE
Susan PRICE
27. November, 2021.
Verified
Would most definitely recommend the Mortgage Hive Very good at his job knows what he is talking about We had a very difficult application but Paul once again got the mortgage we needed Can't thank him enough for all his hard work and effort. If you are thinking of getting a mortgage, don't waste time looking go straight to Mortgage Hive.
Karolis Marinskas
Karolis Marinskas
27. July, 2021.
Verified
Absolutely amazing support in every aspect. Clear explanations on what's required. Never thought I'll get accepted with such a great rate. Recommend 100% to everyone!
Pierre Cervello
Pierre Cervello
29. June, 2021.
Verified
As you have seen from the previous reviews Paul seems to be going above and beyond with all of his clients. I am a first time buyer who was not to sure how things worked and I don't think I could have fallen on a better person than Paul to guide me through it. Paul has just been amazing in every aspect of the services provided and I would recommend him to just about anyone with my eyes closed. The service he provided was just simply above and beyond from working out of hours to answering every silly question I had, he was simply without fault. If you are looking for a professional mortgage broker with amazing morals come see Paul he'll get the job done .
Lou Eth
Lou Eth
10. June, 2021.
Verified
Paul is by far the best mortgage broker I've dealt with, and I had spoken to range of different firms by the time I found The Mortgage Hive (if only I had found him sooner, I could probably have saved myself £500 and got the same or a better deal!) Paul is very competent and knowledgeable and isn't phased by complex situations. He managed to find a solution where others failed, sometimes working out of hours to get things through, with an understanding of the urgent nature of my application. He was also able to refer me on to his colleague Kyle for life insurance and I am equally satisfied with the comprehensive service thus far. I have no hesitation in recommending The Mortgage Hive. It is a gem of a company and I will definitely be returning next time I require a mortgage product.
Keil Hetherington
Keil Hetherington
19. December, 2020.
Verified
My wife and I found ourselves in a strange situation where a wrongful default was placed on our credit file, we needed to sort a mortgage to secure our new home whilst we work din the back ground to remove it. Most mortgages advisers we found were not willing to help as it was to much work. However, Paul was amazing, understanding, patient and very helpful, he was able to find a lender that was competitive, he explained and advised throughout the process and we always knew where we were. I would highly recommend Paul and will be a returning customer without doubt.
Laura Cornelius
Laura Cornelius
5. August, 2020.
Verified
Absolutely blown away with how great Paul was at sorting out our mortgage during the pandemic. He was incredibly helpful, knowledgable and friendly in the whole process. We had a couple of hurdles in the way, but Paul quickly sorted everything out, found us other options immediately and got us our mortgage quicksmart 🙂 If you are unsure about anything, he will answer any questions and help explain everything clearly so that you do. Thank you so much. We will come back soon for when we need to re-mortgage or get another BTL mortgage 😉
josh brown
josh brown
24. January, 2020.
Verified
Paul is absolutely brilliant, I couldn't have moved without his help and guidance. You will certainly be hearing from me again in the future.
Pete Barrett
Pete Barrett
24. January, 2020.
Verified
Paul from the Mortgage Hive, spend hours explaining everything to me in understandable terms and made sure I wasn’t making rash decisions based on I’ll information, I getting the house and deal I really wanted all thanks to his expertise, thanks again Paul great work
Timothy Ward
Timothy Ward
24. January, 2020.
Verified
Paul was very helpful in finding the correct solution to finding my first mortgage.