We needed help with Equity Release. Stuart helped in every way possible to get a deal that was right for us.
We had a fantastic outcome.
Mr and Mrs E, Barbican, Plymouth.
About Ocean Equity Release
Ocean Equity Release provide a wide variety of borrowing options for over 55’s looking to release equity from their property.
As an Independent, Whole of Market firm, we can research and advise on the many products available to you. Equity release products include Lifetime mortgages, Interest Only Mortgages and Retirement Interest Only Mortgages.
After years of giving advice, we have developed a consultative process which considers your full circumstances. This ensures that the recommended solution is the one best suited to your needs. Appointments can take place either at Ocean’s offices near to The Hoe, or in your own home, whichever you prefer.
These meetings are completely without charge. There are no payments for our services until the Mortgage completes and you have received the funds.
For our advice, we either charge a fixed fee, or a percentage of the amount you borrow. This is discussed in more detail with you in our first meeting. Our fee includes completing the whole process from advice to application, finding you a solicitor to complete the legal work then liaising with the lender and surveyor to completing the Mortgage. Once you have received your funds, we provide you with a full report outlining your requirements and our advice.
How Ocean Equity release can help you
Equity release is a method of releasing some of the money in your property, without having to sell it. The amount of equity you can release depends on your age, how much your property is worth and how much you choose to borrow.
Releasing equity from your property is an important decision. To ensure you make the choices that are right for you, we will have several conversations or meetings to discuss all options available to you. We also work closely with local firms of solicitors to give you independent advice on all aspects of the equity release process.
For our advice, we either charge a fixed fee, or a percentage of the amount you borrow. This is discussed in more detail with you in our first meeting. The fee is only payable once you have received your funds. If you decide at any stage of the process not to proceed, no fees are payable.
Modern Equity Release is very different from 10-15 years ago, and now has a much better reputation. This is for a variety of reasons.
There has been increased regulation by the Financial Conduct Authority, an increase in available products, and new innovations such as no negative equity guarantees. Mortgages that offer a ‘no negative equity guarantee’ mean that the mortgage outstanding will never exceed the value of your property.
Equity Release options Ocean Mortgages offer
The main type of Equity Release we offer are Lifetime Mortgages. With this type of product, you continue to own your property and can pay some, none or all the interest on your mortgage.
As a feature of many Lifetime Mortgages, there is the option to have a Drawdown facility. This enables you to start with a smaller lump sum, and then draw down further funds when you need them. The principle benefit of this is that you only pay interest on the amount you have drawn down rather than the full sum available.
Buy To Let Equity Release. This product means that you can release some of the equity in your Buy to Let property with no monthly payment payable, and still receive the full rental income.
Borrowing in Retirement
An increasing number of people want to borrow beyond their state retirement age. Previously, the only lenders that allowed this were Equity Release providers.Due to changes brought in by the FCA in early 2018, the number of lenders who allow people to borrow in their later years has grown rapidly.
Many traditional residential mortgage lenders now allow the mortgage term to continue into a borrowers 70’s, 80’s and 90’s. New mortgage products have recently been launched called Retirement Interest Only Mortgages (RIOs). These do exactly as the name suggests and allow the borrower to pay only the interest on the outstanding debt.
Whilst taking on any debt is a big consideration, especially in later life, the fact that there are an increasing number of lenders willing to do so is beneficial. An Independent, Whole of Market firm such as Ocean Mortgages can help guide you through the maze of different options and products now available. We discuss your individual circumstances and give you specialist advice.