Mortgages & Protection
We provide a wide range of professional services to meet your Mortgage and protection needs.
Mortgages
Whether you are looking to re-mortgage your existing home, move to another or simply borrow additional funds, we can help achieve your goals.
Lifetime Mortgages
(Equity Release)
If you are over 55 and looking to release equity from your home, with a secured lifetime mortgage, we can help.
Protection
Over your lifetime you work hard to provide security for your family, but are your family protected in the event you suffer from long term illness, serious illness, or death?
Important note:
Please note, your home may be repossessed if you do not keep up repayments on your mortgage. The information detailed on this page is designed to help you gain a clearer understanding of the products available, however it does not constitute formal advice.
Armstrong Wealth is proud to be a member of the 'Equity Release Council'. We abide by the Council rules and have signed up to their Statement of Principles.
Why deal with multiple providers, when you can deal with just one?
Searching for the perfect mortgage or protection product can be time-consuming and confusing at the best of times...
Armstrong Wealth can take care of this for you. If you opt for a Mortgage and Protection review, there is usually no fee paid directly from you, as we are paid a commission from the providers...
More about Mortgages...
There are many products and providers in the marketplace, designed to meet your individual needs and requirements.
Some of the main considerations to take into account, when considering a mortgage,are:
List of Services
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How much can I borrow?List Item 1
Each provider has a different calculation to determine how much you can borrow. It is important to undertake a detailed income and expenditure analysis prior to applying. That way you know you are likely to be accepted BEFORE you apply. A rule of thumb is around 3.5-4 times income before deductions; however, each provider is different.
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Which product is best for me?List Item 2
There are a wide range of available products on the market to suit most requirements. The two main choices when you decide on a mortgage are:
Interest Only: This is where you pay back interest each month to your mortgage provider. At the end of the term, you will still owe 100% off the original borrowed amount.
Capital and Interest: With a capital and interest mortgage, you pay off an element of capital and interest each month. Over the term you will slowly pay off your mortgage and eventually own the property outright.
This decision is usually rather straight forward, but there are other more complicated considerations which we can help with.
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Which provider will be best for me?List Item 3
With many providers seemingly offering the same product, which do you choose?
We can use our systems to pinpoint the best provider based on your individual circumstances, taking account of your income and employment status.
Protection
More about Protection
Are you sufficiently protected?
Armstrong Wealth currently offer a free protection health check, so if you are unsure what cover you currently have, or would like to hear more about protection, please do not hesitate to get in touch.
Equity Release
Lifetime Mortgages
In principle, lifetime mortgages work like any other mortgage except that the term is open-ended, usually with an interest rate fixed at the outset.
Here is some of the key information below, to help you understand a bit more about lifetime mortgages...
Aged 55+
Providers require the youngest applicant to be at least 55 or over
Negative equity guarantee
There are a number of providers in the marketplace that offer a guarantee that your house will not end up with negative equity at the end.
Protection
Equity release, is regulated by the Financial Conduct Authority (FCA).
Interest
There is a choice to either pay the interest monthly, or let it roll up.
Term
There is no official end date, therefore the amount borrowed, plus interest, is repaid when the house is sold.
Income generation or gifting
Whether your goal is to release equity to gift or top up income, the choice is yours, as there are no stipulations to how you use your money.
Lifetime mortgages aren't for everyone, so here are some of the advantages and disadvantages we've identified.
- It allows you to convert one form of wealth (equity of your home) to another (cash lump sum or income) to address wants and needs in later life.
- The cash sum raised can be used to generate an income, or can be drawndown in stages, according to your individual requirements.
- You are permitted to remain in your home, rather than having to downsize.
- Many lifetime mortgages are portable, therefore you have the right to move house if you wish.
- The value of your estate could be reduced, resulting in inheritance for your beneficiaries.
- The capital raised from a lifetime mortgage may not reflect your true house value.
- There are initial set up and legal costs involved, which can impact on the amount paid to you.
- Entitlement to mean tested state benefits may be affected.
Lifetime mortgages are a specialist area of advice; therefore it's important you are fully informed prior to taking out a product. If you would like to hear more, please do not hesitate to get in contact.