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Testimonials

Hear what our clients are saying!

J. H-B.

I have used Sharon Harvey at Seafield Mortgages since my first property purchase in 2003. Whether you’re a first-time buyer, an existing homeowner, looking to re-mortgage, or a property investor, Sharon will go out of her way to find the right mortgage deal for you and save you £100’s each month. In a market where it has become increasingly difficult to borrow, knowing which lender and deal are right for you can be daunting. Sharon is well qualified, clear, practical, highly knowledgeable and able to deal with both the most simple and complex situations. Sharon goes the extra mile with her dedication and impeccable customer service. 

"Our key aims are to fully understand what you are looking to achieve, create a solution tailored to your needs, deliver results through an excellent service and build a relationship for life".

"We have access to a wide range of mortgage and insurance providers to ensure we can find you a competitive financial solution, which meets your needs and your budget".

"We specialise in providing advice and guidance on Mortgage and insurance products but I can also put you in touch with trusted partners for help with Pensions, Investments and Wills".

Lifetime Mortgages

Equity release is a complex legal arrangement and expert independent legal advice will always be involved within the process. 

To understand the features and risks, please ask for a personalised illustration. 

Head Office: Bournemouth

Other locations:

London

You borrow a proportion of your home’s value

Interest is charged on the amount throughout your lifetime

You continue to own and live in your home

Who could benefit from a Lifetime Mortgage?

To increase their retirement income

"We have access to a wide range of mortgage and insurance providers to ensure we can find you a competitive financial solution, which meets your needs and your budget".

Home or garden improvements

Lifetime Mortgage Questions

What is a lifetime mortgage?

Can I sell my house if I have equity release?

You can access the value held up in your home through Equity Release and turn it into money you can spend as you wish. The amount of equity you can release depends on your age, how much your property is worth and how much you choose to borrow.

Equity Release plans may allow you to move your mortgage to a new property if you decide to sell your house. However, this might trigger an early repayment charge. Please call us to discuss this further.

Those who want

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APR (Annual percentage rate) 

The rate charged annually for borrowing, expressed as the actual yearly percentage.

Arrangement fee 

An agreed fee that is paid when your equity release plan is completed

Beneficiary 

A person or entity that would receive money or other benefits from a deceased individual.

Capital

The money borrowed against the value of your home.

Compound Interest

Interest that is added and paid on any interest accrued on a loan, as is the case with a lifetime mortgage.

Downsizing

The act of selling your current property in order to move to a smaller property

Drawdown plan 

A lifetime mortgage with the option to release smaller amounts, after taking an initial lump sum.

Early repayment charge 

You may be required to a pay an early repayment charge, dependant on your provider, if you pay off all or some of your lifetime mortgage early

Enhanced Lifetime Mortgage

A type of lifetime mortgage with enhanced loan-to-values or preferential interest rates due to any qualifying health conditions and lifestyle choices

Equity 

The market value of your home, less any outstanding loans or mortgages secured against the property

Estate 

Everything you own, such as your home, finances and possessions, when you pass away

Freehold 

Outright ownership of the property and the land on which it is built

Financial Conduct Authority (FCA)

The UK's independent body which regulates the conduct of financial services firms and activities

Heirs 

The beneficiaries named in your Will to receive assets when you pass

Home reversion plan 

A form of equity release where money is released by selling a part of or all of your home to a home reversion provider in exchange for a cash lump sum

Impaired Life

A person suffering from certain health conditions, where the condition may have a detrimental impact on their longevity

Inheritance protection 

A feature available with some lifetime mortgages that allows you to ring-fence a percentage of your property's future value as a guaranteed inheritance

Interest only mortgages

A type of mortgage where the customer only pays the interest on the capital borrowed

Key Facts Illustration (KFI)

An FCA required document in a set format, provided during the advice process, which helps customers to understand and compare the features and risks of prospective equity release plans

Leasehold 

When the ownership of a property has a set duration, after which said ownership is returned to the landlord (sometimes known as "freeholder")

Lifetime mortgage

A form of equity release which is a loan secured against your home, meaning you retain full ownership of your property, and is designed to be repaid when the plan holder(s) pass away or move into long-term care

Loan-to-value (LTV)

This figure represents the size of the loan amount expressed as a percentage in comparison to the value of the property

Long Term Care

Where a person needs help with their day to day activities or support with health care. 

Lump sum

An amount of money released to the customer in a single amount

Means-tested benefits

Payments available to people where income and/or capital is demonstrated to be below government-specified limits

No negative equity guarantee 

A guarantee with all plans that meet the Equity Release Council standards where you can never owe more than the value of your home, so no debts from equity release can be passed to your beneficiaries

Provider 

A company which provides and finances the equity release plans that are sourced via your equity release adviser

Power of Attorney

If you are unable to manage your financial affairs due to illness or incapacity, you will need someone to act on your behalf. A Power of Attorney is a legal document that enables someone of your choice to act on your behalf.

Qualified equity release adviser 

A fully qualified adviser specialising in equity release

Secured Loan

A loan that is secured by the lender against an asset you own, usually your home, that enables the lender to recover any outstanding debts if you cannot pay back the loan

Solicitor 

A legal professional qualified to give legal advice and support

Surveyor

An individual who determines the value of your property

Tax-free 

The money released from equity release is not usually taxed via either Income Tax or Capital Gains Tax, however it may affect your tax position overall

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Equity Release Glossary

 Lifetime Mortgage Questions

What are the advantages of a lifetime mortgage?

What are the disadvantages of a lifetime mortgage?

• You can stay in your home for as long as you choose – for the remainder of your life (this will either be until the last person has died or moved into long term care)
• You can never end up owing more than the value of the property
• Disclosed adverse credit will usually not affect borrowing
• No proof of income is necessary
• You have the flexibility to choose whether or not to make monthly payments
• An alternative option to standard mortgages and loans
• Lifetime mortgages are highly regulated financial products and have utmost consumer protection, giving you peace of mind

• They are not suitable for everyone
• They will reduce the value of your estate
• They could affect any current or future entitlements to means tested state benefits
• Although secured on your property, the loan is portable and does not prevent you from moving home

To pay off existing debts

To go on holidays or buy holiday homes

  To pay for  healthcare

To buy a new car

Inheritance tax planning

To repay an existing mortgage

To help their children or grandchildren with a deposit for a home

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. 

Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. 

If you are in any doubt, seek independent advice.