Hey everyone!

Have you heard about the latest buzz in the mortgage world? It’s all about ‘Trends in the use of lifetime mortgages,’ and oh boy, there’s some exciting stuff to unpack here. But let me assure you, this isn’t just for those with pristine credit histories. Even if you’ve had a few financial hiccups along the way, there’s valuable insight for you too, especially if you’re considering options like an interest only mortgage or need some savvy mortgage advice near me.

Now, let’s dive in and explore some fascinating trends pointed out by the experts. For starters, it seems like a significant number of folks have been using released funds from lifetime mortgages for home improvements. Yup, a whole quarter of new customers are sprucing up their living spaces. Not only does this give your home a fresh look, but it could also boost its value – a double win if you ask me!

But hey, life isn’t just about shiny new kitchens and bathrooms. For a good chunk of new applicants – 23% to be precise – managing debt and mortgage repayments are also top priorities. And who can blame them? Being in control of your finances is incredibly empowering, and with knowledgeable mortgage advice, anyone, including folks looking into bad credit mortgage options, can navigate this journey.

Now, I bet you’re thinking, “But what about the fun stuff? Can I travel the world with a lifetime mortgage?” Well, fancy you should ask because holidays are indeed on the agenda for some! 10% of initial advances have been earmarked for those dream vacations. And why not? Life’s short, and a little adventure never hurt anybody.

When it comes to how people are using their lump sum plan from lifetime mortgages, debt and mortgage repayment still reign supreme at 29%. But closely following are those home improvements we talked about, sitting pretty at 23%. There are also people who use their funds for generous acts like gifting or even buying a new car. Hands up if you’ve dreamt of driving off in a brand spanking new vehicle!

Switching gears to drawdown plans, which give you a bit more flexibility to take funds as you need them, we see that home improvements lead the pack. A notable 27% of the loan volume opts for a bit of DIY and renovation magic.

But here’s the real deal: No matter why you’re considering a lifetime mortgage, what’s crucial is finding the right product for your needs. Interest only in retirement, can I get an interest only mortgage, what about a bad credit mortgage? These are all questions that might be swirling around your head. The good news? You don’t have to figure it out on your own. That’s where personalized mortgage advice comes in like a superhero sans cape!

Remember, mortgage lenders have a variety of criteria when it comes to lending, and it’s not a one-size-fits-all situation. So, having a chat with a mortgage advisor, especially if you’re looking for a mortgage advice near me, can help you understand what’s best tailored to your circumstances. Whether you’re seeking interest only mortgages, need direction on managing bad credit, or just curious if you can get an interest only mortgage, it’s all about getting advice that’s as unique as you are.

At the end of the day, the key takeaway is this: a lifetime mortgage can open doors to opportunities you might not have thought possible, even if your credit record isn’t spotless. So, whether you’re looking to give your home a makeover, become debt-free, or finally take that trip to the Bahamas, remember, there’s always a way to make your dreams come true – and yes, even with bad credit.

Until next time, happy house-hunting, safe travels, and here’s to making all your mortgage dreams come true!

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FCA WARNING, FEE’S AND JURISDICTIONAL INFORMATION

MORTGAGES – THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT

CONSOLIDATING UNSECURED DEBTS – Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or secured loan. IF YOU  CONSOLIDATE EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

BUY TO LET MORTGAGES The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

EQUITY RELEASE – This is a Lifetime Mortgage. These are only applicable to those 55 and over, and it could affect eligibility to state means-tested benefits and the inheritance you may leave. To understand the features and risks, ask for a personalised illustration. Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.

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