By Chris Morgan, The Lifetime Mortgage Expert
“The Lifetime Mortgage Expert” is leading the financial industry in helping consumers to find the best Lifetime Mortgage advice for over 55’s, without any broker fees. For those withdrawing £50,000 or more from their property (which is around half of the national average withdrawal), we are able to provide this service without charging any advice fee at all.
In recent research we discovered that the average broker fee being charged to arrange a Lifetime Mortgage was £1210*, while the largest fee charged was £2395*. Although the industry guidance does allow brokers to make an advice charge, we think these charges are currently high considering brokers also receive commission on these products from providers.
So what we offer is “Qualified Advice, Zero Broker Fee”.
Four Questions For You?
Firstly, why would you pay a broker fee when you are able to get highly experienced and qualified advice, without doing so elsewhere?
Secondly why would you try to arrange a highly regulated financial product yourself, which needs a higher-level mortgage qualification for financial advisers, when you could receive advice without paying a broker fee?
Thirdly why would you continue with any mortgage quote or illustration elsewhere, if they are charging you a broker fee for their advice, when the same advice is free elsewhere?
… and lastly why would you continue to shop around further when you have already found the highest quality advice, with zero broker fee?
How do you find the best Lifetime Mortgage products and interest rates?
Every quarter the Home Equity Release Council issue their latest industry figures, with the aim to raise the profile of Lifetime Mortgages. Over the last decade they have worked very hard to improve the standards of the products and financial advice available to consumers.
Last week they released their “Spring 2019 Report” that confirmed that the average interest rate being charged to consumers taking a drawdown plan is 4.22%, with the average lump sum interest rate now 4.98%, these are in comparison to a combined interest rate charged in 2017 of 4.62%.
Recently I arranged a Lifetime Mortgage case where there had been a 0.82% difference between the highest and lowest interest rates available for a client. This difference would have amounted to £60,000 of additional interest over the 22 years of the mortgage illustration term.
The point I’m making here is that immediately you can see if the industry average rate currently being offered is between 4.22% and 4.98%, somebody out there has probably ended up paying quite a bit more than they should, as there are many products coming in at below 4%. Those people need help from the Lifetime Mortgage Expert. “Qualified Advice, Zero Broker Fee”.
Generally, there is a perception that Lifetime Mortgages have an expensive interest rate, which I find very interesting because many people who are now sitting on large amounts of Equity in their properties achieved this with the assistance of self-certified mortgages in the past.
By comparison those self-certified deals were certainly priced markedly higher than 4% with the rates quoted by most lenders historically being between 4.99% and 5.99%. Most deals offered between 2000 and 2010 were fixed rates for either 2, 3 or 5 years.
The Bank of England Base Rate was of course higher than it is today, but the lowest rates being charged for Lifetime Mortgages today are far less than what those mortgage consumers would have paid and of course this product also has no proof of income, because there are no monthly payments – with interest roll up.
If you are looking for the best Lifetime Mortgage products, then The Lifetime Mortgage Expert will be able to help. We arrange Lifetime Mortgages with a proposition of “Qualified Advice, Zero Broker Fee”, which means you will save £1210* on average against the broker fees being charged.
Free Quick Guide Brochure
Lifetime Mortgage Expert also offer a “Quick Guide To Lifetime Mortgages”, that provides all the relevant information you need free in a convenient PDF download. This document is not thirty pages of hard sell, it’s three pages of directly relevant information, containing all the essential things you need to know about Lifetime Mortgages.
Most importantly we make this download available to you, without you needing to give us any personal details up front, including your property value, address, phone number and email. There are many places you can try and get a free guide to Lifetime Mortgages, but most will want your personal details, so they can then keep phoning you trying to sell their services and products to you.
Our policy is very different, we make our “Quick Guide” available free of charge, without collecting your personal data. When you are ready to proceed, we then ask you to call us to talk about your requirements. We will even make time to speak with you for around 15 minutes free of charge without any further commitment at that stage.
When we say our Quick Guide to Lifetime Mortgages is Free, we actually do mean FREE!
See our other real-life examples further down in this blog to read more about the types of Lifetime Mortgages available and the scenarios they can be used.
The Lifetime Mortgage Expert Chris Morgan can be reached by phoning 0845 474 3075 or by email email@example.com You can find his career biography at our website www.lifetimemortgage.expert and read more of his feature articles at www.lifetime-mortgage.expert
Here is a direct link to the Free Quick Guide To Lifetime Mortgages …
Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. We do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.
If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2019, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1210 and the largest fee charged was £2395.