We understand that for customers paying a mortgage or renting, it can be worrying not knowing if they’ll be able to stay in their home if they’re struggling with housing costs.
For these customers, we’ll put a realistic budget together for them, advise them on how to deal with their mortgage lender or landlord and avoid eviction.
If your customer is facing eviction or repossession, our online debt advice tool provides expert advice on what steps the customer may need to take to stay in their home, and we’re available via telephone (freephone, including all mobiles) for customers to chat to us about their situation.
An interest-only lifetime mortgage allows your customer to release a cash lump sum via a mortgage secured on their home. They also retain full ownership of their property.
This can be the most cost-effective method of equity release, as it allows customers to manage the associated interest charges by making monthly repayments. If they keep up with the interest payments, the amount they owe never increases.
To qualify, customers must meet the provider’s affordability criteria. If your customer can’t afford or chooses not to make full repayments, they can elect to make partial payments to help reduce the long-term cost.
A home reversion plan allows your customer to sell all or part of their home in exchange for a cash lump sum and rent-free lifetime tenure in their home.
Releasing equity this way allows customers to access the money tied up in their home with no need to make repayments. When the property is eventually sold, the provider will retain their percentage of the sale proceeds.
Your customers will benefit from any increase in the value of the property and share any decreases in value. The amount they receive is discounted in exchange for rent-free lifetime tenure.
Scottish debt solutions