Finance
Finance

What is a Lifetime Lease?

September, 2012 TSG_PTIMG_home

A Lifetime Lease is a fantastic option exclusively available for those aged 60 or over. By choosing a Lifetime Lease you will save a significant sum of money on the value of your new home in exchange for a lifetime’s enjoyment.

A Lifetime Lease is available on almost any property for sale across the country – you tell us where you want to live and we will make it happen for a lot less than a conventional purchase. The average discount is around 42% therefore; a typical customer could live in a £200,000 property for the rest of their life by purchasing a Lifetime Lease for £116,000, a saving of £84,000.  This sizeable saving is calculated based on using your age, gender, marital status and the type of property and location that you have chosen to live in.

A Lifetime Lease has helped a great number of people make their retirement more comfortable. Many have managed to afford a property that was originally outside of their budget. Other customers use the Lifetime Lease option to raise money to pay off an outstanding mortgage ,existing debts, retirement options or elderly care. Some are looking to move to a better location, commonly, to be nearer to friends and family or back to an area they know well.

As you pay less to move into your next home you may raise a significant cash sum from the sale of your current property, which you can use to achieve your retirement goals whether that’s going on a once in a lifetime holiday, buying a brand new car, treating the family or just putting money aside for financial security for later life.

A Lifetime Lease offers you flexibility. You have the option to retain up to 50% of the equity in your home, which you can draw from in later years or to leave as an inheritance to your estate. When you reach retirement your financial options become few and far between. A Lifetime Lease offers a simple and effective solution – a once only payment with no mortgage, interest or rent to pay. You can feel secure in a home you have the legal right to reside in for the rest of your lifetime.

A Lifetime Lease also offers portability should you wish to move later on.Supplied by Homewise

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