Stonehaven Interest Select could be your answer to your current situation. Many people in Manchester are putting in extra hours at workplaces that grant them a chance to have extra finances for a slightly better life in their retirement. They spend a large part of their lives earning money and paying for material possessions; however, due to illness and disabilities, they may not be able to enjoy these things during their retirement. More specifically, disabled pensioners may not be able to fully utilize their property. For example, they may no longer be able to walk up the stairs. In such cases, they may need to purchase a new home – one that is better suited to their current physical state.
The problem, however, is that they may not have the finances to purchase a new property. Many of them do not even know that there are options available to pensioners in Manchester which can make it possible for them to purchase a house. This is where Stonehaven equity release schemes come in handy.
More specifically, Stonehaven Interest Select Scheme makes it possible for pensioners to obtain the funds they need to purchase a new home. The Stonehaven Interest Scheme can be seen as a unique education tool in that it provides information to pensioners who are looking to purchase a house in Manchester.
When making life-changing decisions, information is necessary. Where the Stonehaven Interest Select Scheme is concerned, pensioners are provided with sufficient information so that they can understand how they can release equity from their current home to finance a new home in Manchester. Stonehaven Interest Scheme is the new big thing in the interest only deal niche. It offers fixed interest rate and the pleasant and so far unique novelty of this financial deal is that pensioners get to choose the interest rates. Pensioners are provided with all of the necessary information they need by Stonehaven so that they can understand the benefits as well as the disadvantages of the Stonehaven Interest Scheme.
Details for Interest Select Plans
• You pay interest with this plan.
• The interest you pay is set by the provider and based on the annual percentage rate you fix for the term of the loan.
• The loan is repaid at the end of the agreement and not before. It is only the interest that is paid monthly.
• The term of the loan is your life during retirement. If you decide to move to a new home you must pay back all outstanding interest and the capital balance. If you decide to move into a retirement facility all must be repaid at that time. Should you die before you move out of your home, the loan is repaid by the sale of your home after death.
There are situations where the house is not sold to repay the lifetime mortgage you have on it. If your beneficiaries can pay, in full, the amount owed on the loan then the house can remain in their possession. Unfortunately most families are already struggling with making their income last and do not have the means to repay their parents’ loan.
The interest select plan is just one offered by Stonehaven. They also have a roll-up plan on the market right now. This plan is designed to give you the funds you need without the added pressure of making payments. Rather than pay the interest back during your life it compounds and therefore adds to the capital sum you took out against your home. For some this works better since their pensions are too small to afford an extra payment. It is your choice for what equity scheme works best for you and whether you wish to keep your home or sell it.
The money you receive from either scheme will be tax free. It can also be used as you see fit. One of the better ways to use the money is to make improvements on your home. With changes to your home you can increase its value thereby giving your family more inheritance. You can also use it for daily living, a special holiday you have dreamed about and much more.
If you are using this type of scheme to buy a house or wish to use it after you have downsized to a new house, you have that option.
Although sufficient and in-depth information is provided by the Stonehaven Interest Scheme, pensioners are still advised to consult a financial independent adviser to assist you in determining if the Stonehaven Interest Select Scheme is indeed the best option for them.
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National Equity Release Pension Conference, Bath Street, Bakewell, Derbyshire, DE45 1BX.
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