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Glossary of Terms

AnnuityAn investment that converts a lump sum into income that is taxable.

Arrangement Fee
A commitment or administration fee that you usually pay the lender to reserve the mortgage funds.

Equity Release

A way you can benefit from the value of your home without having to move out – by borrowing against it or selling all or part of it for a regular income or a lump sum.

Home Income Plan
A loan that pays you a cash lump sum which you can use to buy an annuity to give you a monthly income – usually fixed for life. Part of the income is used to pay the interest on the loan.

Home Reversion

A type of equity release scheme. You sell all or part of your home to a scheme provider in return for a regular income, a cash lump sum or both and continue to live in your home for as long as you wish.

Lifetime Mortgage

A type of equity release scheme. A loan secured on your home which is repaid by selling your home when you die or go into long-term care.

Negative Equity

When the amount you owe the lender is more than the value of your home.

Contact a specialist today

Charlene
Charlene Williams
E-mail: cdavieswilliams@martynprowel.co.uk
Direct Line Telephone No. : 029 2047 5141
Charlene graduated from Southampton University in 2001 and completed the Legal Practice course at Cardiff University in 2002.
Find out more about Charlene Williams

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