Struggling on a UK pension in Spain?
Struggling on a UK pension in Spain?
(Benidorm)  Retiring to Benidorm? Thousands of Briton’s dream of retiring in the sun has turned into a nightmare after loosing more than a third of their income because of the
weak pound. If this has happened to you, don’t panic and sell your property for a ridiculously under valued amount, take a look at this option. The Spanish call
it ’Hipoteca Inversa’ (back to front mortgage) the Brits have termed it
the more graceful Lifetime Mortgage - but the name is irrelevant; its
how it can help you that’s important.

 

Here, Manuel Montejo of Credit Services explains this popular new equity
release scheme that is providing something of a lifeline for many struggling ex-pats.

“The Lifetime Mortgage is a unique type of equity release mortgage that
allows you to borrow money against your property and access either a
lump sum or monthly payments to make your life here more comfortable. There are no monthly repayments and you don’t have to repay the money until you sell it. Or if you pass away your beneficiaries would have to deduct it from their inheritance -
rather like they would any other mortgage.
“ To apply, you need to be a Spanish property owner and over the age of
60. Then simply call or visit our team at Credit Services in Altea and tell us the
estimated value of your property. We will calculate the value that can be released from
your property and you decide whether you want a lump sum or a monthly
income. You can then benefit from your extra income to make your life here more
comfortable. Or if you decide you want to go back to the UK, this
is an option that would allow you to stay here until the market is more
buoyant so you are not forced to sell your home at a reduced rate”.
 
Lifetime Mortgages are available through most of the major Spanish banks,
like Bancaja, BBVA or Santander which many British banks are now a part of.
But to save you working out which can offer you the best deal Credit Services works with all of them and with over 500 branches nationally is used to dealing with many of them. "A visit to Credit Services is like visiting all the banks in one go"
concludes Manuel " we work out which of the banks will give you the best mortgage to suit your needs"

All in all its the best option we’ve heard yet for ex-pats struggling on de-valued UK pensions - no wonder its proving so popular.
For more information on Lifetime Mortgages and any other financial aspects to discuss contact Manuel Montejo from Credit Services in Altea. Tel. 902 020 765  

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