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An Interest Only Lifetime Mortgage Can Help with the Purchase of Solar Heating Panels

Interest Only Lifetime Mortgages are becoming increasingly used for ecological purposes for example a growing trend being the addition of solar panels and improving the central heating systems on properties belonging to elderly people. Alternatively, those who don't want solar panels to assist their heating costs may want to update their central heating systems to a more energy efficient condenser boiler from the likes of Worcester, Baxi or Vaillant. Therefore, even though you are effectively borrowing money and being charged interest on a monthly basis, hopefully the energy savings in your bills and the peace of mind knowing you are doing you bit by helping the planet all adds up to a contented person at ease with life in general. This applies particularly more so at the age of retirement as concerns regarding the environment seem to be greater.

Sometimes upon reaching retirement age, the over 60's may choose to downsize their property which according to them is easier and more economical to maintain, especially with power usage. Alternatively, one can choose to enhance the central heating system by installing solar panels which can provide a source of power by harnessing the solar radiation from the sun. However not all retirees can afford to pay upfront for the installations of solar panels or a new condenser boiler. In such situations they could apply for an interest only lifetime mortgage and with the money received could then install the solar panels and the results would enhance power economy as well as a possibly an increase in the properties value.

The interest select plan from Stonehaven is available to people over the age of 55 and where they wish to pay off the interest rather than letting it compound annually as is the case with a majority of equity release schemes. This Stonehaven equity release scheme therefore maintains a level balance which does not erode the children’s inheritance as a roll-up equity release plan would.

You find that most lenders are wary of providing mortgages in retirement and few will lend for projects such as self-building and even the installation of solar panels, meaning that one’s options could be limited by conventional means. This is where niche mortgage companies such as Stonehaven come to the fore and is why the Stonehaven interest only lifetime mortgages become very helpful.

Releasing equity from your property can be one of the best ideas for this type of situation. This Stonehaven equity release scheme provides you with funds essential for not only installing solar panels, but also doing other home improvements that make a retirement more pleasurable. The amount to money that you get will depend on the value of the home and the age of the youngest applicant. Therefore, another bonus is the fact that no income verification is needed and as such the Stonehaven Interest Select plan could be classed as a self-cert mortgage. The best option is to discuss the various options available with a specialist interest only lifetime mortgage adviser.