Motorhome and campervan finance options
With motorhomes seemingly piling on the pounds (sterling, that is), it may feel that a new, more modern motorhome, or a much dreamed of palace on wheels is out of your reach.
If you've already got a motorhome or campervan, even though the value of your current vehicle may be higher than ever (thanks to the increased demand for staycations and holidays at home), the price you'll need to pay to trade in your motorhome for a newer, more modern version can seem daunting.
And if you haven't got anything to trade in, because you are considering your first purchase, then that figure may also look pretty big.
What are your options?
We've suggested the usual things in the past, like finance and PCP (personal contract purchase), and studies show that many people use pension windfalls, savings or downsize to a smaller, less expensive house to finance a new motorhome. But there is another option you may not have considered, a lifetime mortgage.
Legal & General offers a range of lifetime mortgages, designed specifically for homeowners aged 55 or over. It lets you release tax-free cash from your property, without having to move or downsize, that you can use now. This is a loan secured against your home, usually repaid when the last remaining borrower dies or moves into long-term care.
Also, if you have the perfect motorhome but want to supplement your retirement income to treat yourself to that long-term tour of Europe, there are options where you may be able to draw smaller amounts (regularly or occasionally), giving you the flexibility to apply for more money when you need.
Legal & General told us:
“Taking out a lifetime mortgage is a big decision. We have a team of specialist advisers who will talk you through all your options,and they'll even tell you if it's not right for you."
So, if you want to free up cash for a new motorhome purchase, for that all-encompassing tour of Europe, or for adventures further afield, and want to stay in your family home that has a lifetime of memories, it could be worth considering a lifetime mortgage…
For more information about lifetime mortgages
Call Legal & General on 0808 271 8776
Or visit www.legalandgeneral.com to see how much you could release or request a call-back. Calls may be recorded and monitored.
As with any financial decision, you should always seek professional advice and study the terms and conditions.
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