This notice is being provided to you because we are just about to collect personal data from you. It is issued by New Mortgage Finance Limited, trading as NM Finance. It explains how we use your personal data.
Lawful conditions for processing personal data
We will only process your personal data when we meet one of the following lawful conditions:
When we have a lawful contract with you;
When it is our legal duty;
When we have a legitimate interest;
If we need to act in your vital interests; or
When you have provided us consent to process it.
If we process your personal data that has been obtained from someone other than you, we will let you know without undue delay.
Who is collecting your personal information
NM Finance, Portal House, 7b Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF. The point of contact for all personal data related queries is the Data Privacy Manager.
Why we collect your personal information
We collect personal information provided by you to enable us to create a contract with you which we then fulfil in accordance with the terms and conditions of the contract and our Data Protection Policy. We also need to collect your personal information to meet the legal & compliance obligations placed upon us.
Your information may also be used for other specific purposes but only after you have given your consent, for example, to receive newsletters.
Automated decision
When obtaining a Decision in Principle (DIP), also referred to as an Agreement in Principle (AIP), we submit your information via the Lender’s online automated decision-making process. We do not use any in-house automated processing mechanisms.
Appointees who are instructed to act on your behalf, for example a solicitor.
We will never sell or share your information with marketing companies.
Security of your personal information
We take all reasonable technical and procedural precautions to prevent the loss, misuse or alteration of your personal information. All business data is stored off-site on a server at a secure location and managed by a trusted third-party contractor. NM Finance Ltd do not operate internationally; our business services are limited to the United Kingdom.
Retention of your personal information
We will retain your information for as long as it is needed to provide you with our services and manage our relationship and also to comply with our legal obligations, resolve disputes and enforce our agreements. In practice this could be throughout your lifetime, but this does not prejudice your right to request that your personal data is no longer processed by us (The Right to Object).
Your Rights
The GDPR extends your rights in respect of your personal data. It should be noted that these are qualified in so much that they do not necessarily apply in all situations. The ‘rights’ are listed below.
Right to be informed;
The right to access;
Right to rectification;
Right to erasure;
Right to restrict processing;
Right to data portability;
Right to object; and
Rights related to automated decision making.
For a more detailed explanation about each of these rights please look at our Data Protection Policy or the Information Commissioner’s Office (ICO) website using
Exercising your rights and access to your personal information
If you wish to exercise your right to access to your personal data, please contact the Data Privacy Manager. We will then contact you to check your identity and may request documents to prove it. For all other queries regarding our processing of your personal data and the exercising of all of your rights, please contact the Data Privacy Manager.
Your options if you have a complaint
If you do have cause for concern or a complaint regarding the way we are handling your personal data, we ask that you contact us in the first instance. This way we can resolve any issues at the earliest opportunity.
If you are still unhappy, or you do not wish to contact first you are, in any event, entitled to complain to the ICO. You may also seek judicial remedies against us or any of the third parties we interact with on your behalf, for damages (both material and non-material) arising from breaches of the GDPR. For more information please visit the ICO website using https://ico.org.uk.
With more of us working longer and more flexibly, the traditional idea of retirement has shifted, and along with it the way we manage our property affairs. While some people choose to downsize with its associated costs, the concept of using the equity in our homes (Equity Release) to finance later life has become more mainstream.
Lifetime Mortgages for over 55s? Equity Release? What is the difference?
There is a lot of terminology used in later life lending, but to be clear: mortgages for over 55s are usually referred to as equity release or lifetime mortgages, they are referring to the same thing.
An equity release mortgage is a way for older people (usually retired or semi-retired) to unlock the equity or release capital (cash) from their property, while continuing to live in their home. Equity release mortgages are available to any homeowner, over the age of 55. Even if you still have an amount outstanding on your current mortgage, you may still be eligible for an equity release mortgage.
Mortgages for over 55s: What are the options?
There are a number of different mortgages for over 55s available depending on your specific circumstances and situation.
Lump sum Lifetime Mortgage
With funds released in a single payment, the homeowner can opt to defer interest and repayments until after their death, or to start to make repayments immediately – this means the estate will pay less in the long-term and by opting to make repayments from the outset, more of the value of the property will be left for beneficiaries.
Drawdown Lifetime Mortgage
The homeowner can borrow from the total available in stages, as and when they choose, providing a handy ‘nest egg’ that can be accessed when needed. This flexibility has the added advantage that it will reduce the interest charged in the long term as you will only pay interest on the funds that have been drawn down.
Voluntary Repayment Lifetime Mortgage
Although still a form of equity release, this product enables the homeowner to repay up to 15 percent of the amount borrowed throughout the year with no fixed, regular payment. Leaving more value in the estate, this product is useful for those who have an irregular income, say with dividends or investments making ad hoc payments.
Interest-Only Lifetime Mortgage
As the name suggests, these products mean the homeowner only pays the interest on the equity released and when the property is finally sold, the original amount borrowed is repaid.
Income for a Lifetime Mortgage
With these products, the homeowner receives a monthly ‘income’ from the equity release, rather than a lump sum, creating a staggered source of funds to help with living costs.
Did you know that you can unlock money in your home to:
Clear Mortgage or other debt
Help family members financially
Purchase a Car
Fund a Holiday
Make home and garden improvements
Increase disposable income – support the cost of day-to-day living
Enjoy retirement!
Is Equity Release safe? All about the Equity Release Council
Equity Release has had a bad reputation in the past, but it is reassuring to know how standards are upheld to protect you, and that’s why we are members of the Equity Release Council. You should make sure any mortgage broker you use is a member, so that you can be sure all options for you to achieve what you would like are explored, safeguarding your wealth and finding exactly the right product for you.
The Equity Release Council exists to promote high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.
These standards and safeguards have allowed the sector to grow, giving financial advisers and their customers confidence in the products, dispelling myths about equity release, and educating the public about the potential to access the wealth in their home for a variety of uses.
In the past, there have been some common myths surrounding equity release mortgages and later life lending and we would like to help you to understand the facts around these type of mortgages and bust the later life lending myths.
Q. Will I still be able to leave something to my family and beneficiaries?
A.Yes, you can choose to protect a percentage of your equity for your family and/or other beneficiaries. Equity Release has become more popular in recent years to help family now rather than later – perhaps to help them buy their first home. Furthermore by releasing equity, the value of your estate will reduce which could reduce any potential inheritance tax liability.
Q. Will I owe more than the value of my home?
A. No, all members of the Equity Release Council must offer a ‘No Negative Guarantee’ meaning you or your beneficiaries will not have to repay more than the property is worth upon death or moving into long term care.
Q. Are the interest rates very high?
A. More lenders are always entering the market, and higher demand means that rates have dropped over recent years. The rate can be fixed for the life of the mortgage, and is therefore unaffected by Bank of England base rate changes.
Q. Will my name still be on the Title Deeds?
A.There are two types of products that allow equity to be released from your home and the most common is a Lifetime Mortgage. A charge is placed on the property but you retain ownership and you have the right to remain in the property for as long as you live – the Deeds remain in your name.
Q. If I have to go into Care, will my partner be homeless?
A.If the Equity Release is taken out as a couple – the plan will continue as long as one of you remains in the home, and will generally be unaffected if one of you moves into long term care. If you both move into care, most plans are designed to come to an end and the property to be sold.
Q. Can I use Equity Release for a purchase?
A.Yes you can – providing the property meets lending criteria, Equity Release can be used to purchase a new property. You can even move to a new property providing it fits the lender requirements
Q. It’s all too complicated
A.That’s what we are here for – we will help guide you through the whole process, explain all the important features, and answer any question you may have.
The NM Finance step-by-step fact find process
We are passionate about educating and informing our customers and want to ensure that we find the best solution for you and your current circumstances which is why we carry out a thorough fact find for all mortgages. This also includes informative advice about other options which may better help your needs, in addition to equity release.
Our advisers want to get to know you and find out why you think equity release is right for you
We will always encourage you to have family members present at a face-to-face meeting, unless you would prefer not to
We work through an in-depth suitability report with you
As part of the report, we can help identify local agencies and charities who might be able to help you
We take a long -term view of your circumstances and explore all options before considering what equity release product would suit your needs
Mortgages for Over 55s: Case study
“IT’S A SAFETY NET”
For Jim Turner and his wife, equity release has helped ease the worries of later life.
“This was the first time that we’ve used NM Finance, and it was my son-in-law who recommended them. He is a financial consultant and knows many people in the industry, but when we talked about equity
release he said they would be best to help us. I was interested in equity release as our boiler had been playing up and our car was getting old. Previously I’d spoken to another company and just wanted to know roughly what interest we would be paying, but I couldn’t get a straight answer. “I had an initial chat with Beverley at NM Finance and then we visited the office in Norwich – she was happy to come to us at home, but it’s easy enough and gave us a trip into the city. She explained the process, answered our questions and suggested several suitable products. We have a two-bedroom bungalow in Suffolk worth around £300k and wanted to borrow £30k.
Considering the value of the house, there was so little lost and we informed our family, who were all for it. We filled in the forms and our
solicitor helped with the process but Beverley saw us through the whole application, from start to finish. We met at the end of October and everything was settled with cash in the bank by Christmas, it was so straightforward. “In the end, the boiler was OK and my daughter gave us a car so the money is sitting in the bank. I have muscular dystrophy and part of the reason I wanted to release funds from our property is so that if anything should happen to me and I am unable to do things around the house, my wife can get someone in to help. We are planning to mark our 50th wedding anniversary with a family celebration and take a cruise. I can’t recommend Beverley highly enough, she took care of everything– it was exactly the help we needed and has made a real difference to our peace of mind.”
Why use a specialist equity release broker?
Informative advice you can trust
We are members of the Equity Release Council, it is important to us to safeguard our customers while educating them about unlocking the wealth in their home. At New Mortgage Finance, we only work with lenders and providers who are covered by the Equity Release Council.
Whatever your aspirations are for your retirement, we can help you to create a bespoke financial solution to meet your specific needs. Whether you need an income to supplement your pension or wish to treat your loved ones, we can help to make this a reality.
We can compare the market so you don’t have to
New Mortgage Finance is a whole of market specialist equity release mortgage broker, with over 20 years experience. We are not restricted to a panel of lenders and can search the whole of market for you, to ensure you get the best deal.
