What is Equity Release?
Equity Release allows homeowners over the age of 55 to release equity in their homes, but still allows them to live there for as long as they wish.
We work with a comprehensive panel of providers to find you an Equity Release Scheme to suit your needs.
You have the option to have the interest rolled up into the loan, or you can pay the interest each month. You can also ‘ring-fence’ part of the property value to ensure you leave a legacy to your family if required.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
At your home appointment we will complete a no obligation fact find to establish your needs.
Our initial meeting is to establish if we can help you with your requirements. There will be a fee for arranging an Equity Release. The precise amount will depend on your circumstances but we estimate it will be £995. This fee is payable on completion, plus we will be paid a commission from the lender.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR IF YOU WANT YOUR FAMILY TO INHERIT IT.
IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
Find out more about Equity Release:
A Lifetime Mortage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
Lifetime Mortgages
Drawdown Plans
What can I use Equity Release for?
- Home Improvements
- Clear Mortgage debt, loans or credit cards
- Gifts to your children
- Maintain or improve your lifestyle income
- Afford life’s little luxuries
- Reduce any potential inheritance tax liability
- Pay for private medical costs
- Fund a holiday home purchase
Alternatives you should consider first….
- Selling your home and buying a smaller property
- Claim any state benefits or grants you may be entitled to
- Using your savings or sell any investments you may have
- Any existing benefit entitlement may be affected by Equity Release (ask for a personal report to highlight any changes)
