What is Equity Release?
Equity release is the term used for products that provide consumers with a way of releasing the wealth, tied up in their property without having to sell it or move to another home. You must be a minimum age of 55 to be able to be considered for any equity release schemes.
With the ongoing pension shortfalls in the UK, your housing equity could play an important role in your later life and retirement planning.
What can I use equity release for?
Equity release can be used for lots of different purposes.
Converting or adapting your home to help you remain living in it independently for longer
Paying off debts, clearing outstanding mortgages, loans or credit cards
Making a major purchase, perhaps a new car or once in a lifetime dream holiday
Providing your children or grandchildren with a deposit to help them get on the property ladder
There are lots of other viable reasons why you might want to release equity from your home.
Nowadays, growing numbers of people use the money to help family and friends with financial gifts at an earlier stage, and not waiting until they pass away before their families can access these gifts.
We only deal with reputable equity release providers to safeguard our clients’ interests, the providers that we deal with must include a “no negative equity” guarantee in their offering, which means that you can never owe more than the value of your home, regardless of what happens to house prices.
Is it right for me?
If you are considering taking out an equity release plan then get in touch with us today. We will go through all of your alternative options and assess the advantages and disadvantages of carrying out equity release on your property.
An accredited equity release specialist will talk you through your options and ensure that you fully understand the benefits and advantages to the options available to you, the effects this might have on state benefits and tax and your obligations.
Equity release has no impact on State pension payments or private pension arrangements, but other means-tested benefits may be affected and this will be part of our assessment. Our advisors are friendly ‘ real’ people and would never dream of putting any pressure whatsoever on your decision one way or another. We are here simply to offer advice and answer any questions or queries you or your family may have.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration