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What Is Equity Release?
Equity release refers to a range of products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.If you’re a home owner who is wishing to release some of the value of your own property, then you’ve come to the right place. Some retirees find themselves equity rich, but cash poor. Currently with the interest amount fixed at very low rates for life, now maybe a good time to release the equity locked up inside your home.You need expert financial service advice to be advised on lifetime mortgages
How does it work?
There are 2 types of Equity Release available in the U.K today, Lifetime Mortgages and Home Reversion. By far the most popular is a Lifetime Mortgage whereby you take out a mortgage on your main residence, while retaining ownership. You can take the funds all at once or have some now and the rest in reserve (drawdown).You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care. You need financial service advice to be able to do this.
How much could I release?
This primarily depends on your age and the value of your property but also your health status ( some lenders may look at you more favourably if you have certain medical conditions) . Over the past decades, property values in the UK have risen substantially, meaning you could have accumulated a large amount of equity in your home if you bought it some time ago, and even more so if you own your home outright.
Provided you meet the eligibility criteria for equity release, and you receive the right financial service advice depending on your age and personal circumstances, it is usually possible to release between 20% and 55% of the equity in your home. Contact us to find out exactly how much you could release today via Lifetime Mortgages.
What can I use this money for?
Pay off an existing mortgage or debts
Pay off an existing mortgage or debts
Pay off an existing mortgage or debts
You could use an Equity Release to pay off an existing mortgage ,other lifetime mortgages, loan or other debts which may be due to mature soon or are eating into your disposable income.
Home Improvements
Pay off an existing mortgage or debts
Pay off an existing mortgage or debts
Update the kitchen , bathroom or add that extension you have been talking about with an Equity Release plan.
Family Gifting
Pay off an existing mortgage or debts
Purchase a property
Perhaps give your children their inheritance early so you can see them enjoy it via an Equity Release Plan.
Purchase a property
Purchase a property
Purchase a property
Did you know you can use Equity Release to purchase a property as long as it will be your main residence.
Lifestyle
Purchase a property
Lifestyle
Utilise the flexibility of modern Lifetime mortgages to enable you to enjoy your retirement and take the worry out of funding your dreams.
Holidays
Purchase a property
Lifestyle
Its your retirement, you've earned it!
Why not use an Equity Release plan to treat yourself to some travel and well earned relaxation.