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Call us 01664 511035
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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.
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.
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 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.
Equity Release and Lifetime Mortgages: How it works
Equity Release Midlands is a trading style of The Later Life Lending Network Ltd, an appointed representative of The Right Mortgage Ltd who are authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 09832887. Registered address: 70 St.Johns Close, Knowle, Solihull, England, B93 0NH. For Independent Equity Release advice we do not charge any upfront fees however, a fee of £1295 is payable on completion for our service in relation to lifetime mortgage contracts plus commission from the lender.The Information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.