The UK’s long rise in house prices means that a large proportion of homeowners’ wealth is sunk into their property, and is therefore inaccessible.
If you are over 55, equity release can be a sensible and practical way of releasing funds from your home. But it is a decision best made with professional advice, as it is a big step to take.
Cashing-in during Covid
The pandemic has resulted in us all looking at life from a different perspective. We are ultimately living differently, interacting differently, purchasing differently and thinking differently. Priorities have changed significantly for some of us, equity release can help those of us entering middle-age supplement retirement income, make significant home improvements and even help our children get on the property ladder.
It’s no surprise that equity release applications have increased by 30% in the last ten years. There are currently over 400 products on the market, as opposed to 144 just two years ago, according to The Financial Times. And the number of people who cited gifting to children as the reason for taking up the plans increased by 7.5% in May compared to the previous four months of the year.
Helping out children is one way income from equity release plans can be used.
Are you retirement ready?
Retirement is often portrayed by happy people who no longer have to work. Showing them enjoying luxury cruises in the sun, playing a round of golf and living in their dream house by the sea. But for many this is far from the truth. The dream of this relaxed, promised life after work is often shattered by the reality of financial struggles in later life. Many are asset rich but cash poor, meaning they have money tied up in property with no cash to spend on the life they deserve.
More than just mortgage advice
As equity release advisers, we know what it’s taken you to build up your home to where it is today. If you find yourself needing an additional source of income, you can explore equity release as a route to unlock money that you have built up in your home. This is not a decision that should be taken lightly, but with professional advice and having examined closely the options available to you.
As an equity release advisor, we can provide you with a lump sum in exchange for part value of your home. This is done via a certain type of mortgage, including a ‘lifetime mortgage’ which can also be repayable from your assets when you die, or go into long-term care.
How we support our equity release clients
Choosing respected and trusted lenders is just one of the ways we support our equity release clients. Decisions are always made with great care, and we strive to keep your best interests at heart.
We offer regular telephone support and online face-to-face meetings throughout the equity release process, and can work alongside your independent financial adviser to determine the right solution for you.
To begin discussing your equity release options, book an online face-to-face meeting with Craig.
Our processing and administration fee is £995.00, payable should you ask us to arrange your mortgage, this is payable on completion for our service in relation to lifetime mortgage contracts.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.