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Testimonials
Enjoying the cash benefits!
I am enjoying the cash benefits of my recent Equity Release application. I was most impressed with the way you handled the process for me...
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Delighted with the outcome
We want to let you know how delighted we are with the outcome of our request for Equity Release. The service we received from your company could not be improved on. The amount of time and care we received, from you in particular, is not something we have encountered in any other financial transaction in which we have been involved.
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Mr & Mrs Kirby, Peterborough
An Equity Release scheme enables you to increase your retirement income by releasing tax-free money from your home. If you are a homeowner over 55 Equity Release could open up exciting new possibilities. Your biggest asset in Retirement tends to be your property, the equity that you have accumulated during your lifetime can safely be released in order for you to have more readily available cash to spend.
Uses for Equity Release
- Release cash from your home and continue to live in the property.
- Tax free cash can be released as a lump sum, or an income or a combination of both.
- Increase retirement income
- Pay off a mortgage, or help your children get on to the property ladder
- Pay off debts
- Purchase a second home
- Planning inheritance tax
- Future holidays
- Private health costs are covered!
- Home improvements e.g. adding a conservatory to your home
- Finance a move to a house of greater value
- Or just improve your lifestyle!
The Benefits of Equity Release
If you are a homeowner over the age of 55 who has money tied up in your own property, Equity Release could be right for you.
If you wish to retain the ownership of your home with the right to live in the property for the rest of your life then Equity Release can help you achieve this.
You can release part of the value of your home and receive a cash lump sum to spend on whatever you wish - known as equity release in the UK. The amount you can borrow is based on the youngest age, if you are a couple, and the value of your home. The older you are the larger the lump sum available.
The funds borrowed will be repaid on death, long term care disablement or you can choose to repay the loan back early. Interest is normally added to the loan and repaid out of your future value of the property, however, with some available schemes the interest payments can be made to stop the debt increasing.
Understanding how Equity Release works is imperative. There are different types of Equity Release plans: Lifetime Mortgages, Home Retirement Plans, Draw Down options and Home Reversions. Having the differences explained by a professional advisor will enable you to be able to make an informed decision about which option is right for you.
You can borrow the money as a lump sum or in regular smaller amounts through Draw Down.
Lifetime Mortgages are similar to traditional mortgages in they result in a legal charge against the property which will be settled upon death or long term care disablement. The main difference is during the lifetime of the mortgage there is normally no interest repayments, the interest is added to the loan. With Home Reversion you sell part or all of the value of your property to the reversion provider in return for a generally higher lump sum of money.
Leaving an inheritance to your loved ones can be a priority and this can be achieved as certain schemes offer guarantees where the inheritance is protected and you can still release some of the equity for your benefit ,giving you access to the best of both worlds.
The Equity released from your property is tax free and is usually a lump sum. We recommend you only borrow what you need for your immediate needs and use a Draw Down facility where you can borrow further funds when required in the future, this helps reduce the increase in the size of the final repayment. Use our equity release calculator to estimate how much equity could be released from your property.
The money released from your home can be used for anything you choose, use it to repay your mortgage and other debts, holidays of a lifetime, new car, home improvements or helping the kids out, there are no restrictions.
The rates of interest on the loans are normally fixed and offer you a degree of certainty in what will need to be repaid. As interest rates are fixed you will not have to worry about rising interest rates.
To find out if Equity Release is the right option for you. The advantages and disadvantages need to be explained in detail to you. We believe in giving you a full understanding of the different types of schemes and with our experience and knowledge we recommend the right option to match your personal situation.
Seeking Professional Independent Financial Advice is paramount in the decision making process. We encourage you to discuss the choices with your family and welcome their involvement at any stage of the process.
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