Finding the right Equity Release Adviser can be hard, especially with so many advisers in the market;
Contact us directly on 0115 967 0888
Equity release is where you, as a homeowner, would release money tied up in your property.
The money can be paid out as a cash lump sum, a regular income, or a combination of the two.
It can be used for a multitude of things, including:
Funding your retirement,
Re-investing into your home,
And potentially more. You can speak to an adviser today to find out what else you could use the money for
The amount borrowed will be required to be repaid on the sale of the property, if moving home, on the sale of the property after your death or if you leave the property and go into a care home.
Whilst Equity Release sounds like a great product, it is only available to applicants over the age of 55.
To fit the criteria an adviser must assess your personal, welfare and financial circumstances as well as your objectives/plans whilst alive and after you pass away.
The interest charged and capital borrowed is usually repaid on death; this means if you were planning on leaving a wealthy estate to your next of kin, an equity release product would reduce the amount that they might receive, it also reduces the amount available from your estate for future care that you may want to fund yourself.
We have over 22 years of experience advising clients on Equity Release, to speak with a qualified adviser call us on 0115 967 0888
Most Lifetime mortgages come with a “no negative equity guarantee”. This pledges that you can never owe more than the sale value of your home, no matter how long you live; therefore your dependants will not be left owing anything to your estate.
Whilst there are many reasons for taking out an equity release product, there must be careful consideration in ensuring that this is the right product for you. New innovative products have come to the market in recent years and therefore there may be a more suitable product available to you on the mortgage side that fits your requirements more appropriately than equity release.
How much can be borrowed will depend from lender to lender but the following is a good rule of thumb:
A 60 year old will be able to borrow around 25% of a property’s value
This should increase by about 1% each year:
A 70 year old should be able to borrow about 35% of the property’s value
A 75 year old should be able to borrow about 40% of the property’s value
An 85 year old should be able to borrow about 50% of the property’s value
If you want to take out equity release on a high value property over £500,000, you may have more options for specialist lenders or private banks, who could offer a more bespoke deal than many ‘high street’ Equity release lenders might be able to.
We work with our clients to find the best and most suitable products on the market to fit their unique circumstances. When conducting an equity release we will work with you to assess your situation and take careful consideration over your intended use of the money.
As Independent Mortgage and Equity Release Advisers, we can offer deals from the whole of the market, meaning we aren’t restricted to specific lenders. Our range of specialist equity release lenders allows us to offer you the best deals on the market.
We work with our clients in Nottingham and the Midlands to understand their unique circumstances and find bespoke solutions to get the best deals on the market.
If you are looking to release equity from your property, please call us on 01159 670888