I am an Independent Mortgage adviser specialising in Equity Release, and I have worked in financial services since 2013. My broad experience makes me ideally placed to advise on both new equity release plans, and to review existing Lifetime Mortgages to see if better terms can be secured for my client. I gained a lot of experience working with debt management and interest only expired term mortgages whilst working for the UKs leading debt charity.
I can offer deals from the whole of the market, meaning that I am not restricted to one specific lender. Our range of specialist equity release lenders allows me to find th e most suitable plans for my clients and ensure that the clients current and future requirements are met.
Contact our specialist Equity Release Adviser Holly Hensleigh
Sometimes lifetime savings are held purely within the home that you live in, leaving little cash available to use freely. This lifetime of savings may have been harder won than another person’s, with the same level of lifetime savings but structured differently as part home and part cash where cash is more freely available to use.
Equity Release allows money that is tied up in your house to be released and used for various needs without moving home such as:
The main form of Equity Release is called a Lifetime Mortgage. You remain the owner of your home when you take out a lifetime mortgage.
A lifetime mortgage does not require any regular payment of interest or capital. In this case the lender will add the interest to the original amount, meaning that the amount owing will increase over time. Remember the value of your property should also increase over time, although there is no guarantee that it will.
If you did not want the loan to increase over time, or you wanted to limit the amount it increases, you could, if it is affordable, pay the interest monthly, typically from £25 per month up to the full amount of interest.
Lump sums can also be paid to reduce the loan amount.
At the time of drawing down the loan the interest will be fixed at the prevailing rate for the life of the plan.
There is no fixed term with equity release, the loan becomes repayable when the last borrower dies or moves into a care home or if you move home, although the loan could potentially be moved to a new home if downsizing.
You must be aged 55+ to take out a lifetime mortgage and the amount you can borrow increases as you get older. Typically the amount available increases at about 1% per year as follows…
Medical conditions and lifestyle factors may achieve higher loans in certain instances.
Recent changes in the market have introduced new hybrid plans which may allow higher loan to values, if appropriate and circumstances allow.
To ensure that Equity Release is right for you we will discuss your personal and financial circumstances with you as well as your objectives and plans both whilst you are alive and after you pass away.
There may be other options for you to consider other than Equity Release and we will discuss these with you as part of our conversation with you. If you have family we would welcome them to join us in this conversation, if you would like them to be involved.
The interest charged and capital borrowed is usually repaid on death; this means that if you were planning on leaving a wealthy estate to your next of kin, an equity release product will reduce the amount they could receive – it also reduces the amount that could be available from your estate for your future care needs that you may want to fund yourself.
Most Lifetime mortgages are protected by the Equity Release Council Rules which ensures that there is 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 and therefore your dependants will not be left owing anything to your estate, among other protections.
SHIP or Safe Home Income Plans, is an industry body in the equity release industry that sets high standards and safeguards for providers and consumers. The primary role of SHIP is to implement safeguards and standards to protect consumers who utilise equity release plans ensuring that all members provide secure, transparent and fair services. In 2012, SHIP rebranded as the Equity Release Council (ERC), broadening its original remit.
The ERC continues to promote safe equity release practices, providing a set of guarantees for homeowners including the right to remain in their property for life and the assurance of no negative equity.
As a member of SHIP, providers must adhere to a strict code of conduct, including offering a no negative-equity guarantee, it also must include the option for consumers to remain in their home for life or until you need long-term care, providing you with security and peace of mind.
Additionally, all legal work must be performed by a solicitor of the client’s choice and all plans must clearly state all costs involved.
Not all equity release plans are protected by SHIP.
SHIP membership is a strong indicator of a provider’s commitment to responsible lending and consumer protection and it is highly recommended that you choose an equity release plan from a SHIP member to ensure that your plan comes with the necessary safeguards and protections.
Always check whether a provider is a member of SHIP before proceeding with an equity release plan.
Holly Hensleigh – Equity Release and Long Term Care Adviser
As a Independent Equity Release Adviser, I can offer deals from the whole of the market, meaning I’m not restricted to specific lenders. Our range of specialist equity release lenders allows me to offer you the best deals on the market.
I work with 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 get in touch!
