Looking to Release Equity from your Home? Let's Check out your Options Below.
There are various ways and products that allow you to release equity from your home. However, making the right decision as to which you choose at outset is vital.
Equity Release? Which is it Right for You? Expert guidance should be sought.
The amount of cash you release is tax free and you don’t need to have paid off your mortgage.
There are many Equity Release products available in the UK. Our experienced Equity Release Advisers have helped over 1 million
people decide if Equity Release or a Retirement Interest only Mortgage is right for them.
Our local Advisers only recommend Equity Release or Retirement Interest only products approved by the Equity Release Council. They are happy to discuss your options over the telephone, or if you prefer in the comfort of your own home.
To discover how much you can release, please complete the "How Much Could I Release" section.
To find out more about Equity Release and Retirement Interest only Mortgages, read the sections below
Arranging Equity Release or Retirement Interest only Mortgage
Equity Release can free up cash from your home but it’s not suitable for everyone. It may be that you had an endowment or pension mortgage but the policy has not sufficient funds to pay off all of your outstanding mortgage. Whatever your circumstances, you should obtain appropriate advice from a qualified adviser who can guide you through the many options available.
Arranging an Equity Release or Retirement Interest only Mortgage is potentially complicated. This is why we recommend that your next step should be to talk to a fully qualified adviser regulated by the Financial Conduct Authority.
Because our advisers are 100% independent, they will recommend the best plans from the UK’s leading providers. They can find the right plan to suit your individual needs. You can rest assured the lender will be approved by the Equity Release Council.
Free Consultation
Your friendly Equity Release advisor will initially call you to find out why you are considering Equity Release.
The next stage is a consultation to discover more about your circumstances and develop potential solutions, relevant to your own particular circumstances. This next step can be over the phone, or if preferred, in the comfort of your own home.
Compare Without Obligation
From initial enquiry, through to completion, you will be allocated your own dedicated adviser who works in your local area.
Once your advisor has determined which product is best for your own unique circumstances, they will research the market to find the best plan for you. They will also provide you with personalised illustrations. These help you understand the benefits, features but also the risks you should be aware of.
You are free to ask as many questions as you like and there is never any pressure to proceed.
Equity Release Or Retirement Interest Only Mortgage
You are not alone. There are many people who took out endowment or pension mortgages.
Unfortunately, the value of the endowment or pension
is insufficient to clear the outstanding mortgage. The good news is there are solutions through equity release or retirement interest only mortgages.
Which one is right for you?
This can only be determined by a qualified adviser. They will need to know your specific circumstances. When you seek advice your adviser will explain the difference between the products and recommend the best plan for you.
Cutting Costs
There are several ways your adviser can help reduce your costs. These include finding the right plan with the lowest interest rate and charges. Some optional features could also save you money. Your adviser will help you cut costs and ensure you are getting the best rate.
No-Negative-Equity Guarantee
The compounding effect of the interest means the total owed can grow quite quickly. If you live for many years after taking out the loan, you could find the debt eventually exceeds the value of your property. It is therefore vital that you only take out a plan with an Equity Release Council approved lender, as these have a no-negative-equity guarantee. This ensures you can never owe more than your home is worth.
Your Equity Release adviser can recommend products that protect your estate. They will also provide you with a detailed projection showing how much the plan will cost over your lifetime, so you understand the financial implications.
Protect your Family’s Inheritance
If you take out an Equity Release plan, you will have less Estate to pass on to your family as an inheritance. Your home will usually be sold to repay the loan and, depending on how much interest has accrued, there may be less to pass on to your family. It could also affect your entitlement to current and future means-tested State benefits.
Your Equity Release adviser will explain how to maximise the value of your estate and encourage you to discuss your plans with your family before taking out an Equity Release product.