What is equity release?
An Equity Release plan allows you to access some of the capital that is tied up in your house.
Many of our retired clients discover that they are 'asset rich and cash poor'. There are many different reasons why you may be in this position. Maybe your pension isn’t as much as you had hoped for but you have seen your property value increase significantly. Perhaps you do not have sufficient income each month to buy the little extras in life but you do not wish to move house.
Our clients release equity for a number of reasons which include:
- Carrying essential repairs
- Home improvements
- Modification of a property to accommodate their needs
- Repayment of debts
- Making a gift to family members, children or grandchildren
- Make a gift to a child to help them get onto the property ladder with a deposit.
- To pay for healthcare needs
- Buying a car
- Paying for a holiday of a lifetime
- Inheritance Tax mitigation
- Increase level of income
Equity Release plans are fast becoming ever more popular. In the first quarter of 2008, more than £290,000,000.00 in equity release loans was made in lending by providers. Any embarrassment of having to seek out a release of equity from the home is no longer there. Many home owners, throughout the country are looking to equity release to bring them financial freedom in the later years of their lives.
Whatever you wish to use your capital for, why not contact us for a confidential chat and find out more about our 'Freedom Service'?
You should think very carefully about this information. If you are at all unsure about which equity release transaction is right for you, then you should ask your adviser to make a recommendation. We also offer advice on home reversion schemes and conventional mortgages, either of these products may be more suitable to your own circumstances.