Chat to an adviser online about equity release options now >>>>>>>
With so many options in the marketplace, finding the best deal is almost impossible, thats why you should be speaking to us, our systems and contacts allow us to search through the whole marketplace for the very best deals and rates. Talk to one of our equity release advisers online now and request a free quotation.
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How
long have you owned your current home? 10 years? 20 years?
30 years or more? Even if you’ve only lived there for
five years, it’s probably worth a lot more now than
when you bought it.
Do you ever look in Estate Agents’ windows and congratulate
yourself when you see how much other houses nearby are selling
for, knowing yours must be worth about the same? The trouble
is, that value is only on paper.
It’s locked up in your property. You can’t invest
it for income, make your retirement dreams come true or reduce
your potential Inheritance Tax liability.
Enrich your
retirement by releasing capital locked in your home
A Home
Equity Release plan is a way of using some of the capital
tied up in your home to give you a more comfortable and enjoyable
retirement. If you (and your partner) are aged 55 or over
and are homeowners, you could be eligible for an Equity Release
plan and make much more of your retirement. The amount you
can borrow will depend upon your age and the value of your
property.
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Make
your retirement dreams come true with equity release
There are various
Equity Release plans on the market. Whichever one you choose,
you can carry on owning and living in your own home and have the
financial freedom you need to make the most of your retirement.
What’s more the Equity Release plans we deal with have a
no negative equity guarantee meaning you or your estate will never
be asked to repay more than the open market value of your property,
so you may still be able to leave your family or friends an inheritance.
Better still, you don’t have to make monthly repayments
and you can even move home if you wish.
When looking at using your home as a source of capital there are,
broadly speaking, two types of scheme available:
Reversionary annuity plans
These plans work by the provider purchasing your property but
leaving you with a guaranteed legal entitlement to live in your
home at a nominal rent (usually of £10 per annum) for the
rest of your life. The insurer will pay you the lump sum or income
from an annuity until your death whereupon your home will be sold.
The proceeds at that time will be paid to the life assurance company
as the deferred single premium for the annuity enjoyed by you
until your death.
Should you prefer not to dispose of the entire interest in your
property then a partial interest may be disposed of, the remaining
interest being passed on by you in your will.
Alternatively you may dispose of the remaining interest at a later
date to boost your income still further.
The amount of money released to you will not directly relate to
the portion of the property sold as other factors such as life
expectancy are taken into account.
It is important to remember that you will remain responsible for
the insurance, maintenance, running costs, rates and service charges
relating to your property. The company will expect it to be kept
in a good state of repair so as to preserve the value of the asset
it acquires from you.
Mortgage type plans
These plans work in a similar way to a normal mortgage by allowing
you to use your house as security for a payment free loan. Again,
this type of scheme can provide either an income or lump sum (or
a combination of the two).
The loan and interest only become payable when you die or leave
your home because you need long term care. You will have no repayments
to make until the property is sold on your death or at a time
when you need to enter long term nursing care. Should you choose
to move to a lower value property for any reason then you may
be required to repay a proportion of the loan plus interest. In
addition, if your circumstances change and you are able to repay
the loan early, for any reason other than entering a care home
or death, early repayment charges will apply.
With this type of scheme the amount of money released to you will
directly relate to the value of the property.
As there are many different equity release providers to choose
from and many different types of scheme available it is imperative
that you seek advice before proceeding. We offer this service.
We will review your current requirements and search the whole
market to find you the most cost effective and appropriate provider.
Please click on the tabs at the top of the page and we will contact
you with a view to help you put the correct plan in place.
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We would like to introduce a new range of specialist mortgage and property finance websites that may be of assistance to you, first a site for mortgage quotes, adverse credit mortgages, property development, self certification mortgages and finally commercial mortgages. For further information on any of these or to view the mortgage website please click onto the text links.
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