Equity Release In London
Compare Equity Release Plans For Homes In London
How your figure is calculated?
The primary factors used to determine the amount of cash you can raise with equity release are:
- Property value – A higher value property will result in a higher equity release calculation
- Age of youngest applicant – If you are applying as a couple the amount of equity you can release will be calculated based on the youngest applicant
- FREE initial consultation for UK Homeowners aged 55 plus
- Full assessment of your circumstances on whether Equity Release is right for you.
- Specialist advice for homeowners on equity release scheme options.
- High level of personal service.
Things to consider
Key Advice, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.
Equity Release In London
For many elderly people in London, an equity release could be a very valid option, as it would allow them to access funds that would otherwise remain tied up in their home, and allow them to live out a much more comfortable retirement.
If you are looking for equity release in London, there are two main options for you to consider:
- With a lifetime mortgage, you would take out a loan on the value of your house
- This could be received as a lump sum or, in some cases, you could opt to withdraw money later on
- You would still fully own your property up until your death or until you move permanently into a retirement home
- Lifetime mortgages tend to be portable, so you could have the freedom to move house if you wished (although certain conditions may apply)
- When you die or move into a retirement home, your property would be sold to pay back your loan.
Home Reversion plans are essentially very similar to lifetime mortgages, but instead of taking out a loan against the value of the property, a portion of it is sold directly to a provider in exchange for either a regular source of income, or a cash lump sum.
Home Reversion Plan
- You would no longer fully own your home, although you would be able to live there as a tenant for the rest of your life
- You may be required to pay rent to the reversion company, but this is not always the case
- Upon your death or your permanently moving into a residential home, your home would be sold, with the reversion company taking their share of the proceeds to cover the cost of the loan.
It is very important to consider all your options before committing to an agreement. If you are interested in sourcing quotes for equity release deals in London, we could help you. Please click below for quotes and further information on equity release.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.
Homeowners access record £1 billion in equity release in the last three months