Equity Release In Norwich
Looking to raise tax free cash without moving home?
Compare Equity Release Quotes From UK Providers
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 Norwich
If you are a retired pensioner in Norwich, an equity release may be a useful way of generating an extra source of income. Using this type of agreement, policyholders can effectively supplement their income throughout their retirement without sacrificing their home.
There are two main types of equity release agreements available to customers, they are home reversion plans and lifetime mortgages. Both may be used to provide policy holders with a stable source of income that potentially last for the rest of their lives.
By using a lifetime mortgage, the customer uses their property as collateral in exchange for a loan from a provider. Customers will not generally be expected to make any repayments on the loan until after they are gone. After this happens, a portion of their sold estate will be given to the provider to cover the cost of the loan plus interest.
- Home income plans
- Fixed repayment mortgages
- Interest only mortgages
- Roll up mortgages
Each type of policy will have a number of different pros and cons, and it is therefore important to carefully select a policy that is best suited to the customer’s individual requirements.
Reversion plans differ from lifetime mortgages in that the customer effectively sells a portion of their property directly to the provider. If this type of policy is selected, the customer may be expected to pay the provider rent in some circumstances, and may be treated more like a tenant.
Depending on the provider, customers may be able to receive their money either in either regular instalments or as a lump sum. Much like a lifetime mortgage, money will be taken from the policyholder’s estate after they are gone to cover the cost of the loan.
Homeowners access record £1 billion in equity release in the last three months
Retirement Pension Advice News IFAs Report A Surge In Enqiries For Equity Release Advice
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