Equity Release Loan
Looking to raise tax free cash without moving home?
Compare Equity Release Quotes From UK Providers
Mortgages In Retirement
Mortgages In Retirement Service
- Borrowing options from age 55 to 99
- Independent advice on your mortgage options
- Interest only options
- No obligation service
- One short form to complete
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 Loan
Equity release loans are commonly used by elderly people and retirees who may wish to free up finances that are stored in their property. These policies are often selected by people whose pensions may be depleted, and in financial terms, are ‘property rich but cash poor’.
An equity release loan will essentially allow customers to either sell, or take out a loan against the value of their property that can be spent on anything they wish, with the added benefit that they will not usually be required to leave their home until after they have passed on.
If for searching for a suitable deal from a provider, it is important to consider exactly what type of agreement you will be best suited to before searching for quotes on an equity release policy. There are two main types of equity release loan that are available, details of these policies can be found below:
With a Lifetime Mortgage Agreement:
- A loan is taken out that is secured against the value of your home
- You may receive a lump sum that can be spent on whatever you wish
- No interest has to be paid on the loan whilst you live in the property, but interest on the initial loan will be taken from the
- sale of the property after you are gone.
In a Home Reversion Plan:
- Some of, or all of the property is sold to the provider
- You may receive a either a lump sum or regular payments
- As the property is directly sold off, you may remain there as a tenant
While these agreements may provide policyholders with a valuable alternative source income in many situations, it is important to remember that they may not be entirely suitable for everyone.
Although policyholders remain free to enjoy their retirement with an extra source of income, these agreements are not without their drawbacks. In order to set up an equity release loan, customers may be expected to pay some legal and valuation fees. Furthermore, the value of the property will also typically decrease after a portion of the estate is sold to the provider.
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
Retirement Pension Advice News IFAs Report A Surge In Enqiries For Equity Release Advice
Equity Release Links
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- How Does Equity Release Work?
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- Is equity release a good idea?
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- What is equity release?