Equity Release is not what it used to be. It’s much better now
The options available under Equity Release products have changed significantly over recent years. They had to because the reputation of Equity Release wasn't a good one. It's reassuring to know that you no longer have to sell a portion of your home or move out of it to raise funds from it.
There are now many major providers operating in the Equity Release market, including Aviva, Legal & General and LV. There are also a considerable number of trusted smaller providers who offer excellent products. This wide variety has created a healthy level of competition and there are now some really good Equity Release products, including ones where you can make repayments to stop the amount you release from increasing over time. Some plans also allow the full amount released to be repaid whenever you want.
What is Equity Release?
Equity release is a way of unlocking a proportion of the value, or equity, you have in your home in exchange for a tax free lump sum; without having to move.
To be eligible for equity release you must be aged 55 or over with a UK property worth at least £70,000. The minimum age, property value and property criteria does vary between providers. We will be able to give you full details about this.
How much equity can I release?
As a guide you will be able to take a lump sum of up to a maximum of approximately 50% of the value of your home but it can be higher or lower than this depending on your circumstances.
You must own your home to qualify for Equity Release. You still can take Equity Release if there is a mortgage outstanding on it but in most cases, some of the proceeds from the Equity Release lump sum must be used to repay the mortgage.
What can I use the cash for?
There are no restrictions on what you can do with an Equity Release lump sum. Below are some examples of the usual things people use Equity Release for:
- Consolidating existing debts
- Helping loved ones get on the property ladder
- Buying additional properties/Making investments
- General lifestyle requirements (home improvements/holidays etc)
- People also take Equity Release to reduce the value of their estate for inheritance tax planning purposes.
To arrange a FREE no obligation discussion about your options please contact the Equity Release Partnership on 01793 272082 or email: firstname.lastname@example.org
Home visits can be arranged.