Why clients, over 55, use Equity Release
To raise funds to pay for “Care at Home” rather than having to go into Residential Care and sell their home.
Buy a new house – move house and may need mortgage finance.
Help relatives, often children/grand-children, with a deposit on their first or next house purchase.
Downsize but still need a smaller mortgage.
Personal expenditure- holidays, day to day living costs.
Home Improvements – to help with things like access to property or property alterations to help with medical conditions in later life.
Repay an existing Interest Only Mortgage that is about to expire.
Remortgage an existing Equity Release Mortgage.
Other ways clients can gain access to their equity
This is a fairly new way of borrowing funds against your property. It is basically an interest only Mortgage for life. You can raise funds for any purpose. To date, our clients have used this to either repay an interest only mortgage or to purchase a property. The amount you can borrow depends on the value of your property and your current and future pension income.
We take our commitment to you very seriously, and we carry out in depth calculations to ensure that your retirement income, will support your monthly repayments as well as ensuring that you can maintain your normal standard of living.
Draw Down Plans
This is where you can take out an initial lump sum and have a further pre-agreed sum of funds for your use, if and when you require. You don’t pay for these funds unless you use them.
Clients who have used this facility tend to do so to top up their monthly or annual income. Alternatively, they use it for the luxuries that they couldn’t afford without having these funds available.
All products carry their own terms and conditions, all of which will be explained to you in detail before you’re committed to any application.
Learn more about Equity Release
What is Equity Release
Equity release is a “Tax Free” way of “unlocking” or “releasing” capital tied up in the property you own and live in, these funds can be used as you wish. Learn more about what Equity Release is and why you may need it.
What are Equity Release Mortgages
There are two main types of equity release schemes – reversions schemes and lifetime mortgages – and choosing the right one is absolutely crucial. Learn more about which may be best for you.
Is Equity Release right for you?
Equity release is not always suitable for everyone. We will explain to you and your family if we feel that equity release is not the right option for you and how equity release works. Learn more about your options.