Equity Release Schemes
What Equity Release Schemes can you offer me?
Our FCA qualified Independent Equity Release experts can offer the full range of equity release schemes, lifetime mortgages and home reversion plans to suit your requirements. All equity release schemes will be been vetted and must be a member of the Financial Conduct Authority (FCA) and the Equity Release Council, thereby providing the security net necessary for these customers.
How do I qualify for Equity Release?
If you are a homeowner with little or no mortgage, aged 55 or over then you should qualify for an equity release. Your Equity Release Specialist can gauge whether you personally qualify by making a series of checks, one of which will be to assess if you can raise sufficient funds to the purposes intended.
By using the equity release calculator a calculation can be made to establish to maximum equity release lump sum. Also the equity release specialist will check your property to ensure it qualifies e.g. some lenders decline flood risk areas, or high rise flats. Only by gathering this data can your personalised equity release quote be generated, with advice following suit.
Types of Equity Release Schemes
There are two main types of equity release schemes;
Lifetime Mortgage
A loan secured against your property which can be with, or without monthly repayments. The lifetime mortgage is now the most popular format for equity release, accounting for over 98% of all UK equity release. The loan runs for the rest of the property owner's life and only repaid when they enter long term care or have died.
Lifetime mortgages also now include – Interest Only Lifetime Mortgage, Enhanced (or ill-health schemes) and lump sum. Lastly the most popular plan is the Drawdown Lifetime Mortgage which allows retirees to take the money in stages, rather than as one lump sum.
Home Reversion
You can sell part, or all your property in return for a tax free lump sum. In addition a lifetime lease is guaranteed to offer permanent residence in your home. Some companies offer a home reversion plan calculator to assess how much they can borrow. There is no interest charged with home reversion and any escalation of the house price is only attributed to the portion of the property retained.
The main benefit of home reversion plans is that a guaranteed inheritance can be left to your beneficiaries.
Feel free to call us on 0800 689 1649 and we will provide you with impartial, honest and detailed equity release advice.
Equity Release Calculator
Interest Only Mortgage Calculator
Equity Release Calculator
Interest Only Mortgage Calculator
These are lifetime mortgage and home reversion plans. To understand their features and risks, always ask for a personalised illustration.