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Your home may be repossessed if you do not keep up repayments on your mortgage

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Equity Release

paper family in front of moneyFor most people their house is their biggest asset.

If you're facing a pension shortfall, need to meet an unexpected expense or want to fund a retirement treat, equity release may be an option.

It allows you to tap into the wealth you've accumulated in your property without the hassle of having to move. 

Our specialist equity release adviser will explain in detail all of your options and the products available to you.  

Who is a typical equity release customer? 

While interest in the equity release sector continues to grow, there are many factors that consumers should consider before taking out a plan.

If you’re looking to take cash from the value of your home then equity release could be an option, but there are drawbacks which need to be considered. Customers must be over a certain age, be willing to take out a plan for life and fully understand the impact equity release will have on their finances.

Telegraph Money recently rounded up some of the key characteristics of an equity release customer:

Over-55s only

Equity providers have a minimum age for customers. Usually this is 55 and over, but in some circumstances this could be higher. If you’re younger than 55 then it’s highly unlikely that equity release would be appropriate, given the long-term nature of the agreement.

Have a good understanding of your health

Think about whether you are in good health before taking out a plan. If you are relatively young and healthy then it may not be cost effective to release equity now.

Due to the “rolled up” compounded interest, the interest charges grow sharply once you have taken out the plan. The longer you hold the mortgage, the more of the value of your home that will be whittled away.

Are willing to think long term

Equity release is a lifetime commitment and your plan will only end when you die or move into long term care. This means it is important to understand the overall costs, and what restrictions you will face after signing up.

While some providers will let you move home and “port” your loan to another property, that is not always the case. There may also be costs involved if you wish to move home, or redeem the mortgage entirely. You may also face restrictions on what works can be carried out to the property, such as extensions.

Have discussed with your family

While there is no legal obligation to do so, your equity release adviser should make ensure you have talked your decision through with your friends and family.

Taking out an equity release plan has major implications for family members who may be relying on inheritance in the future, as it will reduce the value of your estate.

Are not reliant on state benefits

Releasing equity from your home could impact your entitlement to state benefits. This is because this extra cash will affect means-tested benefits such as pensions credit and council tax support.

Taking cash from your home could reduce the level of welfare payments you receive in retirement.

Our specialist equity release adviser will explain in detail all of your options and the equity release products available to you.  Making sure you make the right choices for you and your family.

Read more ...

 

Source:  Adam Williams, 2nd October 2018, © Telegraph Media Group Limited 2018. https://www.telegraph.co.uk/equity-release/mortgages/typical-equity-release-customer/

Daniel went above and beyond to help us with our first mortgage. He explained the mortgage, its rates and terms very clearly, he was extremely patient and professional, we would highly recommend him.

Fi Davies, August 2018

Thank you so much for obtaining our mortgage, for persevering for so long and not giving up on us. We will be eternally grateful that we can finally live in the family home again.

Rebecca and Darren, Swansea 2017

The company is first class, discriminating, intelligent, utterly trustworthy and dependable

Maurice, Swansea, March 2017

My critical illness policy covers everything I need and took into account my lifestyle and income - thank you!.

Teresa, Llanelli

Daniel went above and beyond to help us with our first mortgage. He explained the mortgage, its rates and terms very clearly, he was extremely patient and professional, we would highly recommend him.

Fi Davies, August 2018

We would just like to thank Dan for all his hard work on this, less than simple, purchase. From the very beginning of this project Dan has shown great professionalism, excellent market knowledge and delivered customer service far exceeding any reasonable expectations!

C. Windsor, March 2019

We were really impressed with the speed with which you processed the mortgage and the great rate of interest!

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Thank you for the excellent service and advice given, you made my journey hassle free and tax efficient, and now very profitable

Steve Allan, March 2018

Gary provided excellent advice and assistance with a complex purchase. He understood the timescales and sourced lending when others could not.

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Dan cut through the jargon and was always there to respond to my questions; his work has helped my dream of buying a house come true.

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It was so nice to find someone who was happy to listen to all of my questions and concerns before we agreed on a plan of action.

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