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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

For 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/

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My mortgage needs were not simple to deal with, but Dan’s knowledge and experience really shone through. He was professional in his dealings with me and explained everything to me in a clear and concise way, ensuring I fully understood the mortgage product I purchased.

P Davies,September 2019

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The service at Cosgrove Brown really has been first class. Not only was Dan, the Mortgage Broker friendly and relaxed, nothing was too much trouble for him. He seemed to go above and beyond in helping where he could. He really took a lot of pressure off me in what couldve been a really stressful time. I would 100% recommend Cosgrove Brown, the service was exceptional and really good value for money too.

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Straight forward information and easy to follow progress, being able to see everything via the Old Mutual portal is excellent. Stress free from start to finish and such a good feeling about who is best at looking after my financial future.

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Daniel never let up and his tenacity was commendable. I was kept informed of our mortgage progress at every stage.

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