senior man having a adventure in the snowReleasing money from your home has become more popular with retired people wanting to live life to the full while they are still fit and well.

Figures from the Equity Release Council show that £1.17bn of property wealth was accessed by new and returning customers, in quarter 2  of 2021. So, by releasing money from their homes many retired people are opting to enjoy life to the full when they are still active and able to enjoy the adventure.

How has the equity release market changed?

Firstly, new providers have entered the market to meet the demand from homeowners looking to release the equity built up in their home. This increased competition is also helping to keep the rates and fees competitive and it has brought more flexible products to the marketplace.

The figures from the Equity Release Council show that the money is being spent mainly on home and garden improvements. Adapting the home to make it accessible with wet rooms, ramps and stairlifts are often purchased with the money. Luxury holidays are also a popular choice. Many will gift money to the family to pay for university or schools fees or to help them get on the property ladder.

Can anyone apply for equity release?

The Equity Release Council logoYou need to be aged fifty-five or over and a property owner. Some lenders will look at buy to let properties that you own. You must remember that equity release is a long-term commitment. Although you do not normally make monthly repayments, interest is still charged. So you will be paying interest on your interest. This is known as compound interest. We only recommend lenders that guarantee that you will not end up owing more than your house is worth. We will always provide you with a written personal illustration.

The loan is usually repaid on death or when you move into long-term care. Above all, we would recommend that you involve your family and tell them what you are planning to do.

How Anstee & Co can help you plan your adventure.

First of all, we are long-standing members of the Equity Release Council and work to their code of practice. Our three equity release advisers, Darren Amos, Amanda Hallybone and John Cossons, have all taken additional professional qualifications to be able to advise you.

Importantly, we are independent. This means that we will look at all the options available to you. Not just, Equity Release. We will research the whole of the market. So, unlike some equity release advisers, we do not work from a limited panel or only recommend one provider.

The first “getting to know you” meeting is at our expense and without obligation. Why not contact us today

You can arrange a meeting at a time that is convenient for you. If you are looking to involve your family, weekend and early evening appointments are available. We have offices located at-

  • equity releaseKettering, Northamptonshire
  • Stamford, Lincolnshire
  • Towcester, Northamptonshire
  • London, Central London

We are following Government advice so no matter how coronavirus (COVID-19) is affecting you we are still able to assist. No need to visit an office as all work can be undertaken remotely. This may be by-

  • Zoom
  • Microsoft Teams
  • Facetime
  • Skype

We can even arrange a conference call. So, the choice is yours. Whatever works best for you.

Finally, if you have any thoughts or comments about this article, “Adventure before Dementia”, then we would love to hear from you.

Financial Conduct Authority regulate financial adviceThe information contained in this article is for information purposes only and does not constitute advice. No action should be taken based on this information alone. Anstee & Co is regulated by the Financial Conduct Authority (FCA).

These products are lifetime mortgages or home reversion plans. Equity released from your home will be secured against it.