As a homeowner, you will be aware of the increasing value of your home. Like many other people, you may find that your property is now worth much more than the amount you originally paid.
How can you release this equity?
Equity release allows you to unlock money from your home. This could be in the form of a lump sum or a drawdown facility. A drawdown facility also allows you to take funds when you need them up to an agreed limit. You only pay for what you use.
Will this affect my benefits?
It is important to keep in mind that means-tested state benefits, such as Pension Credit and Council Tax reduction, may be affected by taking an equity release product. You should also check your potential future entitlement or ask your financial adviser to do that for you. So be aware that equity release can affect your entitlement to means-tested benefits.
What tax will I pay?
Lump sum payments received from equity release are completely tax-free.
Can I still live in my home?
Equity release does not affect your living arrangements and you can continue to live in your home. You can also move to another suitable property.
What can I do with the money?
Anything you like. There are no restrictions on what you use the money for. It could include-
- Paying off your existing mortgage
- Home Improvements
- Consolidating debt
- Increasing your retirement income
- Paying for care in your own home.
- Helping family pay for education fees or a wedding.
How Anstee & Co can help you with equity release.
We have a team of financial advisers who will be able to provide you with more information and a personal illustration. The illustration will highlight you how much you can borrow and show how the interest is rolled up into the loan.
Our expert financial advisers can come to your home or you can meet at one of our offices located at-
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Birmingham, Snow Hill Queensway
- London, Pall Mall
To find out more why not contact us today to arrange a free initial, no obligations meeting.
We are members of The Equity Release Council.
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