Releasing 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.
New figures from the Equity Release Council show that over £11 million a day is being unlocked from peoples home. More than £1 billion has been lent in the three months leading up to September 2018. This is an increase from the same period as last year.
How has the equity release market changed?
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 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 with property purchase.
Can anyone apply for equity release?
You 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, known as compound interest. Also, as a rule of thumb, the debt doubles every 15 years. Most lenders guarantee that you will not end up owing more than your house is worth.
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.
How Anstee & Co can help you with equity release.
We are members of the Equity Release Council and work to their code of practice. All our equity release advisers have taken additional professional qualifications to be able to advise you.
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. We do not work from a limited panel or only recommend one provider.
The first fact-finding meeting is free and without obligation.
You can arrange a meeting at a time that is convenient for you. This includes your home. If you are looking to involve your family, weekend and early evening appointments are available. We have offices located at-
Kettering, Northamptonshire- Stamford, Lincolnshire
- Birmingham, West Midlands
- London, Central London
Furthermore, our advisers live and also make use of meeting rooms in-
- Wellingborough
- Towcester
- Northampton
- Droitwich
Finally, why not contact us today for your own personal equity release illustration.
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