It is true that most people’s financial wealth in the UK is tied up in their property. Many retired people consider themselves to be “cash poor but property rich”. To help you release this money, equity release can be used in later life to supplement pension income or used to finance major items of expenditure.
This can include-
- Pay off mortgage debts
- Home improvements
- Gifts to help your children or grandchildren to get on the property ladder
- A once in a lifetime holiday
There is virtually no restriction on how you spend your money as long as it’s legal. With the added bonus that it’s tax-free.
So what is equity release?
Equity release allows homeowners aged 55+ to release equity tied up in their property without the need to move house. Unlike a traditional mortgage, the plans do not have a set repayment term. They also allow you to remain in your home for the rest of your life.
There are two types of equity release schemes-
This is by far the most popular type. A key advantage is that you retain full ownership of your property. The interest can be rolled up (compounded) and repaid in full when you pass away or if you move into long-term care.
Home reversion plans.
These are less popular. You sell part or all of your home to a reversionary provider in exchange for a cash lump sum.
You can find out more on our website.
Could Equity Release be right for me?
Equity release plans are not right for everyone and it is important that you fully consider your options. Taking out an equity release plan can reduce the value of your estate and affect your ability to claim means-tested benefits. As independent equity release advisers, we will work with you. If appropriate and only at your request, we will involve your family.
It is also important that, if you do decide to use an equity release product, you choose one that meets your needs. Taking an equity release plan should be seen as a long term financial commitment.
Our team of expert financial advisers can help you to choose the plan that is right for you. We will get to know your financial position and what you are trying to achieve. When we fully understand your needs we will make a recommendation.
How Anstee & Co can help you release your money.
We are a firm of Independent Financial Advisers (IFA’s). This means that we look at all the options available to you. Not just Equity Release. Our advice is unbiased. Additionally, we are proud members of The Equity Release Council.
The first fact-finding meeting is free of charge and without obligation. The meeting can be arranged at a time and location that is convenient for you and your family. This can include home visits. Why not contact us today to arrange a meeting?
- Birmingham, Two Snow Hill
- London, Pall Mall
- Stamford, Lincolnshire
- Kettering, Northamptonshire
- Towcester, Northamptonshire
Finally, our financial planners also live and make use of meeting rooms in-
- Bedford, Bedfordshire
- Droitwich, Worcestershire
- Market Harborough, Leicestershire
- Northampton, Brackley and Wellingborough in Northamptonshire
These products are lifetime mortgages or home reversion plans. Equity released from your home will be secured against it.