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.

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

A lifetime mortgage is a form of equity release. The Equity Release Council is an industry body for the equity release sector; representing the providers, qualified financial advisers, solicitors and intermediaries.

The Facts

1. With a lifetime mortgage, you still own your home. You can live there for as long you want to.
2. To apply for a Lifetime mortgage you need to be aged 55 or older.
3. You can have an existing mortgage when you apply. This mortgage will need to be repaid before completion. The money you release from your lifetime mortgage may be used to do this.
4. Lifetime mortgages are regulated by the Financial Conduct Authority (FCA).
5. You will never owe more than the value of your home with plans approved by the Equity Release Council. So no negative equity, guaranteed.
6. You can move home with some plans as long as you meet their criteria. This will be things like the new property must be mortgageable and there must be enough equity in the new house to cover the loan.
7. If leaving an inheritance is important to you some plans will allow you to do this.
8. You can fix the rate of your lifetime mortgage for life.
9. Releasing money from your home and spending it, will reduce the value of your estate. It may also affect your entitlement to government means-tested benefits.
10. You will appoint your own solicitor who will ensure that you understand the legal side.

How Anstee & Co can help you with a lifetime mortgage

We are a proud member of the Equity Release Council and operate to their high standards.

To see if a lifetime mortgage is right for you or a member of your family then why not contact us today. As independent financial advisers, we can look at all the options that are available before we provide our financial advice.

The initial meeting is free and without obligation. Meetings can be arranged in the comfort of your home or at one of our office locations-

Kettering, Northamptonshire

Stamford, Lincolnshire

Birmingham, West Midlands

London, Greater London

Our independent financial advisers live and make use of meeting rooms in

Bedford, Bedfordshire

Droitwich, Worcestershire

Northampton, Towcester and Wellingborough, Northamptonshire.

Why not contact us today to see how we can help you secure a better financial future with the money you have.