So, what is equity release? Firstly, equity release is designed for homeowners aged 55 and over to release money from the property they live in without having to make any regular repayments. There are two types of equity release- Lifetime Mortgages and Home Reversion Plans. Both are regulated by the Financial Conduct Authority. Using [...]
By John Cossons, Mortgage and Protection Designer at Anstee & Co. When you are considering taking an equity release lifetime mortgage one of the main considerations is knowing how much equity you will have left to leave to your next of kin when you pass away. It is generally well known that with an [...]
First of all, many people who are looking at equity release often get confused about some of the product features on offer. Some would appear to be just a marketing ploy at first sight while others have some real benefits for you. The details below highlight some of the key terms used by the [...]
A survey undertaken by Saga Home Insurance into retirement planning found that many United Kingdom residents, who had recently retired, were planning major home improvements. It’s only natural that you would want to make home improvements now that you will be spending more time in your home during your retirement. How long are you planning [...]
By John Cossons, Equity Release Adviser Home care is an attractive alternative to residential care and is often preferred by those who have a lower level of care needs and wish to remain in their own home. Home care is available at varying levels for differing care needs. Yet like any form of care, there [...]
For homeowners with an interest only mortgage, these can be worrying times. Many will not have a repayment plan and could be looking at an uncertain financial future. The worst affected are people coming up to retirement. They are likely to have taken out an endowment plan which was designed to repay the capital amount [...]
By John Cossons, Equity Release Adviser with Anstee & Co. This article is based on a real equity release case. A 71-year-old client of mine had sold her property and was looking for a new house closer to her family. In an ideal world, she would have loved to buy a bungalow. However, she did [...]
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. [...]
Over the last year, we have seen the equity release market continue to grow. Furthermore, market commentators now estimate that lending has reached over £4 billion. So why the continual growth? Product Innovation. Many feel that the growth in equity release has been driven by lender innovation. Across the whole of the later life lending [...]
Originally equity release was designed for older people who wanted to increase their income in retirement by releasing some of the equity tied up in their homes without downsizing. The equity release market is very competitive with lenders bringing out more initiative products that can offer more flexibility than before. These new products still offer [...]
