What is an Equity Release Mortgage?
These are a range of products that are only available to homeowners over the age of 55. Equity Release is a way for you to access the equity (wealth) tied into the value of your house, without you having to sell your property. The amount that you can borrow will depend on the value of your home and your age.
An Equity Release Mortgage product will usually be either a Lifetime Mortgage or Home Reversion. These mortgages have no fixed term and you don’t need to make regular repayments (unlike a standard mortgage or loan). Essentially, it’s designed to be repaid by the sale of your home should you pass away or move into permanent care.
What can you use the money for?
Having an Equity Release Mortgage means you can put the wealth of your property to positive use and there are no restrictions on how you use the money – whether that is to help loved ones, make improvements to your home or quality of life, pay off any debts or take a trip of a lifetime. Any money you take from Equity Release is completely tax free.
Will it affect other Benefits?
Equity Release may not be right for you and could affect your right to ‘means tested’ state benefits and could reduce the value of your estate.
AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
THIS IS A LIFETIME MORTGAGE/HOME REVERSION PLAN. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
A LIFETIME MORTGAGE/HOME REVERSION PLAN WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE.
Our fees and charges vary depending on the Services we provide to you. We typically charge a fixed fee of £495 payable upon completion.
Testimonials
Thank you very much for sorting out our mortgage! You have been brilliant. Definitely recommend you to anyone and will be dealing with you in the near future.
Just to say a massive thank you for all your invaluable help. It is very much appreciated. Couldn’t have done it without you.
Just a little note to say thank you once again for all your help and support with our (TRICKY!) remortgage. We really do appreciate all the time and effort you put into sorting it out.
Thank you so much for once again being immense help with our mortgage and insurances. We’re thrilled to have moved and are enjoying the unpacking and planning DIY!
Many thanks for all your help in getting back on the property market. Your help and advice has been invaluable.
From the both of us, our very sincere thanks to you for all your help and advice over the past few months. It has been a long road to get here and you have worked so hard for us, we really can’t thank you enough. We’re so pleased to finally own our own home, and you have been a huge help in making that happen.
Adaptability; in being very professional, whilst always taking the time to go over anything that was miss understood our end to making the experience very enjoyable and a good laugh. Richard is now a contact for life
Richard is an excellent adviser who is always pragmatic, honest and realistic in his approach. We have really valued his kindness and patience with us over all our dealings with him.
Very professional, very honest, gives you 150% customer service. We never trusted any other advisor the way we trust Richard
