Are you thinking about equity release?
Taking out equity release is an expensive way of raising money and generally only suits a small percentage of our clients. We will only recommend equity release if it is appropriate to your situation and after looking at all the other available options you may have, which will include:
Downsizing – you may want to look at moving to a smaller property in order to release capital
Selling other assets – you may own other assets you can sell to raise money
If you would like to know whether equity release might be the right solution for your particular circumstances, call us to arrange a no-obligation meeting with one of our advisers. The initial consultation is always at our expense. Depending upon circumstances we may also encourage you to involve immediate family members in any discussions, as well as seeking legal advice.
- Long-term care
- Medical needs
- General living costs
- Helping out family members
- Home improvements
- Travel and hobbies
Generally there are certain conditions that need to be met before taking out equity release, for example:
- You will need to be a minimum age of 55
- You must be a home owner with no dependants living with you
- You have little or no mortgage left on your property
- Your property must be in reasonable condition
- Your property must be over a certain value
Costs and Fees
Completion, arrangement or application fees that cover administration costs
Valuation fees that will depend on how much your home is worth, with higher prices for more expensive properties
Solicitors’ fees that cover the legal work carried out on your property
Early repayment charge if you want to pay off your loan early
It is important to make sure you get specialist financial and legal advice before signing up for an equity release scheme.