Releasing wealth from your property, without having to sell
Equity release is a way of releasing the wealth tied up in your property, without having to sell it and move to another home. You could choose to either borrow against the value of your home or sell all or part of it in exchange for a lump sum or regular monthly income. it may also be possible to take further monies from your property at a later date, if required.
Equity release is designed to help customers over the age of 55 who either own their property outright, or have small mortgages left to pay. It 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.
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What is equity release?
Equity release schemes enable older home owners to release cash from the value of their property without the need to move house. Reasons for wishing to take out equity release may include finding cash necessary for;
- 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 & Fees
The costs and fees for setting up an equity release plan will vary between different providers. Typically they will include:
- 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.
Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.
Get in touch
We always offer a free, no-obligation initial consultation over the phone or face to face (Covid restrictions allowing) to see if we can help*.
If you’d like to arrange a consultation, or have any questions at all, please get in touch with us on 0141 352 7800
or click on the ‘Contact Us Form’ link below.
*Any work you ask us to carry out as a result of this meeting will be fee based.