Hello, I’m John Whyte, Specialist Equity Release Broker covering Hampshire and the whole of the UK.
I’ll help you choose an equity release plan that’s right for you, leaving you to enjoy your retirement.
I’ve prepared a handy guide to answer some FAQs but welcome you contact me so I can answer your questions personally. To understand the features and risks of your own lifetime mortgage, please
ask for a personalised illustration.
Why choose equity release?
Equity release can be a convenient way to access the money tied up in your property, especially if it is the case that you don’t have many cash savings but there is a lot of value in your home. ‘Cash poor’ but ‘asset rich’ homeowners who are heading towards retirement age may choose equity release to benefit from a lump sum or a series of payments to help them achieve a more comfortable lifestyle.
An equity release scheme can be used for any purpose – from funding home improvements or luxury holidays to helping family members get on the property ladder or pay school fees for the grandchildren. There’s a wide range of different plans and providers on the market, so it’s vital that you do your research and find the right equity release plan for your particular needs.
According to property website Rightmove, properties in Hampshire have increased by 11% in 2020/2021, and by 18% compared to 2018. The average price in the county is around £389,222, most of which were detached properties that sold for an average of £580,474. Zoopla identified the most desirable places in Hampshire as Brockenhurst in the New Forest (average property price of £1,000,615), Liphook (average £636,551), Alresford (average £600,028) and Winchester (average £Winchester 593,518). Given these continued healthy capital growth rates, now could be an excellent time to consider equity release.
If you are looking to find out more about possible equity release plans for your home, including lifetime mortgages, later life mortgages or home reversion plans, I offer free, no obligation telephone consultations to answer your initial queries. I regularly travel throughout the southern counties and am happy to meet you at your home, whether you’re based in Basingstoke or Portsmouth, Southampton or the New Forest, to help you find a plan that is tailored to your personal circumstances.
Why not get in touch by calling John Whyte Equity Release on 01903 254993 today?
How equity release works
1. Advice
Lets explore how much you could release
2. Search
We’ll find a product that suits your needs
3. Apply
Your application is made
4. Legal
An independent solicitor confirms your application
5. Complete
Your cash is unleashed
Testimonials
Equity Release – the right choice for you?
Are you a homeowner in Hampshire over the age of 55 years? As you approach retirement age, you may come to realise that the bulk of your wealth is tied up in the value of your home. Property prices in the South East have risen considerably since the 1990s, so the equity in your home may be worth a significant amount.
Read moreWhat types of equity release are available?
The two main types of equity release are lifetime mortgages and home reversion plans. A lifetime mortgage is the most common type of equity release. These allow you to withdraw money from your home in either a lump sum, or multiple smaller payment. You will retain full ownership of your property and the interest on the payments is ‘rolled up’ – the loan and the interest is paid off by your estate when you die or move into long-term care.
A home reversion plan involves the provider purchasing a percentage of your property that then allows you to access its value. You retain the right to live in property rent-free. Similar to a lifetime mortgage, when the property is sold, the provider takes their portion and your estate keeps the rest.
Does the cash release from the property get taxed?
If you choose to take a lump sum from your lifetime mortgage, the money is tax free. If you continue to earn a regular income, make investments, or deposit into savings, you will be charged interest on gains you receive.
How much could you release?
Our Case Studies
Mr & Mrs B from Sussex
Aged 70 & 74. Property Value £165,000. An initial release of £26,400 for debt consolidation, minor home improvements, holidays for the year ahead and Birthday/Christmas spending on their family. Further (annual) sums have since been drawn to continue provision for the annual costs of holidays, birthdays and Christmas presents for their every growing family.
Mr & Mrs P from Hampshire
Aged 67 & 65, Property Value £300,000 outstanding mortgage of £56,000 with a term due to expiry, Other debts of £17,000, Total Monthly Cost of £540. Total Release of £74,500 to repay in full all debts and initial set up costs, interest to be serviced as equivalent monthly cost is lower at circa £400pm and capital ultimately repaid on death from the estate.
Mr & Mrs S from Guildford
Recently retired Mr & Mrs S had means of ‘paying’ interest and possibly even mortgage loan capital but they found that ‘normal’ mortgage lending was restricted. To fund renovations on their new property, the couple opted for a small £30,000 release, made on a value of approximately £330,000. They are now looking to release further funds to indulge their ‘bucket list’!
Get in touch
For more information about Equity Release in Hampshire, please get in touch by completing the enquiry form on the right hand side, or simply call 01903 254993 to start exploring your options.
Talk to us today about equity release by calling 01903 254993 or by the form below.
Equity Release Sussex is a trading style of The Later Life Lending Network Limited, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority (Ref – 649443). Registered in England and Wales no. 09832887. Registered address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.
For Independent Equity Release advice we do not charge any upfront fees however,
a fee of up to 1% of the total cash facility arranged is payable (subject to a typical minimum charge of £1,295) on completion for our service in relation to lifetime mortgage contracts plus commission from the lender.
The exact amount will depend on the complexity and work involved in your case and will be confirmed by way of a formal fee agreement.
For Independent Mortgage Advice we charge a fee of up to 1% of your mortgage amount payable (subject to a typical minimum charge of £295 payable on application & £300 on completion (£595 in total) plus commission from lender. The exact amount will depend on the complexity and work involved on your case and will be confirmed by way of a formal fee agreement.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK