Is equity release right for you?
An increasing number of homeowners in Croydon over the age of 55 are finding that a significant amount of their money is tied up in the value of their home. Where house prices in the area have risen dramatically over the last twenty or thirty years, those fortunate enough to have a property in Croydon are finding that their home is worth substantially more than they paid for it, but have no way of accessing those additional funds without selling.
Equity release can be a useful way of using some of the capital invested in your home without having to move house, allowing you to draw a lump sum, a series of payments or a combination of both. This then allows you to invest in home renovations, give gifts to family members or pay for leisure and lifestyle costs.
Am I eligible for equity release?
It is commonly believed that there are many complexities revolving around qualifying for equity release, but this is not the case. Eligibility criteria for equity release is simple: you must be at least 55 years old, and you must own a conventional home in the UK which has a current value of at least £70,000.
How much can I borrow?
There are some factors determining how much you can borrow through an equity release product. Specifically, these include the value of your property at present, you and your partners age and health. There may be other specifics detailed by the scheme that you are interested in, and these can include medical conditions, lifestyle choices and more.
Working with John Whyte Equity Release
There are numerous equity release schemes available so consulting with a regulated professional is essential before making a commitment. By working together, we can find the scheme that fits best with your lifestyle needs and financial situation. This also applies to homeowners that already have an equity release plan but would like their terms to be reviewed to see if a better interest rate is possible.
I have been providing financial advice for over 18 years, and offer clients specialist, independent guidance about equity release all across London and the South East. Whether you are interested in lifetime mortgages, home reversion plans, later life mortgages or simply a bit more information about your options, I would be happy to help.
Equity Release Sussex is a trading style of TRM Financial Ltd (FCA Ref 725622), an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority (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.
To understand the features and risks, ask for a personalised illustration. Think carefully before securing other debts against your home.