Hello, I’m John Whyte, Specialist Equity Release Broker covering Epsom 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.
Is equity release the right choice?
When you reach retirement, it’s common to find that the bulk of your wealth is tied up in the value of your home, particularly if its value has increased significantly since you purchased it. When it comes to accessing this money, many people think their only option is to move to a smaller, cheaper property. Equity release is an alternative to this, allowing homeowners to remain in their home while using a percentage of its value to support their lifestyle or make a big investment purchase. You can read more about lifetime mortgages and home reversion here.
Even if you think equity release is the best choice for you, it’s important to take professional, impartial advice before taking such major action with your finances. This is where I can help, offering qualified guidance to help you understand how equity release may affect your current circumstances.
Testimonials
What are the different types of equity release?
In the UK, there are two main forms of equity release. The first and most popular is the lifetime mortgage. In a lifetime mortgage, you take out a long-term loan against the value of your property. The interest is fixed or rolled up, and you don’t need to make any repayments on this loan until you either pass away or move into long-term care at which point the property will be sold.
The second type is home reversion. In this product, the provider agrees to buy a percentage of your property for its current value. This money goes to you – and you are also able to live in the property rent free. When you die or move to long-term care, the provider owns the percentage of the sale that was agreed.
How long does equity release take?
It is important to recognise that choosing equity release is a major financial decision, it takes time for advisors to get to know the details surrounding the clients’ finances to be able to understand the situation and provide the best possible advice. However, once this has been achieved, if the client chooses to move forward with equity release, it might take an average of between 6 and 8 weeks from the point of application for a fairly standard case.
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
Please get in touch with any questions you may have about the service I provide by completing the form on this page or by calling 01903 890 660.
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