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.
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.
About John Whyte Equity Release in Epsom
As a specialist in mortgages and equity release, I provide independent advice about home reversion plans, lifetime mortgages and later-life mortgages to clients all across the South East. Whether you are simply looking for more information about your financial options or are ready to apply for a scheme in the near future, I am here to discuss your circumstances and provide unbiased assistance in making the best choice.
I provide free initial consultations over the phone and then typically work with my clients face-to-face in order to build an understanding relationship. If you currently live in Epsom or the wider Surrey area, I would be more than happy to visit you at a time that is convenient.
Get in touch
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.