Hello, I’m John Whyte, Specialist Equity Release Broker covering Eastbourne 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.
What are the options for equity release?
There are two options for equity release; lifetime mortgages or home reversion plans.
As long as the property is your main residence, a lifetime mortgage allows you to take out a mortgage while continuing to live there and retaining ownership. If you wish to ring-fence some of your property’s value for your family’s inheritance then you can do so, and you can decide to make interest repayments or to let it roll-up. The loan amount plus any unpaid interest will be payable when you move into long term care or pass away.
With a home reversion plan, the scheme provider will buy a percentage of your home in exchange for a lump sum or regular payments (like a lifetime mortgage, you can still ring-fence a portion for inheritance). This percentage will remain fixed, unless you decide to release further equity. You can continue to live in the home without paying rent until you move into permanent care or pass away, at which point the property will be sold and the proceeds are divided according to the proportions of ownership.
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
How do you know if equity release is the right choice?
As with any significant financial decision, before committing to equity release you should always seek professional, impartial advice from a regulated specialist, which is tailored to your personal circumstances.
Read moreAm I eligible for equity release?
Some people believe that the qualification for equity release is complicated – but in fact it is very simple. Firstly, you must be at least 55 years old, and you must own a conventional home in the UK that has a value of £70,000 or more.
How much can I borrow?
The amount that can be borrowed using equity release depends on a range of factors. Some of the most important factors include the current value of your property, you and your partner’s age and health, as well as the details of the scheme offered by the lender. There may be other factors included such as medical conditions and lifestyle choices might also be a factor.
How much could you release?
Equity Release: What will you use it for?
To pay off an Existing Mortgage
Thousands of homeowners across the UK have interest-only mortgages that are due to mature. If you don’t currently have means to repay the capital balance that’s outstanding, or can’t afford to switch to capital repayment, equity release may help.
To Release Cash
Are you hoping to “future-proof” your home with a conversion or refurbishment? Maybe it’s time to replace your car with something more efficient? Releasing equity in the form of a lump sum could give you the cash injection you need.
For a Family Holiday
Lots of people hope to enjoy your retirement with plenty or travel and relaxation. If you’ve found that your income has reduced but your leisure expenses have gone up, equity release might be the perfect way to fund that holiday of a lifetime.
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
If you are currently living in, or near, Eastbourne and would like to set up a free initial consultation with no obligation, please get in touch. I would be happy to help you understand the options available and how they might be able to support your plans for the future.
Talk to us today about equity release by calling 01903 890660 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