Equity Release

Equity release is a way of freeing the money tied up in your home without having to move. You must be 55 or over and the money can be taken as a regular income, as lump sum or as a series of smaller amounts after an initial lump sum.

Equity Release 

Equity release is a way of freeing the money tied up in your home without having to move. You must be 55 or over and the money can be taken as lump sum or as a series of smaller amounts after an initial lump sum. 

 

What is equity release?

  • This type of mortgage releases money tied up in your property and you do not have to leave your home as a result, which relieves any pressure of having to move to a new house. 
  • You must own your own home in the UK and be aged between 55 and 95 in order to qualify. 
  • The money released can be used for any purpose.

 

Why should you consider Equity Release?

  • Top up your pension
  • Assisting your family with a deposit for a house
  • Planning to go on special holiday or trip
  • To make improvements or changes to your property
  • To pay off existing debts, i.e. mortgages, loans, credit cards.

 

What types of plans and schemes are available for equity release?                       

There are many plans available and our adviser will recommend the most suitable plan to suit your own personal needs. Lifetime mortgages can allow you to take a regular income or a lump sum or even several lump sums over the term of the scheme.

You can either opt to pay interest on the capital taken on a regular basis or let the interest  ‘roll-up’. On the roll-up option the interest accrued will be paid back at the end of the term meaning that you have no monthly repayments to make.

 

Important points to consider.

Whilst taking out an equity release plan does give you a boost to your finances,  it is also vital that you are aware of some of the consequences. It is a loan secured against your house and the value of your estate will reduce. Your right to state benefits may also be affected as releasing equity from your home, may take you over strict tax thresholds. It is important to involve your family in any discussions around Equity Release as this will reduce their inheritance.

 

Call John on 07973 430 331 for a free, no obligation chat about the range of options available to you. john@peritus-group.co.uk

 

To read more about Equity Rlease please download our FREE PDF guide or read more about finding the right advice on our News Page.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

As this is a lifetime mortgage, to understand the features and risks, ask for a personalised illustration.  Our initial consultation is free and then if you wish to proceed, there will be a fee of £495 payable upon application for our Lifetime Mortgage Service. We will also receive commission from the lifetime mortgage lender.

 

 

We’d love to hear from you!

Send us a message today and our team of friendly, financial advisers will help you find the most suitable financial option to suit your current circumstances and needs.

or call us on: 0203 745 5893

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Peritus Private Finance Limited is authorised and regulated by the Financial Conduct Authority. Registration number 729282.

Registered in: England and Wales Reg No. 9233621 The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk