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Release Money From Your Home in Time for Christmas – Equity Release

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Equity release consultation:

  • Eligibility
  • Amount drawdown
  • Interest rates and overall costs
  • Inheritance planning
  • Criteria cross check and legal requirements
  • Timelines for completion
  • Considerations
  • Reduces broker fee up to 50% on completion (broker fees typically £1000)

What is equity release?

  • The money released from your home using a lifetime mortgage can be taken as a one-off lump sum, or as part of a drawdown plan. With a drawdown plan you can release additional money in stages, and only pay interest on the amount that you actually release.
  • You can make monthly payment to offset the lender interest or you can choose to make no monthly payments.

Who can get equity release? There are certain conditions you must meet before being able to take out an equity release plan. Generally, they include:

  • You and your partner are above a certain age, usually 55 for lifetime mortgage and 60 for home reversion. The older you are the more you can release.
  • If you have an existing mortgage or secured loan, you will need to use the money you release to pay it off immediately; you’ll then be free to use whatever money is left over for your other financial needs.
  • You must own your home in the UK and it must be your main residence.
  • Your home must be over a certain value. It may need to be in a reasonable condition too.

Who owns the property?

  • You continue to reside at your home and maintain 100% legal ownership
  • Most if not all products have a no negative equity guarantee

How long will it take to receive the funds?

  • Typically, you receive the funds between 6 and 13 weeks

Home & Garden

Release Money From Your Home in Time for Christmas – Equity Release

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