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We’d all like to make the most of our retirement, and one way to boost your income is to consider equity release.
What is Equity release?
Equity release is a special type of mortgage available to homeowners over 55 which can help unlock some of the money tied up in your home to help with the extras you’d like to afford:
- Repaying your existing mortgage or other debts to reduce your monthly outgoings
- Home improvements
- A well-earned holiday
- Helping the family
- Or just supplementing your income for occasional treats
Do I qualify?
To qualify for equity release you must meet certain eligibility criteria:
- You are over 55 years.
- You are a homeowner with a property in the UK worth at least £70,000
- You are mortgage free (or have very little remaining on your mortgage)
- You are looking to raise at least £10,000
- and, most importantly, you want to stay in your home
How does it work?
Lifetime mortgages are the most popular type of equity release where you would take out a mortgage secured against your home. The benefits of lifetime mortgages are:
- You continue to live in the property.
- You don’t need to make any repayments.
- You can borrow up to 60% of the property value
- The loan (plus any interest) is only repaid when you die or move into long term care
- No negative equity guarantee.
Our Equity Release Adviser can review your circumstances and make sure Equity Release is the right choice for you.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
“Hazel was excellent all the way through the process. It was the easiest financial transaction I have been presented with. Thank you.”
“Our adviser, Hazel Carter was brilliant and we felt in safe hands throughout the process which was slick and efficient right through to completion. Any questions we had were answered promptly and explained fully. We can’t recommend her highly enough.”