EQUITY RELEASE

UNDERSTAND WHO IT'S FOR AN HOW IT CAN BENEFIT YOU

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There has been significant growth in the equity release market and lenders are now developing their plans to suit the current market conditions. The increase of UK house prices over the last 4 years have certainly contributed to the growth of the equity release market because they impact on the amount of money you can release from your home.

These products are designed for people over 55 who own their own home to take cash from their homes without having to move, some of these products can also provide an income.

The benefits of an Equity Release Plan
- Lump sum of tax-free money
- Maintain 100% home ownership*
- Continue to live in your own home
- No monthly repayment option though can make repayments if you wish
- Can fix the rate for the life of the mortgage
- Ability to move home in the future
- Spend the cash as you wish

Typical reasons for leveraging Equity Release
- Helping children or grandchildren
- Renovating or refurbishing
- Topping up retirement income
- Potentially mitigating or reducing the IHT for your relatives
- Taking a holiday of a lifetime or visiting family abroad
- Paying for funerals
- Buying a new car, motorhome or caravan
- Funding hobbies or leisure activites

No negative-equity guarantee
- Protect a percentage of your property value for your loved ones
- Repay your standard mortgage
- Benefit from future increases on your property**
- You only continue to own your home with a Lifetime mortgage

** This is the most popular type of Equity Release, a Lifetime mortgage

These schemes allow the borrower to stay in their own home and benefit from the cash released from their property until certain events occur for example moving into long term care or death. At this point the lender will be repaid, usually through the sale of the property.

There are different schemes available, some of which mean you retain 100% ownership of your property or part ownership of the property passes to the Equity Release provider. It is important to understand the differences between these schemes and this is something we can help you with.

AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISK PLEASE ASK FOR A PERSONALISED QUOTE.

LIFETIME MORTGAGE – CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT A FAMILY MEMBER TO INHERIT IT. IF YOU ARE IN ANY DOUBT PLEASE SEEK INDEPENDENT ADVICE.

EQUITY RELEASE REQUIRES PAYING OFF ANY EXISTING MORTGAGE. ANY MONEY RELEASED PLUS ACCRUED INTEREST WOULD BE REPAID UPON DEATH OR MOVING INTO LONG TERM CARE.