Ad­ver­tise­ment fea­ture

Re­lease money from your home to help achieve a range of pos­si­bil­i­ties

Buckinghamshire Advertiser - - NEWS -

EQ­UITY Re­lease is al­low­ing thou­sands of UK home­own­ers to tap into the value of their homes and is prov­ing to be a vi­able and at­trac­tive op­tion for many peo­ple to­day.

The most common eq­uity re­lease prod­uct that peo­ple take out is a lifetime mort­gage.

Typ­i­cally peo­ple who take ad­van­tage of eq­uity re­lease are in their mid-60s or 70s. Like you, they have seen the value of their home rise over many years while work­ing hard to re­pay their mort­gage. Re­leas­ing a cash lump sum with a lifetime mort­gage could al­low you to un­lock some of the money tied up in your home to spend how­ever you wish – on home im­prove­ments, a hol­i­day, or help­ing your fam­ily on to the prop­erty lad­der or through univer­sity. Or, like oth­ers, you could choose to boost your in­come or pay off out­stand­ing debts, in­clud­ing mort­gage debt.

Common ques­tions about lifetime mort­gages

Will I still own my home? Yes, you’ll re­tain full own­er­ship of your home un­til you die, or move into long-term care.

How do I know that eq­uity re­lease is safe? All rep­utable eq­uity re­lease providers are reg­u­lated by the Fi­nan­cial Con­duct Au­thor­ity and are mem­bers of the Eq­uity Re­lease Coun­cil, a trade body that pro­tects eq­uity re­lease cus­tomers by en­sur­ing mem­bers ad­here to their Code of Con­duct.

If you’re con­sid­er­ing any form of eq­uity re­lease, it’s vi­tal to seek ex­pert fi­nan­cial ad­vice to make sure it’s right for you.

Could I end up owing more than my home is worth? All providers who are mem­bers of the Eq­uity Re­lease Coun­cil of­fer a no neg­a­tive eq­uity guar­an­tee, which en­sures that your es­tate won’t have to re­pay more than the money re­ceived from the sale of your home, pro­vid­ing it’s sold for the best price rea­son­ably ob­tain­able.

Will I be able to leave an in­her­i­tance? Tak­ing a lifetime mort­gage will al­ways re­duce the amount of in­her­i­tance you can leave, but many providers of­fer a way to pro­tect a per­cent­age of the value of your home to be in­her­ited by your loved ones.

How­ever, do­ing this will re­duce the amount you are able to re­lease. If you’re a home­owner aged 55 or over, eq­uity re­lease could be an op­tion for you. Min­i­mum prop­erty val­ues and prop­erty types ap­ply. Visit aviva.co.uk/ eq­uity-re­lease for fur­ther in­for­ma­tion.

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