Equity Release
Discover how you could make your biggest asset work for you now
If you are in or approaching retirement and are worried you will not be able to achieve the lifestyle you’d hoped for after giving up work, help could be closer than you think. Financial worries in retirement
You may have been a modest saver over the years and have a reasonable income to cover the day-to-day living costs, but what about the large one off expenses? Maybe you would like to make alterations to your house or want to take holidays and see more of the world now that you finally have the time? Some people find themselves struggling with an existing mortgage or other debt in retirement. Can you afford to keep making monthly repayments once you stop working? Furthermore, ambitions such as helping a younger relative onto the property ladder may be completely out of reach.
Finding a cash lump sum may seem like an impossibility but have you considered that your home could provide you with a solution?
Your home could help
For millions of homeowners their biggest and most successful investment is their home, yet many do not realise they could tap into its value and access tax-free cash. With the average value of a house in the UK more than tripling over the past 20 years*, the key to your financial security in retirement could lie in your bricks and mortar. While downsizing may be one option, an equity release plan could enable you to unlock some of the cash in your home without having to move.
Access the cash in your home
The most popular type of equity release plan is a lifetime mortgage and the tax-free cash released is yours to spend however you like. With a lifetime mortgage, the loan is secured against your home and interest rates can be fixed for life. What is more, there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. So, you can enjoy your retirement without having to worry how you are going to fund it.
Independent advice is important
There are many equity release plans on the market so it is important to seek impartial expert advice. Mail Finance has partnered with Key Retirement, the UK’s No.1 independent equity release specialist. Take advantage of a free noobligation consultation in the comfort of your own home. Your local adviser will get to know you and discuss any alternative options – if equity release is not right for you, they will tell you. Unless you decide to go ahead, Key’s service is completely free of charge, as Key’s typical advice fee of 1.95% of the amount released would only be payable on completion of a plan. Think carefully before securing a loan against your property.