Equity release
Could this be the ideal way to secure your future?
If you’re a homeowner aged 55 or over, you may be able to release a lump sum of tax-free money from your home to repay any outstanding mortgages and debts that you have, freeing up cash each month so you can spend it as you wish. You could release from £10,000, up to 55% of the property value, dependent on the age of the youngest homeowner and value of your property.
Clear your mortgage
According to leading equity release broker1, Age Partnership, mortgage repayment is always one of the top reasons why its customers release money from their home. While you can release equity for nearly any reason you’d like, it is a condition that you must repay any outstanding mortgage first with the funds released, meaning you can benefit from additional disposable income each month.
Repay debts
Debt consolidation is also a popular reason that people release money from their homes. During 2020 Mail Finance saw an increase in this objective, largely as a way to reduce financial pressure to cope with uncertainty. By repaying any outstanding debt, you can be free from monthly repayments and financial worries, as any money that you release, plus accrued interest, is only repaid once you die or move in to long-term care.
Could it be right for you?
It’s important to note that equity release is not right for everyone, which is why you should seek specialist advice. Mail Finance works with Age Partnership, whose equity release advisors will explore all options with you and will tell you everything you need to know about equity release. They will explain the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
The Mail Finance Equity Release Service has access to the whole of the market, meaning we have access to plan terms not available elsewhere. The service will provide you with a free equity release quotation outlining what equity release could mean for you and you’re under no obligation to proceed with anything that is recommended to you.
Plans from the whole of the market will be considered, the features mentioned and the amounts raised are subject to the lender’s criteria, terms and conditions. These may take into account age, health and lifestyle factors in order to provide you with an enhanced amount.
Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration.
We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.