What It's All About ...
Do you have some aspirations, bucket list ‘to do’s’ that you still want to achieve?
Equity Release is a way of releasing money, tax free, from the equity you have built up in your home.
Some of the most common reasons to consider equity release are:
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Home and / or garden improvements
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Clear your outstanding mortgage
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Gifting to family or friends Clear existing debts (loans or credit cards)
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Help with regular bills
Equity Release Options...
Lifetime Mortgages (from age 55)
Homeowner borrows a percentage of the value of their property maximum borrowing dictated by the age of the applicant/s and the value of the property
Ownership of the property remains with the owner
Interest added to the mortgage amount unless optional repayments made.
Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Home Reversion Plans (from age 60)
Homeowner sells part or all of their property to a reversion plan provider in exchange for a cash lump sum.
Ownership, in part or full, of the property passes to the reversion plan provider
Rent may be payable for a lease provided to the former home owner either for life or until entry into long term care
Bricks and Mortgages Ltd and The Right Mortgage Ltd cannot advise on Home Reversion plans
Bricks & Mortgages only offer lifetime mortgages for Equity Release applicants
Equity Release Considerations
There are many factors to take into account and this is determined by your overall situation including your needs and wants. There are many more areas to discuss regarding equity release and its appropriateness for you, this will be discussed as part of the process moving forward.Is equity release right for you ?
