Equity Release Quotes
Equity release lenders now give homeowners aged 55+ the option to turn the equity built up in a property into tax-free cash without selling up or downsizing. You continue to own the property 100%, keep the deeds in your name and have the right to remain in your property for life.
Equity in your home is the difference between the home's fair market value and the outstanding balance of all mortgages, secured loans and charges on the property. Usually, to access your equity you would need to sell your property or remortgage with straining monthly repayment commitments.
However, equity release is a product designed to meet the needs of homeowners who don't want to move. It's popular because it makes sense.
The equity release lenders like to invest in reliable, long-term UK property whilst those releasing equity benefit from gaining access to money that would have otherwise been tied up for life.
The money you receive is yours to spend as you please and as the equity is already yours, it is completely tax-free. You can also choose how you would like to receive the money - whether it be a cash lump sum, an account to draw upon as and when required, or a mixture of the two.
Each have their own value so it's best to look at all the options and compare them all with the help of comprehensive advice.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
Equity release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate.
For more information complete our enquiry form or call 0117 313 7780.