Equity Release – How does it Work?…
Helping clients with Equity Release Dorset Somerset & surrounding areas.
We are Independent Mortgage Advisers specialising in Equity Release & Lifetime Mortgages, offering personalised confidential service in the comfort of your home. We advise on plans from the whole of the Equity Release market.
Equity release offers access to some of the capital tied up in your property, helping you make the most of your retirement or giving you a tax-free lump sum to use how you wish. We can advise you on available options, offering guidance and information to ensure the right choice is made.
There are two main types of equity release – Lifetime Mortgages and Home Reversion Plans. Both types are regulated by the Financial Conduct Authority (FCA).
How do you qualify …
- You need to own the property you wish to release equity from
- Be a freehold property of standard construction
- Leasehold properties must have a minimum lease remaining of 75 years
- Be in a good state of repair
- You must be aged 55 or over
- Release enough capital to clear all debts secured against the property
- Your property needs to have a minimum valuation of £60,000
- Be in the UK(including Northern Ireland
Releasing cash from your home is a big decision, it is important to consider your needs in retirement then research your alternatives. If you do decide you want to release equity we can be provided you with an illustration based on your individual circumstances, which will detail how equity release could work for you.
You should discuss with your family and intended beneficiaries to your Will that you are considering an equity release plan.
You should also seek independent legal advice.
Equity Release Dorset Somerset
Once you have decided on the right plan, your home will be valued and you will be sent an offer confirming the details of your equity release plan.
How long does it take
Once have decided to go ahead, and your application has been received by your equity release provider, you will receive your money approximately eight to 12 weeks later.
In some cases, equity release may not be suitable we may be able to recommend an alternative.
We are Independent Mortgage Advisers in who specialise in Equity Release.
All our advisers are qualified, experienced and share a commitment to providing the best advice and service we possibly can.
We provide face to face advice throughout Dorset Somerset & surrounding areas including:
Beaminster, Blandford, Blandford Forum, Bournemouth, Bridport, Christchurch, Dorchester, Ferndown, Gillingham, Lyme Regis, Poole, Portland, Shaftesbury, Sherbourne, Sturminster Newton, Swanage, Three Legged Cross, Verwood, Wareham, Weymouth, Wimborne, Wool
Mortgage Solutions can provide the professional, impartial advice that you need to ensure that you choose the right option for your individual circumstances.