Equity Release – How does it Work?…
UNLOCK THE WEALTH TIED UP IN YOUR HOME
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.
Am I Eligible – How do I 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.
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 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.
Mortgage Solutions can provide the professional, impartial advice that you need to ensure that you choose the right option for your individual circumstances.
Equity release involves selling or borrowing against your home. It may affect your eligibility for state benefits, your ability to move house, and the amount of any inheritance you may leave. To understand the features and risks, ask for a personalised illustration.
If you are considering equity release we recommend that you read is it right for you? carefully.