Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum.
You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. You don’t need to have fully paid off your mortgage to do this.
As a rule, you can take the money you release in one lump sum, in several smaller amounts on which you'll pay interest, or as a combination of both.
Why consider Equity Release?
Before you consider this option further, you should be absolutely sure about the reason why you want to release a tax free lump sum from your property.
Over the last 5 years, demand for Equity Release has tripled because many homeowners over 55 have wanted to raise cash quickly to help fund their retirement.
However, retirement is not the only concern. There are many others factors including…
● Clearing all existing debts including credit cards, loans and mortgages
● Much needed home improvements including upgrading and repairs
● Holidays and travel to exotic worldwide destinations
● To invest in other projects or to finance a new or existing business
● To buy a new car or a static caravan for those long summer breaks
● A financial gift to children, helping them get onto the property ladder
No doubt there are many more based on individual needs, circumstances and personal preferences.
How much can I get?
One of the key questions being asked by many homeowners who are considering Equity Release is… “How much can I get?”
This will of course depend on the current market value of your property and any outstanding mortgage. Typically, applications range between £10,000 and £200,000.
Once you know how much equity is available to you, you can simply apply to release a fixed sum amount from £10,000 up to your maximum limit.
To be eligible, you must be over 55 and your home must be worth at least £70,000 on the date of your application.
Also, you must have paid off at least half of your existing mortgage.
It’s worth remembering too that any money you release is completely tax free and you will still own your property.
All the evidence suggests that Equity Release is now a much more viable and safer option than it was some 10 or 20 years ago.
MAKE AN ENQUIRY
We'd love to answer any questions you might have regarding Equity Release.
Send us a message and we'll get back to you as soon as possible.
You can get started now by using our 30-second Equity Release calculator below where you will find out how much you could release, tax free, from your property...
Disclaimer:
National Equity Release is a trading style of Lead River Ltd.
We work with a carefully selected panel of Equity Release Specialists and, once you have accepted our terms, you will be introduced to them to look after the subscription and administration of your chosen plan.
Our service is 100% free to use and you are under no obligation to accept any of the quotes or product offers that you receive. Our options are subject to conditions and acceptance. If you choose to release equity on your home it could cost you more. Calls are recorded for training and monitoring purposes.
National Equity Release does not administer Equity Release services. You may be referred to our approved providers if we feel that this is appropriate and the best solution in your situation. National Equity Release may be paid a referral fee for introducing you to one of our approved providers.
Tel: 0141 628 7958
Email: info@nationalequityrelease.co.uk
Address: 272 Bath Street, Glasgow G2 4JR