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Offering friendly, independent equity release advice
Equity Release Swadlincote
As you approach or enter retirement, you may find yourself looking for extra funds to enhance your lifestyle or cover unexpected costs. With people living longer and financial pressures from family or underperforming pensions, it’s natural to want greater financial flexibility.
Many retirees forget that a significant portion of their wealth is tied up in their home. Through equity release, you can unlock some of this value to support your retirement goals. At Equity Select, we help you understand your options for accessing the money in your property through an equity release plan, giving you the freedom to enjoy the retirement you deserve.
Equity Select have been helping clients release equity from their home in Swadlincote since 2018.
What is equity release?
Individuals aged 55 and over can release some of the wealth tied up in their property without having to sell it.
If you, as a homeowner, decide to use equity release, you can draw a lump sum or regular smaller sums from the value of your home whilst still residing there. There are plans through which you can take as little as £10,000 tax free and leave further funds in reserve for when you need them.
The two equity release product types available are the lifetime mortgage and the home reversion plan, both of which are regulated by the Financial Conduct Authority (FCA). In the modern equity release market, there are various different features that go with these products. With providers coming up with new features all the time, there’s bound to be an equity release plan to suit your particular requirements.
Am I eligible?
If you’re a homeowner aged 55 or over with a property worth at least £70,000, then you may qualify for equity release.
Where do you start?
You’ll have a lot of questions when approaching equity release planning, and you’ll need to think it through carefully, with all your options laid out in front of you, but where do you start?
It’s important to have an experienced and independent adviser to help you throughout the process. We’ll make certain that we give you the best advice from the current market, as well as from our own knowledge and experience, and in a clear and completely understandable way. We come to you, operating throughout the UK our client meetings are typically held at your home address on a day and time that works best for you.
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 impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.
The property will be sold once the last surviving spouse of a couple or you as a single person have either moved into long-term care or have passed away. The sales proceeds are used to repay the equity, and any money left over forms part of your estate.
Whether you’re single or one of a couple, if you need care in your home, this isn’t likely to affect the terms of your plan. For couples, if one of you leaves to go into a care home, the other can continue to live in the property, and your plan is normally not affected. The plan will end if both of a couple or you as a single person have to move into a care home.
Yes, there are plans that allow you to leave a percentage of your property’s value to your beneficiaries. In addition, any funds remaining after the plan has been paid in full will be left to your estate automatically.
No, the equity release funds are tax free and may be spent in any way you wish.
Yes, you may pay the equity back early, although this might be subject to early repayment charges. We’ll explain these in full at our initial meeting, as there are different options associated with each equity release product.
Depending on the equity release product, you can either make monthly interest payments, ad hoc partial interest payments or no monthly payments at all. We’ll discuss this when deciding on the best plan for your needs.
You’ll be responsible for having both the relevant insurance policies in place for your property and for maintaining the property as it is your home.
Potentially. The providers Equity Select work with offer a “no-negative-equity guarantee” to ensure that you are protected in the event that you fall into this situation
Subject to the lender’s criteria, you may transfer your existing plan to a new property. Alternatively, you can repay the loan using some of the sales proceeds from your property. There may be Early Repayment Charges depending on your lender.
With a lifetime mortgage, yes, you’re in control and may live in your home as long as you want to. With a home reversion plan, the reversion company will own all or part of the property, although you may live in it for the rest of your life.
Yes, though you’ll have to use the funds released to repay your outstanding secured loans. Any money left over will be for you to spend as you wish.
Equity release calculator No Personal Details
Use our calculator to see how much equity you could release from your home, No personal details required.
If you decide to take out a lifetime mortgage, you must take the following points into consideration:
It can reduce the amount of inheritance you’ll leave behind to your friends and family.
It may affect your tax position and the welfare benefits you’re entitled to.
Interest will be added to the amount you’ve borrowed plus any interest already added, which is known as compound interest.
If you decide to repay the loan early, there may be an early repayment charge.
The amount shown is only an indication and isn’t guaranteed. To calculate this amount, we compare your age and property value to our “loan to value” table. This allows us to work out what percentage of your home’s value is available to you.
For a personalised illustration, please contact us directly.
Allan explains everything clearly, takes the time to understand our circumstances, and always makes us feel confident that we’re making the right decisions for our future. Nothing is ever too much trouble, and he’s always approachable, responsive, and genuinely invested in helping his clients.
Thanks to Allan, we feel far more secure and informed about our finances than we ever have before. If you’re looking for a financial advisor who is knowledgeable, trustworthy, and truly cares, Allan is the one.
