The advantage of Equity Release for your parents.
Are your parents/grandparents 55 and over? Do they need extra cash for their holidays and for home repairs?
They could consider looking for an Equity release.
What is equity release?
The term equity release is a generic term for products that let homeowners 55+ release the tax-free cash they have locked up in their home.
The Equity release mortgage is an option that provides them with more freedom and a higher standard of living in their later years, as they’re able to access equity from their property; often with no monthly payments to make.
If they don’t want to sell their home, they could be able to access a large portion of their money from the property they own. They can consider an equity release arrangement to repay their existing residential mortgage and help funds not only their retirement but also to help their loved ones onto the property ladder.
Equity release can help them raise funds to spend while enabling them to continue living in their home. It can be used for any reason they wish and is particularly useful for covering large expenses.
Are your parents at retirement age and want the most value to get equity out of their home and help you to get on property lader?
Georgiana Olescu2024-04-10Paul is an amazing broker, very helpful, responsive to emails and patient with customers. The process with him was quick and easy as his work ethic is impeccable. We are beyond impressed and happy with his services and that we got to work with him.
Valerie O2023-12-28Exceptional service provided by Paul, I could not have asked for better. Definitely does his due diligence and goes above and beyond. Highly recommended!
Bonnie Frost2023-12-25Paul is a fantastic advisor and guided my husband and myself through the entire process of buying our first home, he made the entire process feel easy and we were well informed along with great communication and fast action. We completed within 3 months of contacting Paul.
Johnathan Lowery2023-11-16Working with Paul has been a hugely positive experience. Paul took the time to understand our needs and financial situation, ultimately securing us a mortgage deal that we would not have been able to obtain on our own. His guidance and patience over an extended time was invaluable in guiding us through a volatile period in the property market. I highly recommend working with Paul at Your Property Financial.
Adeel Sarwar2023-10-02It has been great working with Paul. He helped us to redeem our help to buy equity loan which didn't seem possible to me when I first contacted him. It took much longer than expected due to many obstacles but Paul explained every step of the process very clearly and he regularly communicated with me to ensure the remortgage went through as efficiently as possible. I would definitely recommend working with Your Property Financial.
Jessica2023-08-29I would highly recommend Paul as a mortgage broker. As a first time lone buyer I began the process feeling very out of my depth, particularly in a market where mortgage rates are very high. But from the get go Paul provided reassurance and practical guidance and has been immensely helpful throughout the process. I've really appreciated his responsiveness, honesty and support.
Louise Griffiths2023-08-28I reached out to Paul 2 years ago and giving this review now because I wanted to ensure that I could give a true review of what benefits I have experienced from using his service. I am thrilled with the financial expertise given to me by Paul. His skillful negotiation secured me an excellent mortgage rate within a short turn around time. This has not only set me on the path to paying off my principal balance but has also allowed me to simultaneously build a solid emergency fund. His initial guidance has been invaluable in shaping my financial future. I look forward to working with Paul again, once my 5 year plan is near its end. Highly recommended!
Calum Hebron2023-08-05Paul has been consistently excellent, ensuring we got the best possible mortgage deal at a time when rates weren't great. Paul worked with us to understand our financial complexities and went above and beyond to ensure they were understood by mortgage providers. We've been made to understand every stage of the process, and as first time buyers we were able to feel confident in the decisions we made. I would highly recommend working with Paul at Your Property Financial.
Czarina2023-08-04My almost a year-long journey with Paul as my broker has been truly amazing, despite a few hiccups during the mortgage process. Working with him has been the best decision ever! As a first-time buyer, I lacked knowledge about purchasing a home, but Paul's guidance and expertise were outstanding. He explained things in a clear and concise way. What impressed me the most was Paul's responsiveness. He promptly addressed all my questions and concerns, never making me feel like a bother. Even when I faced challenges, Paul's determination and problem-solving skills were unwavering. I felt so supported throughout the entire process. Thanks to Paul's unwavering support, I managed to reach this point. I highly recommend him to anyone, especially fellow first-time buyers. Paul's knowledge, patience, and reliability are unmatched. He's not just a broker; he's an invaluable ally in this complex process. Thank you, Paul!
Alistair Prestidge2023-07-11Paul helped me to get my Mortgage approved in less then 48 hours! He has been great and I can’t recommend him highly enough. His communication is excellent, and he helped me understand each stage of the process easily. Thank you so much for helping me buy my very first home! I will most certainly be recommending Paul to friends & family!
You should seek professional advice before proceeding to take out any equity release mortgage as it could impact your entitlement to state benefits.
How does equity release work?
An equity release provider will provide you with either a lump sum or an income in exchange for part of the value of your home. This is achieved either using a type of mortgage or by selling that portion of your home on the condition that you can continue to live there as long as you wish.
Consult with a professional
As independent advisers we provide you with a written recommendation and will let you know if equity release doesn’t meet your needs.
Completing the equity release application
We will then submit the equity release application. We will also introduce you to suitably qualified and experienced solicitors to assist with the legal side of the transaction.
Completion / Receive your money
Once the provider has completed their checks, the property surveyed and the solicitors completed the legal work on behalf of you and the provider you will reach completion. The funds are then released directly to you.
What’s the benefit of Equity Release for your parents over 55?
With an Equity Release scheme, they are able to release funds from their property so they have access to them now and are able to spend them as they wish. They also have the choice of no monthly payments, so they can not only enjoy the funds they’ve raised but also do not have to worry about monthly payments when in retirement.
Lump-sum of tax-free money.
Keep living in their own home.
There is no monthly repayment option.
Make repayments if they wish.
Make a cash reserve available.
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Many people haven’t heard of the equity release yet, but it still remains one of the most cost-effective ways to have their mortgage set up and has multiple benefits to them.
How Equity Release can help your parents over 55?
Repay existing mortgage as they approach retirement.
Now they’re approaching retirement it’s a good time to repay their existing mortgage so they no longer have any monthly mortgage payment to make, as typically their monthly net surplus income will decrease as they reduce their hours or stop working altogether in retirement.
Raising funds to gift and support loved ones onto the property ladder.
Releasing funds to gift to their loved ones to help them onto the property ladder and by gifting now they get to see them enjoy that gift and help them with their financial future.
Fund travelling and holidays in retirement.
Wanted to always book that world cruise? Go travelling for 6 months? Now your parents can sit back, relax and unwind with the available funds to book those trips they’ve always wanted to do!
Provide funds to draw on to top up existing pension & savings income.
Typically as your parents retire their income drops, so by taking capital out of their property they can use that to pay for things and top up their income in retirement.
Reduce your parents’ inheritance tax liability.
By gifting early there are potential inheritance tax advantages. We can introduce them to an accountant who can confirm their potential options relevant to their own individual circumstance.
Capital for home improvements.
Need to fix up the house? Need a new bathroom? New kitchen overdue? Now your parents can release the capital required to complete those works so they can enjoy their new home in retirement.
Are you looking for a deposit for your property purchase?
If your parents own their own home and 55+ they maybe able to help raise the deposit for you as a gift.
Even better they won’t need to make any monthly repayments!
Let’s see how equity release works to help with your property purchase?
Your parents can receive a percentage of the value of their property by doing an Equity Release and giving you part of the tax-free money they raise.
Why choose us
Relationships with the mortgage lenders and decision-makers so your application gets treated on merit and not just by a computer making the decision.
Qualified and experienced mortgage brokers who are here to help you get the most suitable possible deal – we work for you, not the banks!
Access to 90+ Banks, Building Societies and specialist lenders so whatever your circumstance we will know a lender who can consider your application.
Access to exclusive “Broker only” rates and products so we can get you the most suitable terms possible for your circumstance.
Face-to-face. After your initial inquiry, we will arrange a face-to-face meeting over Zoom.
Complete your details below and we’ll be in touch to help you with your enquiry
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