Then you should consider looking for an 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 you with more freedom and a higher standard of living in your later years, regardless of whether you make repairs to the house or not.
If you don’t want to sell your home, you could be able to access a large portion of this money. You can consider an equity release arrangement to repay your existing residential mortgage.
Equity release can help you raise funds to spend while enabling you to continue living in your home. It can be used for any reason you wish and is particularly useful for covering large expenses.
You should seek professional advice before proceeding to take out any equity release mortgage as it could impact your entitlement to state benefits.
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.
As independent advisers, we provide you with a written recommendation and will let you know if equity release doesn't meet your needs.
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.
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.
With an Equity Release scheme you’re able to release funds from your property so you have access to them now and are able to spend them as you wish.
You also have the choice of no monthly payments, so you can not only enjoy the funds you’ve raised but also do not have to worry about monthly payments when in retirement.
Lump-sum of tax-free money.
Keep living in your own home.
There is no monthly repayment option.
Make repayment if you wich.
Make a cash reserve available.
Now you’re approaching retirement it’s a good time to repay your existing mortgage so you no longer have any monthly mortgage payment to make, as typically your monthly net surplus income will decrease as you reduce your hours or stop working altogether in retirement.
Releasing funds to gift to your loved ones to help them onto the property ladder and by gifting now you get to see them enjoy that gift and help them with their financial future.
Wanted to always book that world cruise? Go travelling for 6 months? Now you can sit back, relax and unwind with the available funds to book those trips you’ve always wanted to do!
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Typically as you retire your income drops, so by taking capital out of your property you can use that to pay for things and top up your income in retirement.
By gifting early there are potential inheritance tax advantages. We can introduce you to an accountant who can confirm your potential options relevant to your own individual circumstance.
Need to fix up the house? Need a new bathroom? New kitchen overdue? Now you can release the capital required to complete those works so you can enjoy your new home in retirement.
Often the lenders will make assumptions or even worse let the computer make the decision on whether to lend to you. This is where we step in and help advise and arrange to ensure you get the correct mortgage and consideration by the lender at the application stage and we present your application in the best possible light; therefore increasing your chances of acceptance at first application.
Our team of mortgage brokers are here and ready to assist you and we can speak at a time convenient for you and even over a video call if you prefer a face-to-face conversation with your advisor.
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.