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.
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.
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, 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.
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.
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.
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!
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.
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.
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.
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.
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