The equity in your property is the difference between the open market value and any mortgage or other loan secured on the property.
Lenders who operate in the equity release market allow you to release a percentage of the equity in your property to generate a lump sum or an income – or both. You need to be at least 55 years old and own your own home to be eligible.
People use the proceeds for a wide range of purposes, such as:
- Home improvements
- Increasing income
- Healthcare / long-term care
- Buying a car
- Luxury purchases
- Inheritance tax planning
- Paying off debts
- Helping family members
Here at Chadwicks, we have access to a wide range of equity release lenders and schemes. Impartial advice from our experts will ensure you select the lender and scheme most suited to your circumstances.
The two main types of equity release schemes available are lifetime mortgages and home reversion plans. Both allow you to:
- Spend the money released as you wish
- Stay in your own home
- Make no regular repayments if you choose
For arranging your Equity Release finance we charge a fee of £500.00. We may also receive a payment from the recommended product provider which will be disclosed to you in writing before you proceed.
To understand the features and risks of a lifetime mortgage or Home Reversion Plan ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
Still need help with Equity Release?
If you require further information, don't hesitate to contact us, our skilled team are always here to help!
Tel: 01244 317 111