What is equity release?
The value of your home, minus any outstanding mortgage you may owe, can be described as your 'equity'. Equity release is the process of unlocking some of this value, turning it into a tax-free lump sum of cash or a regular additional income. You could then use this to pay for one-off purchases, to improve your lifestyle or to help loved ones.
An equity-release plan is the easiest and most popular way to access extra cash without having to move home. With nearly all equity release plans there are no repayments to make and with the most popular form of equity release, a lifetime mortgage, you continue to own all of your home.
Why has it become so popular?
Despite recent ups and downs in property prices, there is every chance that your home is still your biggest asset, and is worth considerably more than you paid for it. House prices have, on average, doubled roughly once every eight years since 1950 - a rate that vastly outweighs the increase in income and living costs over the same period. As a result, many millions of Britons who may have reached or are approaching retirement age, now find themselves with a wealth of equity that far outweighs their savings and income.
Find out if you qualify
If you are a homeowner aged 55 or over, you could be eligible to take advantage of releasing equity from your property. Equity release can significantly improve your financial situation, giving you a more comfortable retirement.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks ask for a personalised illustration. Before you proceed with releasing equity, please ensure that you've read our list of things to consider about equity release.
Call us today on freephone 08080 555 222 or use our equity release calculator to find out how much equity you could release.
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