Equity Release, everything you need to know

Equity Release, everything you need to know

Equity Release Council The equity release council (ERC), launched in 2012, is a UK organisation that promotes safe equity release products and ensures to safeguard the interest of the homeowners who opt to take out equity release from different UK lenders. The ERC is supported by leading providers of equity release schemes and works with …

Continue reading "Equity Release, everything you need to know"

Equity Release v’s downsizing – which is best for you?

Equity release vs downsizing For the majority of homeowners, your property is your greatest asset. If you have owned a property for ten years or more or already paid off your mortgage, you have most likely accumulated a large amount of equity. So it makes sense that many people look to use the equity that …

Continue reading "Equity Release v’s downsizing – which is best for you?"

How to release equity from your home

There are many reasons that someone would choose to release equity from their property. It could be to fund home improvements, pay off debts, fund college or university fees, or start a business. You may also be at a stage of life when you want to release equity to fund your retirement. Source – @sonance …

Continue reading "How to release equity from your home"

Guide: Roll-up Lifetime Mortgage

Lifetime mortgages vary in their types, and you can choose whichever one suits your needs. A Roll-up Lifetime mortgage refers, as the name suggests, to the kind of equity release loan where your interest rate ‘rolls up’ or compounds until repaid (which is when the last homeowner dies or moves into care). In this kind …

Continue reading "Guide: Roll-up Lifetime Mortgage"

Guide: Flexible Lifetime Mortgage

Lifetime mortgages are a type of equity release plan, secured against your current home. There are different types of lifetime mortgages, and each comes with its own benefits and pitfalls. Generally, the eligibility criteria for all types of lifetime mortgages state that you should be at least 55 years old, and the value of your …

Continue reading "Guide: Flexible Lifetime Mortgage"

Guide: Drawdown Lifetime Mortgage

As you move closer to retirement, it becomes increasingly difficult to borrow money traditionally, as lenders recognise your income can be less regular. However, there are many different equity release products available to allow customers to borrow funds even after retirement. For accessing any kind of lifetime mortgage, you have to be at least 55 …

Continue reading "Guide: Drawdown Lifetime Mortgage"

Guide: Interest-Only Lifetime Mortgage

An interest-only lifetime mortgage is a kind of equity release from the property, provided only to people over the age of 55. The borrower only has to pay monthly interest at a fixed rate, while the principal amount borrowed remains the same. This amount need only be paid when the person should pass away or …

Continue reading "Guide: Interest-Only Lifetime Mortgage"

Guide: Home Reversion Plan

A home reversion plan is a type of equity release scheme that allows homeowners, typically those who are retired or elderly, to access a portion of the value of their property while still retaining the right to live in the property until they pass away or move into long-term care. It’s a financial arrangement commonly …

Continue reading "Guide: Home Reversion Plan"

Guide: Lifetime Mortgage

A lifetime mortgage is the main type of equity release scheme and is heavily regulated by the Financial Conduct Authority (FCA). A lifetime mortgage is a loan secured against your property, which is repaid when you die or go into long-term care. It allows you to free up the equity in your home without having …

Continue reading "Guide: Lifetime Mortgage"

Guide: Equity Release

How does equity release work and could it be the right option for me? Many people find themselves needing access to more cash in retirement. But if you don’t have enough savings, could you use the value of your home to boost your finances? After years of working hard to make monthly mortgage payments, your …

Continue reading "Guide: Equity Release"

Because we play by the book we want to tell you that...

1. We understand equity release isn’t for everyone, and we’ll never say it’s the right option for you, that’s why we pass you onto an Expert.

2. A lifetime mortgage is a loan secured against your property. With a lifetime mortgage there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually, that’s when you, or the last remaining applicant, either passes away or moves into long-term care.

3. With a lifetime mortgage you’ll still retain full ownership of your home.

4. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

5. Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers.

6. Unless you decide to go ahead, Mortgage Advice Bureau Later Life’s service is completely free of charge as their fixed advice fee of £1,295 would only be payable in completion of a plan.

7. ClearKey is an independent marketing website which only acts as an introducer to companies who offer advice on various financial plans, products and services.

8. Our partners are authorised and regulated by the Financial Conduct Authority.

9. ClearKey.co.uk are not authorised to give any advice and we are not liable for any financial advice provided by or obtained through a third party.

10. Life insurance products attract terms and conditions. Price information contained within this website are for illustration purposes only. You will receive a full policy document upon application which will set out the terms, conditions and limitations of cover provided under the plan.

11. Your home may be at risk if you do not keep up repayments. Think carefully about securing debt against your home. When consolidating existing borrowing be aware that extending the term could increase the amount repaid.

Category : Equity Release