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14 years providing excellent advice
The Minimum age is 55 years old for Equity Release
You must own a property that is your main residence although there is A BTL equity release product
If you have an outstanding mortgage you can still take out equity release. The outstanding Mortgage would have to repaid at the same time as taking out the equity release
The property must be in a reasonable condition
Increasing Retirement Income
Clearing Mortgages or debt
Helping Children Financially
One of Purchases or Holidays
Equity Release allows homeowners to release equity within their property and receive a tax free lump sum. There is no requirement to sell your property or downsize.
You can take the money as a lump sum or as a drawdown which allows you take set amounts when you require them
There are 2 main Types of products a Lifetime Mortgage Or a Home Reversion plan
A lifetime mortgage allows you to keep the ownership of the property thorough providing a mortgage on the property. The Mortgage is then paid at the end of the term along with any interest that has rolled up if you have decided not to pay the interest payments
A Home reversion Plan is when you hand over full ownership or part ownership of your house to the lender who then rents it back to you for a small fee e.g £1 per month
Yes there are, as the equity release market has developed and become more mainstream there are more products available. For example some lenders allow you to service the interest which would effectively mean that the loan balance would remain the same. Some lenders will allow you to pay 10% of the mortgage balance per year which could effectively let you reduce the balance of the loan over the term . Different lenders will let you port the mortgage if you move house or will allow you downsize.
Our advisors will find you the most suitable Equity release mortgage depending on your requirements
Super helpful and friendly with offering mortgage advice and I really felt he understood our situation. Everything was very smooth and efficient. I also really appreciated being able to speak to him in the evenings rather than only be available in office hours. Would use again and highly recommend.
Gave fantastic service and found not only a great mortgage deal, solicitor and life insurance policy for us but was always on hand to support throughout our house sale and purchase. T horoughly recommend his service 5 stars will definitely use again.
Was incredible and found us the best deal out there! Wouldnt hesitate to recommend to anyone
Meeting Ryan has been a breath of fresh air and such a simple process. We had complicated circumstances with being self employed amongst a few other things but within a couple of weeks we had a suitable mortgage offer and the week after the application was in process. Ryan has been incredibly efficient in every way and i can't thank him enough.
I received a top notch service from these guys. Ryan was relaxed but on the ball with everything and was able to assist me throughout the process. He was approachable by email and phone, the communications were really very good
Helped us out so much in finding the right mortgage for us and navigated us through the whole process easily and smoothly in what wasn't a straight forward mortgage situation. Super friendly, easy to get on with and above all, knowledgable
We offer personalised professional advice from our office in Truro , we are not a call centre. You will immediately be able to speak to a qualified advisor who will be able to help you straight away.
Equity Release mortgages are open to people aged 55 or over, although for some schemes the minimum age limit increases to 60. The schemes are a way for money to be released from a property that you own. If you own your own home, whatever the size or location, you can become eligible for an application for an equity release scheme once you fall into the age bracket. Once you decide to apply for an equity release mortgage you will be able to get back some of the money that is currently tied up in your property. The money you receive can be used for home improvements, holidays, debt repayment or even helping your children to get onto the property ladder themselves.
The use of equity release mortgages is becoming more popular because of the freedom it gives people to use the money tied up in their homes without the need to sell them and move out. With an equity release scheme you can take a proportion of the money in your home and keep ownership. The money you receive can come in a large lump sum or if preferred it can be paid out in smaller regular sums over years. Normally the money you have taken out of your home will not need to be
repaid immediately or even at all while you are alive. Many equity schemes will reclaim the money once you are no longer living in the home and have gone into care or when you have passed away.
There has been significant developments in the equity release market with many new lenders offering various equity release products. This is due to there been a increasing demand for equity release as the population ages. There are a lot of people who fall into the asset rich , low income bracket which equity release can assist with providing extra income. There are a lot of aspects to consider when taking out equity release ,it is essential that you receive advice so that you are familiar with the benefits and also the implications for you and your family moving forward. For example it may devalue the amount of your estate on death and reduce the amount of potential inheritance that your beneficiaries will receive however in some instances this may be beneficial if you have a inheritance tax liability.
People choose to use an equity scheme because of the benefits it brings over some of the other options on the market. Most people are averse to selling their homes once they no longer need the space or have decided to retire from work. Equity release schemes give you the money, or part of the money, you would get by downsizing or choosing a cheaper location and allow you to use it straight away. The chance to keep ownership of your home without repayments and to have
the extra income or cash some is very appealing to many people At the Mortgage Advice Centre you can get advice on releasing the equity in your home and also get a better understanding of what sort of schemes are available throughout the UK. With equity release schemes you have to be careful to find the one that will best suit you and not to be caught out by hidden costs and you need to be aware of the costs such as recurring interest bills during the scheme. With help from
the Mortgage Advice Centre you can get impartial information regarding all of the information that you and your family will need to consider when taking equity release. The Mortgage Advice Center are whole of market mortgage advisory so they represent you in finding the most suitable equity release mortgage on the market .
We have been advising on equity release for 14 years. This experience is invaluable because equity release advice requires an excellent understanding of the products and also the clients needs. There are key aspects that are essential to be covered and communicated in the right way. Our advisors represent yourself to make sure you get the right product for you.
All our advisors are qualified to advise on equity release
We have access to all of the equity release lenders
We are not a call centre we are business of advisors so you will not be passed from pillar to post and will have a dedicated contact
We pride ourselves on a personalised and professional service which can be demonstrated by our reviews