Many people find that coping financially in retirement is difficult or that the extra things they would like to do such as special holidays or perhaps helping family is out of reach.
This is why more and more people are taking advantage of equity release plans and releasing some of the money held in their property to make their retirement years more pleasurable.
Plans are regulated by the Financial Conduct Authority and can only be advised upon by advisers like Concise who hold specific equity release qualifications. More importantly, the plans we recommend carry guarantees and features to ensure that you can release money from your home safely and securely and must be overseen by a solicitor.
Plans could allow you to do the following:
- Release an initial amount followed by small amounts as and when needed
- Choose whether or not to make monthly interest payments
- Decide how much of your property that you wish to be guaranteed to be left to your beneficiaries
- Release larger sums if you suffer or have suffered from certain health conditions or are a smoker
- Have peace of mind as each plan comes with a ‘no negative equity’ guarantee
- Remain in your own home until you die or go into long-term care
- Spend the tax-free cash on anything you like such as holidays, home improvements or paying off debts
At Concise we will firstly look to have an initial face-to-face consultation to consider your circumstances and various plans in more detail. We would welcome any family members to attend. We will also discuss how the value of your estate will be reduced and how an equity release plan could affect your entitlement to state benefits.
Any initial consultation will always be at our cost with no obligation to proceed, however a fee may be charged for the arrangement of an equity release plan. The precise amount will depend upon your circumstances but a typical fee would be £695.
Think carefully before securing other debts against your home.
A lifetime mortgage is a long term commitment which could accumulate interest and is secured against your home.
Equity release is not right for everyone and may reduce the value of your estate.