What is Equity Release?
A Guide by Richard Jeffcock
Owner of the Equity Release Partnership
Equity release is a way of unlocking some of the value, or equity, you have in your home in exchange for a tax-free lump sum, without having to move house.
Equity Release Products are much better than they used to be
Thankfully, the Equity Release industry has changed significantly over recent years. It had to because it had a poor reputation. It’s good to know you can now retain 100% ownership of your home and still raise funds from it.
There are now many major providers operating in the Equity Release market, including Aviva, Legal & General, LV and Nationwide. There are also a considerable number of trusted smaller providers who also offer excellent products. This wide variety has created a healthy level of competition and there are a range of excellent Equity Release products to choose from. These include products where you can repay the lump sum back in full at your convenience or make ad-hoc smaller payments to reduce the amount borrowed, when you wish or desire.
How much equity can I release?
Up to approximately 80% of the value of your home, depending on your circumstances.
You must be over 55 and own your home to qualify. You can take Equity Release if there is a mortgage outstanding on your property but usually some of the proceeds from the Equity Release sum must be used to repay the mortgage.
What can I use the cash lump sum for?
There are no restrictions on what you can do with the lump sum. Some common uses are:
Helping loved ones get on the property ladder; investments; paying off mortgages/ loans/ credit cards; reducing Inheritance Tax; general lifestyle requirements (home improvements/ cars/ holidays etc).
Independent advice is a must
Equity Release is a complex subject and there are a vast number of products available. It is vital you take independent advice from someone you can trust and preferably from a local expert.
All Equity Release providers insist on the use of an adviser and will not allow you take out a product without one.
More about myself and the Equity Release Partnership.
I am a regulatory approved, fully qualified, fully independent Equity Release and Mortgage expert. I have access to the whole of the Equity Release market and specialise in the Cotswolds and surrounding areas.
I started the Equity Release Partnership to help friends and family and my trustworthy reputation, and business grew from there. I have over 20 years’ experience in the financial services industry and came from a compliance background where I was responsible for ensuring sales of financial products met client and regulatory requirements.
Given this background I know how important it is for people to receive the correct advice, and, because of my fully independent status, I am able to provide this.
Contact me for an informal discussion
To find out if you are likely to be eligible for Equity Release, I offer a free, no obligation check which takes no more than 15 minutes on the telephone. If you then decide you want to take things further, the process can be completed entirely by telephone / video call or I can visit you in your home at your convenience. Any advice and assistance I give throughout the process is also free, as my fee only becomes payable if and when the equity is released from your home.
Please call me on 01793 272082 or 07809 462165 or email: firstname.lastname@example.org
If you decide to take out an Equity Release product, the fee charged by the Equity Release Partnership is £995. This fee can be deducted from the equity lump sum and only becomes payable if and when your case completes.
For more details, visit our website