What does the new ERC report say?

May 5th, 2023|Equity Release|

A new independent report which was commissioned by the Equity Release Council has set out the potential role of the £5 trillion property wealth in addressing the challenges faced by UK's aging population .The report which was released in March this year, is called Later Life Lending: Great Expectations and is authored by Jon Dunckley, director at About Consulting Group who has 25 years of expertise in the equity release market. The report outlines the progress that the equity [...]

Equity Release to free up cash for homeowners over 55

April 18th, 2023|Equity Release|

For many people in the current financial climate, the cost of living is squeezing the amount of cash available to spend. Housing costs have soared along with everyday living expenses including food, fuel and travel. For homeowners aged 55 and over, this may lead to questions about equity release. Is it right for me? How much can I release with equity release? Do I qualify for equity release? Can I still leave an inheritance if I release equity? What happens [...]

Inheritance Tax and Equity Release

March 3rd, 2023|Equity Release|

How much is Inheritance Tax, when do we pay it and what does it cover? Inheritance tax is a tax on the estate of a person who has died. The estate can include property, money accounts and other possessions. In the UK, the standard rate of inheritance tax is 40% above a threshold of £325,000. No tax will be paid if you leave everything above the threshold to your partner or an exempt beneficiary such as a charity. Moreover, if [...]

Managing your personal finances as a couple

March 1st, 2023|Equity Release|

Open conversations about finances can be very difficult in relationships. This includes conversations about what we might expect to inherit or be gifted from parents in the future. It is very common for home-owners to release equity to give to children and this can be one of the rare times that the whole family, including couples, have an open and frank conversation about the best way to manage finances. We would like to share a few tips on how to [...]

All you need to know about Lasting Powers of Attorney

February 23rd, 2023|Equity Release|

The Equity Release Council previously hosted a series of webinars where consultant solicitor Malcolm Emery shared his expertise on Lasting Powers of Attorney (LPAs) and other legal issues. In case you’ve missed it, you can watch the whole webinar again if you are a member of the Council. What is an LPA? An LPA is simply a legal document which lets an individual (also called a ‘donor’) appoint one or more people (called ‘attorneys’) who can make a decision [...]

What happens to Inheritance tax when you release equity from your home?

February 3rd, 2023|Equity Release|

Talking about money and inheritance is definitely not considered something ‘very British’. Adult children find it particularly difficult to talk with their older parents about inheritance. The topic is often seen as a taboo. Yet, having an honest conversation about family finance can make a real difference for both parents and adult children’s financial future. It has been estimated that this taboo costs £80,000 in unnecessary taxes as well as destroyed relationships. Not having these conversations poses a number of [...]

Top tips on how to better manage your personal finances in 2023

January 27th, 2023|Equity Release|

If you are nearing retirement age, it is good to start planning your personal finances now. If you have reached retirement age or nearing it, you can get an estimate of your state pension. On the UK government website, there is a calculator. You’ll also need to get in touch with all of your pension providers and let them know that you’re planning on retirement. In case you have lost contact with some of them, you can use the Pension [...]