Equity release and later life mortgage advisers for Surrey
Are you thinking about equity release, so you can free up some of the money from your property? We are leading equity release advisers working in Surrey and our specialists can provide you with all the information and help you need. Whether you want to travel throughout your retirement, improve your home or set up your family or grandchildren, we can assist.
Equity release provides many people with more financial freedom and allows them to do what they wish without having to worry about their finances. If you are aged between 55 and 95, it means you can access the funds attached to your home, whilst still living there.
Equity release is used for:
- Holidays and travel: Many people wish to fill their retirement years full of exciting travel adventures and equity release gives them the opportunity to do this.
- Mortgages and debts: If you have outstanding debts and a mortgage, by releasing equity your monthly payments will be reduced.
- Assisting family and loved ones: Equity release means that you can provide financial support for friends and family. It could be to help them buy a house or be put towards other costs, such as school fees.
- Supplementary income: Low interest rates and the high cost of living means that retirement can be struggle for many. Releasing equity can give your funds an injection of money, so you do not need to worry about day-to-day living costs.
- Home improvements: Are you looking to make home improvement or renovations? Equity release can be used to improve your property and you can avoid the stress of moving.
We have a range of products available and our equity release brokers can discuss which one is the right one for you.
For more details about our services, contact us now on 0333 000 2097
Surrey house prices: Why equity release could be the right solution
Property has always been a safe bet for investment. People will always need a roof over their heads and the property market in the UK is strong, with many people moving to live here to study and work. Much of the county is located within commuting distance to London but there is beautiful countryside on the doorstep. Towns like Guildford, Woking, and Epsom also have all the amenities, nightlife, and culture, you can expect from a vibrant town.
Surrey has long been considered one of the most desirable counties in the UK in which to live. If you have invested in property in one of Surrey’s towns or villages, the chances are that you are probably sitting on a lot of money. According to Rightmove in 2020, the average price for a property in Surrey was over £560,000, with the majority of sales for detached homes, which fetched an average of £885,000. In 2020, sold prices were up 5 per cent on 2019.
According to a report by estate agents Churchods, house prices have increased by 55 per cent since 2010, showing the property continues to be one of the best long-term investments anyone can make and after time, you will begin to enjoy the capital appreciation on your home.
Are you based in Surrey and are thinking about whether to release equity from your property? If you are, it is essential that you talk to a professional. Our equity release experts can talk through the various options available to find the right solutions for you.
What is equity release? How our equity release brokers in Surrey can help!
Equity release describes products that let you access the equity or money tied up in your property. This is equal to the market value of your property minus any outstanding mortgage payments or other debts against it. The value of many properties has increased since they were bought.
You can access this money in one large sum, or in a number of smaller amounts over a period of time.
There are two types of equity release.
A Lifetime Mortgage: This is a loan for a fixed amount of tax-free money secured against your home, provided it is your main residence. You still retain full ownership of the property and you can ring-fence some funds as inheritance for family members. Interest is charged on what you have borrowed, and you can make repayments, or you can leave the interest to roll up and be added to the total loan amount. The full amount is paid off after you die or move into long-term care. Read out blog about the difference between a Lifetime Mortgage and a Lifetime Lease.
A Home Reversion Plan: A home reversion plan, or home reversion scheme, allows you to sell some of your home to a company. You can receive a tax-free lump sum or a regular income, or both. This is available to homeowners over 65 years old.
You will only get between 30 per cent to 60 per cent of the home’s market value because you can carry on living in the property without paying rent.
They are also unable to sell it until you have died or moved into long-term care.