Financial Advisers - Independent in & around CH1
Science Park South
Equity Release Supermarket are award winning independent equity release specialists, offering nationwide advice on ALL lifetime mortgage & home reversion plans. We provide a unique level of information to enable any homeowner over the age of 55 to conduct their own research on which equity release scheme is best for them.
Equity release is a mortgage for homeowners over the age of 55 who wish to release tax-free cash from their property to enhance their retirement. This money can be used for any purpose. Once the tax-free cash has been released the lender will charge interest which is added to the loan. The homeowner then choose whether to make any repayments, or not. There are many reasons homeowners are now looking towards equity release as follows:
- Home Improvement
- Repaying a mortgage or clear loan & credit card debts
- Gifting to children as an early inheritance
- Holidays and cruises
Equity Release is a highly regulated product and is covered by the Financial Conduct Authority and in addition the trade body The Equity Release Council issue a code of conduct. This means that any adviser or lender should follow their rules in order to maintain membership of their scheme. Protection includes the inclusion of a no negative equity guarantee, the fact that advice must be given by a qualified equity release adviser and an independent solicitor must have sight of the homeowner at signature stage.
Types of Equity Release Schemes
Ensuring you find the best equity release scheme can make a significant difference to the amount of equity left at the end of the day. Therefore, research first to find the right equity release plan for you. The following are the various types of equity release schemes available: -
Drawdown Lifetime Mortgage - where a lender will provide a cash reserve facility from which an initial lump sum is taken. Interest is only charged on the amount withdrawn. The remaining reserve facility can be drawn down at any time in the future in small ad-hoc payments whenever required. Drawdown is the most popular type of lifetime mortgage.
Enhanced Lifetime Mortgage - taking account of health, can now affect the maximum loan and interest rate of an equity release scheme. Therefore, should there be a history of poor health then a health and lifestyle questionnaire should be completed. If it can be shown ill health persists then the lender can offer enhanced terms
Voluntary Repayment Schemes - a lifetime mortgage where upto 10% of the original amount borrowed can be repaid back to the lender with NO penalty. Therefore, homeowners can nw manage the future balance of the equity release scheme and control how much equity is passed onto their beneficiaries.
To find out more about equity release, visit the market leading website - https://www.equityreleasesupermarket.com
Here you can find a local equity release adviser, use the equity release calculator to calculate how much you can borrow, comparison tables to see all the schemes available or order our free guide, either electronically or posted.
Call 0800 678 5955 for more information or discuss your requirements with a local adviser.
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