What is equity release?
Put simply, equity release allows you to generate cash from the value of your home in the form of a tax-free lump sum, or by drawing smaller instalments as and when you need them, without the hassle and stress that moving can involve.
How could equity release help you?
If you are considering releasing a tax-free cash lump sum then you probably have an idea in mind of how you intend to spend it.
Tens of thousands of people have already used the value of their home to boost their finances, and for many different reasons.
Some of the most popular reasons for releasing cash include
- Home and garden improvements
- Clearing credit cards and loans
- Taking more holidays
- Giving money to the family
- Paying off the mortgage
Leaving the family home and neighbourhood can be an emotional upheaval. Equity release gives you options, however, enabling you to release the cash locked up in your home without the stress of having to downsize or sell the home you love.
With people living a lot longer these days and with pensions not being what they used to be, savings have to stretch a lot further to last through retirement. You might wish to release cash to top-up your income, so you can really enjoy your free time after years spent working.
Think carefully before securing other debts against your home.
We offer a free no-obligation consultation for you to find out more about equity release and ask any questions you might have. We put your needs first.
During the appointment process your adviser will ensure you have considered all the alternatives to equity release.
These may include:
- Downsizing your house
- Assistance from family
- Using any savings you have to fund your plans
- Other forms of borrowing
And remember, if equity release is not right for you, we’ll tell you!
You can be sure that you are in safe hands with Mather and Murray Financial; all equity release plans are regulated by the Financial Conduct Authority (www.fca.org.uk), which provides protection and security to all equity release customers.
As part of this regulation, during your second appointment with one of our advisers they will present the full details of their recommendation to you
This will include:
- Why they believe this is the most suitable option for you
- Any costs, penalties and interest rates involved with a plan
Peace of Mind:
- You have the right to remain in your home for as long as you choose
- The freedom to moveto another property without financial penalty (subject to criteria)
- A ‘no negative equity’ guarantee, so you never owe more than the value of your home
What can you expect from your adviser?
During your initial consultation, your independent adviser will explain the different types of equity release plans available and help you to understand all the negatives and positives of releasing cash from your home.
The appointment process is usually done in two stages:
We will take the time to get to know you, your priorities and your circumstances, so we can fully understand what you want from your retirement. We can discuss long-term financial planning with you and make sure you have considered the alternatives to equity release.
Your adviser will give you a full report as to what the best option is for your personal circumstances which can include a state benefits report and you can see how your entitlements may be affected if you release cash from your home. If equity release is right for you then we can inform you of the products you qualify for, the best plan for your needs (you may even be able to get more cash if you have any health conditions), how much you can release from your home and the costs involved. Equity release could also affect your income tax position but again, your adviser should give you guidance on this.
Remember, your initial appointment is free with no obligation, so there is no pressure to proceed with a plan. It is simply an opportunity for you to find out more about your options.
Involving your family
If any appointments are to take place in the comfort of your own home then we welcome you to invite your family too. Releasing cash from your home reduces the value of your estate and the amount of inheritance you leave. Therefore, involving your children and any other dependents from the beginning will allow them to join in the decision- making process and ask any questions they might have. This involvement may make things easier for them too, when the plan comes to an end.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage payments.
Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.
Equity Released from your home will be secured against it.