Want to free up the cash
tied up in your property so you can enjoy life’s little luxuries?
If you’re looking for a lump sum, or to increase your income to treat
yourself and your family then Equity Release could be just what you need.
For many people having thousands tied up in a
property but being short of spending money for the little things in life that
matter simply doesn’t make sense. What can make sense is finding a way to
access your cash without having to sell up and move home.
Talk to us about Equity Release and we can
show you various ways to free up your cash as a lump sum or a drawdown income.
Any sum you release is tax free* so it’s all
your money and it’s entirely up to you what you do with it.
To be
eligible for Equity Release all you need is:
·
Typically to be over 60
·
A
property in good condition worth typically at least £70,000. The equity
released can be used to repay an outstanding mortgage, or to make repairs or
alterations to the property
It’s
your money and it’s tax free
• Basically you are mortgaging your house but don’t make
any monthly payments
• You still own your home and can live there until you
die or have to move into long-term care
• The maximum amount you can borrow depends upon how old
you are, the value of your property and the individual lender you borrow from
• Under current legislation you won’t pay tax* on any
money you borrow
• Interest is added to the loan every month with the
total amount (loan plus interest) usually repaid from the sale of the property
when you no longer need it
• If the value of your property goes up over time you may
be able to release more equity if you need it
HOWEVER
• Because you don’t make any payments on the loan or loan
interest, the longer you live the more the loan amount grows and the less you
may have to leave as a legacy – in some cases there may be nothing left
• Releasing cash from your home may reduce your
entitlement to state benefits
To find out if you are eligible, talk to us
today and put yourself in the picture with a personal Equity Release
illustration.This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
* Any references to taxation are based on
our understanding of current legislation and HM Revenue & Customs practice,
which can change.
