Equity Release Advice
Over 55? Unlock the potential in your home
We can help if you are over 55 and require a conventional mortgage where you are committing to making monthly repayments and can prove affordability, or if you want a bit more flexibility on what you pay and when you make payments, or even if you want to make any payments at all!
Many people release equity to make home improvements, to enhance their lifestyle or to make a gift to a family member. This might be one of those essential repairs or home improvements you’ve been putting off or a holiday you didn't think you could afford. Perhaps you want to help a child or grandchild by giving them an “early inheritance”. Whatever your reasons or hopes, contact us to find out more.
We will take the time to get to know you, either in the comfort of your own home, or over the phone - whichever you prefer - and they will recommend the most suitable option for you and your circumstances. Rest assured, if releasing equity from your home isn't right for you, we will tell you. You are welcome to invite family members or a trusted friend to our meetings, if you wish.
You won't have to pay tax on the money you release. You could use the money to:
- Pay off your mortgage or debts
- Make improvements on your home
- Top up your income and live more comfortably
- Help loved ones
- Pay for something for yourself, like a holiday
If you want to move you can use a use a Retirement Interest Only Mortgage or Lifetime Mortgage to buy your new home. This can allow you to:
- Buy a more expensive property
- Repay an existing mortgage
- Make improvements to your new home
For more information, please call us today on: 077743 19160 or email us at contact@adhurstwealth.com
Why use Equity Release?
Tax free money
Peace of mind
Remain in your own home
Support family
Benefit from increase in property value
Retirement Interest Only Mortgage
A Retirement Interest Only Mortgage (RIO) is a type of mortgage designed for older borrowers. Unlike a standard interest only mortgage, it does not have a set end date and carries on until “a specified life event” is triggered. Until then, you continue to pay the interest each month and the loan is ultimately repaid from the sale of your property. You don’t have to repay the loan until you, or the last remaining borrower, die or move permanently into long-term care, which ensures you have a home for as long as you need it. Due to the regular repayments the lender will take into account your income, which is similar to applying for a standard mortgage. In some cases the maximum amount available will be more than a Lifetime Mortgage, which can be useful if you have an existing mortgage to repay.
- You retain full ownership of your house.
- You must make interest payments.
- The loan amount is based on income.
- Can be used to repay an existing mortgage
Lifetime Mortgage
A Lifetime Mortgage offers a wider range of options. They can be set up for you to make full or reduced monthly interest payments, but depending on your circumstances, you may not want to make any monthly payments at all. You may even have the ability to make partial repayments without penalty. You don’t have to repay the loan until you, or the last remaining borrower, die or move permanently into long-term care, which ensures you have a home for as long as you need it.
- You retain full ownership of your house.
- You do not have to make interest payments (but may choose to).
- The loan amount is not usually based on income.
- Can be used to repay an existing mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.