As we get older many of us begin to make alterations to our homes to suit our living requirements and desires. Perhaps we’ve become less physically able and alter our homes to accommodate our new needs?
Sometimes the solution may be to move home altogether. Perhaps to be closer to loved ones who could help out if needed? Or maybe moving to a bungalow rather than a multi-storey home is the solution?
Perhaps you just fancy somewhere a bit more in keeping with your lifelong dreams?
But, did you know equity release could be the vehicle with which you can enable yourself to make that move?
In essence, an equity release scheme is a mortgage secured on one’s property; however, unlike a conventional mortgage there are no monthly payments. Instead, the interest charged by the lender is added to the loan & compounded over the term. Therefore, similarities between equity release & a household mortgage co-exist. Furthermore, this similarity extends to the house buying process.
When funds need to be raised to assist with a house purchase, a conventional mortgage is normally utilised to bridge the shortfall between the purchase price & any deposit already held. Equity release can also assist a house purchase by using exactly the same principles as a mortgage.
It is important to consider seeking advice from a qualified equity release adviser at this stage and letting them know your intentions. They will be able to source something that most aptly suits your needs, they may even advise that equity release isn’t your best option and may be able to help in another way.
You may also need to consider if your existing mortgage will need repaying with the proceeds released as this will reduce the total available to use as a deposit on your new home.
So as equity release can be used to upgrade your home- be it existing or new- it is worthwhile seeking advice from a qualified adviser who can help support you on this journey.
To arrange a conversation at a time that suits you, get in touch. This may be with ourselves or our trusted referral partners who can advise on equity release.
How can we help?
Speak to us about your financial needs by calling on 01564 791 120 or emailing email@example.com, and we’ll be happy to discuss. Or if you’d prefer click here for someone to give you a callback.