If you are aged over 55+ how you can release equity from your home via equity release.
There are two kinds of this product available that will allow you to release equity from your home, these are:
We’re an independent mortgage broker, so we’re able to advise and recommend the best type of product available to you along with traditional and retirement interest only mortgage alternatives.
With a lifetime mortgage, you’ll be able to release equity from your home as either an initial lump sum for a large purchase or in smaller chunks to supplement your income in retirement.
If you don’t need all the money you release from your home as a lump sum and are happy with an initial amount followed by smaller chunks, a drawdown lifetime mortgage may work better for you and save you a lot of money in interest.
Also, when releasing equity from your home by way of an equity release plan, you can choose whether to make monthly payments. Monthly payments are optional, if you can afford to pay a monthly contribution towards the interest of any amount, this will help maintain some of the equity in your home and it’ll save you a lot of money in interest.
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There are alternatives to consider to releasing equity from your home, these are:
As you can see, there is a lot to consider when looking to release equity from your home and seeing professional advice will prove invaluable. All alternative products should be considered by your mortgage advisor ahead of a recommendation.
Our team is available 7 days a week to answer all your questions surrounding the options on your home.
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