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Is equity release available for the self-employed?

Are you self-employed, retired, or unemployed and looking for equity release? Are you wondering if you are eligible? The short answer is yes! As you will need an advisor for equity release, we can go through all the details. Depending on your situation, it may get a little complicated. But we are here to help!

What is equity release? The equity in your home is the market value of your property minus any outstanding mortgage or other debt secured against it. In other words, it is the amount of money you’d get if you sold your home for cash. And with recent years’ property price increases, if you bought your home a while back, you may find that you have a large amount of equity in it! If you did not want to sell your home, equity release allows you to access this equity while continuing to live in your home and without having to make any monthly repayments.

The main advantages of equity release are:

  • You don’t need to have paid off your mortgage in full to be eligible for equity release
  • You still own your home and you will continue to live in it
  • There are no monthly repayments
  • The money you release is tax free
  • You can take the money in one lump sum or smaller instalments

Your employment should not affect equity release. The only time proof of income is required is if you want to opt for a payment plan.

With equity release, there is no requirement to repay the loan. But, some lenders offer interest servicing plans. (Which can provide a discount on the interest rate). If you opt for one of these plans, we require proof of income. It is usually the last SA302 or three months’ payslips. The three-month bank statement can be used. Providing the income is going into that account.

Just to complicate things a little more. There are a few lenders who offer plans that start as mortgages. But turn into Lifetime Mortgages at retirement age. These plans are stricter. The proof of income is the same as for a residential mortgage. We find, due to their strict criteria, they are uncommon.

Do you need help with equity release? Let us help take the hassle out of the process and set you up for the future.

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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