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Equity Release

Despite having worked hard and saved your whole life, you may still find that later in life you need additional sources of income. Equity Release allows you to unlock cash from the value tied up in your home, without having to move house or downsize. Our advisers can look at all the later life borrowing options available to help you in your retirement. 

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 

 

WHY DO IT?

 

Equity release should not be a decision to take lightly and you should weigh up all the advantages and disadvantages. You may want to consider first if downsizing your property may be an option. By selling your home and moving to a smaller property, you could live off the excess cash you have made.

There are of course situations when downsizing is not an option and equity release can play a crucial role in funding a comfortable retirement. There are many reasons why people consider equity release: funding home improvements, gifting money to a family member, getting rid of existing debts or mortgages or, to put it simply, living a better retirement life.

Very often, equity release can provide a financial lifeline for those with an interest-only mortgage but without a repayment strategy in place to pay it off. Thousands of interest-only mortgages are due to mature every year, having been taken out prior to the credit crisis, and unfortunately a great number of homeowners do not have an adequate repayment strategy in place to repay the capital they borrowed, nor a dependable income throughout retirement. Equity release could provide a solution to this problem.

 

CONTACT US ABOUT EQUITY RELEASE


LIFETIME MORTGAGES

 

This is the most popular type of equity release for those aged 55 or over.

A lifetime mortgage is secured against your home and provides you with a tax-free sum of money while you continue to own your home and without having to make any monthly repayments. With all lifetime mortgages you retain 100% homeownership of the property from which you are releasing equity. The loan and the interest will be paid off through the sale of the property, once the last deed-holder of the house passes away or enters long-term care.

 

**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**​ 





 

 

HOW CAN FAIRVIEW FINANCIAL HELP WITH EQUITY RELEASE?

The benefits of equity release depend on several factors like age, income, your future plans. There are many things to consider before an adviser can recommend you the right equity release product and that is why you need to be prepared for a thorough process.

Our equity release advisers will discuss with you all your options, help you understand the steps involved, associated costs, explain all the benefits but also highlight any potential risks or other implications you need to consider.

Our advisers:

  • Can research the whole of market to find the equity release product that is right for you.
  • Are qualified experts who will take their time to understand your circumstances and support you through the entire process.
  • Can offer face-to-face appointments in the comfort of your own home, so you can involve your family in the process if you wish to do so. We can also speak to you over the phone or meet you in our office in the heart of Cheltenham, whichever is more convenient for you.
  • Will provide initial advice for free and without obligation. Only if you choose to proceed and your mortgage completes a fee of £795 is payable for our services.
  • Can research all the later life borrowing options available to you based on your circumstances - if equity release isn’t right for you, our advisers will tell you and assist with more suitable borrowing options.
  • Are regulated by the Financial Conduct Authority.
  • Are members of the Equity Release Council.

 

     MAKE AN APPOINTMENT

           

We are proud members of the Equity Release Council.

For you, this is a guarantee that we offer products and services which conform to the best practices of the equity release sector. As members, we comply with the council’s principles:

  • We will ensure that all our actions promote public confidence in equity release.
  • We will act at all times in utmost good faith, with our clients’ best interests being paramount.
  • We will offer our clients the products and services that best suit their needs and which are fairly priced.
  • We seek to identify and provide appropriate support to customers who may be exposed to physical, mental and financial vulnerability at any point of contact.
  • Our customers will be confident that they will be able to live in their own home for as long as they wish, or move to a suitable alternative property, as long as they abide by the terms and conditions of their contract.


TESTIMONIALS

WE will search the whole of market ACROSS thousands of mortgage deals to find you the right MORTGAGE.null

 

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