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Equity Release

How to get your property wealth working for you!

Recent data published by Halifax indicated that UK house prices in October 2017 were 2.3% higher than the previous quarter. The fastest rate of growth since January 2017. As house prices continue to rise, many of the UK’s older homeowners may find that the value of their property has increased at a far greater rate than their pension incomes.

By owning your own home, the long-term rise means you have been investing in an asset that is capable of significantly boosting your later life finances.

If you already have an existing mortgage switching to a lifetime mortgage could allow you to be free of monthly mortgage payments.

Seven facts that you may not know about lifetime mortgages
1.You can take as little as £10,000 and leave the remaining funds in an interest free reserve until you choose to access them.
2.With some lenders there are no required monthly payments allowing you to roll up the interest over the course of the loan
3.There are also some lifetime mortgages that allow you to pay up to 15% of the initial amount borrowed every year without penalty.
4.The interest rate is fixed for life, so you can see how much will be owed in future years. Rates currently start as low as 3.79%.
5.You can choose to ring fence a percentage of your equity guaranteeing a future inheritance.
6.You continue to own your home like any high-street mortgage. Its just a different type of mortgage that is not time sensitive.
7. If you want to move to another property, you can take your lifetime mortgage with you (subject to lender’s criteria).
www.release-my-equity.co.uk

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