What can equity release be used for?
Simply put, equity release can be used to make your life better in any number of ways. Your reasons for looking into equity release many be essential, personal or practical. Whatever they are, releasing the equity in your home can make a big difference to your life and the lives of your loved ones. Here are some of the most popular uses…
Equity release uses
Home and garden improvements is the number one reason that people release cash. New kitchens and bathrooms are top of that list, along with extensions and conservatories.
Paying off existing mortgage
Have you got an interest only mortgage coming to an end with no repayment plan in place? Equity release could provide the perfect solution.
Repayments on credit cards, store cards and loans can really eat into your monthly income. If this is a concern for you then equity release could provide the funds to repay these debts.
Go on holiday
Your later life often provides the freedom and time to be able to explore the world. If your finances don’t match your ambitions then equity release could help.
Gift to loved ones
A third of first time buyers need financial help to get onto the property ladder. Other motivations include paying for school fees or gifting a ‘living inheritance’.
Standard of living
Equity release can be used to maintain or improve your standard of living – especially if you are in or approaching retirement and need a cash boost.
It’s important you know
Whatever your motivation your adviser can help you to consider all of the alternatives and tell you if equity release a good option for you now and in the future. And it won’t cost you a penny for this advice as our fee of £995 is only payable on completion.
If you are considering equity release we recommend that you read through ‘Things to think about‘. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits now or in the future. You should think carefully before securing a debt against your home.Things to think about