Would you like to treat yourself to a little luxury?

For many people, it simply doesn’t make sense to have thousands tied up in a property but be short of spending money for the things in life that matter. What can make sense is finding a way to access your cash without having to sell up and move home.

You may feel you’ve worked hard throughout your life and now you deserve to kick back and enjoy yourself. Perhaps you have a bucket list you’d like to tick off? If you’re looking for a lump sum, or to increase your income to treat yourself and your family then Equity Release could be just what you need.

Typically, if you are over 55 and own your own home, you could release some of the equity in your home to allow you to enjoy life’s little luxuries.

People are already using Equity Release for:

  1. Home Improvements
  2. Holidays and travel
  3. Clearing debts and mortgages
  4. New cars
  5. Gifts to family

If eligible, you could get a loan based on your age and the value of your home – minimum loan amounts typically start at £10,000. You may take the money you release as a lump sum or as several smaller amounts, or a combination of both, and spend the money however you like.

Best of all you will still own your home and can carry on living in it.

The loan will eventually be repaid when the property is sold, either on death or when the owner(s) have moved in with family or into residential care.

As Equity Release specialists, we are convinced of the merits of raising capital by these means as long as the following measures are taken:

  • All possible alternatives are discussed with your advisor and your family.
  • The initial release matches your plans. Don’t take out any more than you need.
  • You receive independent equity release advice from a suitably qualified advisor
  • The recommended lender complies with the ERC Code of Conduct
  • You receive separate legal representation from that of the lender. This will involve a face-to-face meeting with your solicitor.
  • You receive a Key Facts Illustration and a Suitability Report covering all aspects of your advisor’s recommendation including set up costs, interest rate, future balances and early repayment charges.

To find out if you are eligible, call Michael Hodgetts, Lighthouse Platinum Wealth Management Ltd  T: 01473 730 999   E: mike@lighthouseplatinum.com.

 

Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks of an Equity Release scheme please ask for a personalised illustration. Equity Release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate. Check that this mortgage will meet your needs if you want to move or sell your home or want your family to inherit it. Lighthouse Platinum Wealth Management Ltd is an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.

Over 55 and need help with an interest only mortgage

Are you one of the many who took out an interest only mortgage and are now facing repayment? Some will find that they cannot meet this cost through their savings and investments alone and, for those approaching retirement, this can be a particularly daunting prospect.

Selling your home may feel like the only option. But with 80% of over 45s wanting to stay in their home for as long as possible*, this can be a difficult decision to make.

For interest-only mortgage home-owners over the age of 55, your home can actually prove to be the biggest asset in resolving immediate financial pressures. By taking out a lifetime mortgage, you can release equity to bridge the shortfall and this can prove a lifeline for those wanting to remain in their home.

With a lifetime mortgage, you could get the cash needed from your home itself without facing monthly repayments. It is a lifetime commitment and the loan and accumulated interest is usually repaid when the home-owner dies or moves into long term care, subject to terms and conditions.

Equity Release is a safe and viable option for many but should only be considered alongside other alternatives and on the advice of an appropriately qualified Independent Financial Advisor. Releasing equity now will reduce the amount of inheritance you can pass on in the future so it is essential your family understand any new arrangement, and it could also affect your tax position and eligibility for means-tested benefits.

For those with an impending interest only mortgage repayment, it’s one possible life-line that should not be ignored.

*Source Aviva

To find out if you are eligible, call Michael Hodgetts, Lighthouse Platinum Wealth Management Ltd T: 01473 730 999   E: mike@lighthouseplatinum.com.

 

Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks of an Equity Release scheme please ask for a personalised illustration. Equity Release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate. Check that this mortgage will meet your needs if you want to move or sell your home or want your family to inherit it.

 

Lighthouse Platinum Wealth Management Ltd is an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.

Grandparents: Free up cash for education costs

If you would like to raise extra funds to help your grandchildren through university, Equity Release could be just what you need. Current estimates of student debt on graduating can be £44,000 or more. Not surprisingly, more and more grandparents are helping cover university costs that could otherwise take up to 30 years to pay back.

If you’re keen to help, why not talk to us about Equity Release? We can show you various ways to free up cash currently locked in the value of your home.

Please remember: if you’re gifting funds and die within 7 years, this could create tax charges* in the future. However over the longer term, using Equity Release could actually reduce any Inheritance Tax liability on your estate.

Typically, if you are over 55 and own your own home, you could release some of the equity in your home. You will still own your home and can carry on living in it.

 

The loan will eventually be repaid when the property is sold, either on your death or when you have moved in with family or into residential care.

 

As Equity Release specialists, we are convinced of the merits of raising capital by these means as long as the following measures are taken:

  • All possible alternatives are discussed with your advisor and your family.
  • The initial release matches your plans. Don’t take out any more than you need.
  • You receive independent equity release advice from a suitably qualified advisor
  • The recommended lender complies with the ERC Code of Conduct
  • You receive separate legal representation from that of the lender. This will involve a face-to-face meeting with your solicitor.
  • You receive a Key Facts Illustration and a Suitability Report covering all aspects of your advisor’s recommendation including set up costs, interest rate, future balances and early repayment charges.

* Any references to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change.

To find out if you are eligible, call Michael Hodgetts, Lighthouse Platinum Wealth Management Ltd  T: 01473 730999  Email:  mail@lighthouseplatinum.com

 

Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks of an Equity Release scheme please ask for a personalised illustration. Equity Release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate.