How Does Equity Release Work
In this Blog we’re going to help you understand a little bit more about Equity Release.
You may not look on your home as part of your financial planning however it may hold the key to helping you plan for your future.
This is because your home could be worth more than you paid for it which means Blake and Day may be able to help you access some of that money.
So whether you’re looking to make some home improvements, help your children get on the property ladder, take a trip of a lifetime or simply supplement your income, a lifetime mortgage could be a good option for you.
If this sounds interesting you will probably want to know if you’re eligible and how it all works.
To qualify for a Lifetime Mortgage you and your partner if you have one need to be over 55.
You need to own your own home worth at least ?75,000 and apply for at least ?15,000 pounds.
Unlike a normal mortgage there’s no monthly repayments. This is because the loan and any interest are repaid, usually from the sale of your home when you die or go into long term care.
It’s important to understand that releasing equity may affect your tax position and any entitlement to welfare benefits.
It’s also important to talk with your family as a life time mortgage will reduce the amount of money you can leave to them.
To see all the terms and conditions involved with a life time mortgage visit the equity release page here
In the first instance we suggest you get in touch with us so one our equity release advisers can go through our products and help you decide if any of them are right for you.
Our advisor will explain how the interest is added to the loan and let you know how much you could borrow.
You will then be given a personal illustration that highlights the benefits as well as informing you about the costs and risks of a lifetime Mortgage.
If you would like to find out more please visit bdequityrelease.co.uk and leave your details on our contact us page.
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