tax-free cash
Available to
No advice fees
Home reversion plans
Available to homeowners aged 60 and over home reversion scheme allows you to sell a percentage of your property to a provider, which pays you a tax-free lump sum in return. Although the lump sum is significantly less than the market value of your home, you remain a co-owner of the property (or a beneficial owner if you sell more than 50%) and continue to enjoy the right to live in it for the rest of your life.
Drawdown lifetime mortgage
Lump sum life mortgage
A lump sum lifetime mortgage gives you access to a one-off sum of cash, and you’ll still own your own property. There are different ways to pay the interest too – either roll-up or interest only; or a hybrid where you can change from interest-only to roll up at any point.
Here are some tips important for all those considering taking Equity Release:
- Consider carefully how much and when to borrow.
Remember that the sooner you borrow, the more interest you will have to pay. - Ensure you use a company that belongs to the Equity Release Council.
This way, you get a ‘no negative equity guarantee’ warranty, which means your estate will not owe more than your residence is worth. - Get professional advice.
You should discuss your plans in regards to equity release with a mortgage broker or financial adviser that has an equity release qualification to ensure you get the deal tailored to your needs. - Keep in mind it can affect your benefits.
In certain circumstances, having cash rather than a property can affect the benefits you’re entitled to like pension credit. Speaking to a professional about the equity release will help you make the right decision that will boost your finances and make the most out of your retirement.
When buying a property with an intent to rent it out there is a special type of mortgage that you need to apply for. We actually have advisers with extensive experience and knowledge about buy-to-let mortgages, so give us a call or check out bestbuytolet.co.uk for more details.