- Posted By admin
- 4 years ago
If you are interested in releasing your equity, our team at Bespoke Home Finance can advise you on the best option to release it. Equity release means using the value of your home to generate cash or income, without having to sell or move, allowing you to continue living in your existing home. You still own your home with the amount you owe increases over time as interest is added.
At Bespoke Home Finance, we have a dedicated team of professionals that will help find the right lifetime mortgage to suit your needs, whether it be through income or a lump sum.
Is an equity release/lifetime mortgage right for you?
Some of the requirements that need to be met are: to be a homeowner and the property is in good condition. We also need to make sure there is nothing outstanding or a plan to clear the remaining borrowing. This method of finance requires the client to be at least 55 years of age. But some schemes may require you to be older.
- It will boost your retirement income or help fund some goals you may have for retirement.
- You will still own your property and can continue living at the premises.
- You get to enjoy the equity built up in your property that can be used for a variety of ways.
- There is no monthly payment.
- We will guarantee that there will be no negative equity as all lenders we use adhere to the Equity Release Council Code of Conduct strict criteria.
- You will be able to get a tailored interest rate.
- You are able to leave part of your inheritance.
- Early repayment charges could apply.
- Your family will not inherit all the property value.
- Added interest.
- There is a chance you could lose some state benefits.
- There needs to be an initial set-up cost and details can be provided on request.
- Compound interest will add to the debt of the equity released.
At Bespoke Home Finance, we will find a mortgage that is tailored to you and suits your needs. We always provide you with easy to understand and in a jargon-free manner. You can count on us to provide you with honest and professional advice to get you what you need.