Equity Release & Later Life Lending

Hi I’m Rachael a Later Life Lending Specialist with an in depth knowledge of all the options available to you – I can come and visit you in the comfort of your own home, and take the time to review your personal circumstances, needs and requirements, involving any family members or loved ones, and fully explain what is involved so there are no questions unturned, and you fully understand the process and outcome.

And my advice fee is ONLY £495 on completion of any later life lending product (a £250 fee applied if you decide not to proceed due to works undertaken).

Simply give me a call or email and we can start talking about your options.

01304 626968  rachael@simply-finance.co.uk

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For many people, their property is their biggest asset. Unlocking this value via equity release is an option being considered by an increasing number of over 55’s to help financially plan for retirement.

Equity can be released via a lump sum or in stages via drawdown to help provide an additional source of funds or income in later life, with a growing choice of product features and flexibilities. Some people take equity release because they do not have adequate savings and they need extra money to meet living expenses. Others simply want to improve their lifestyles or help a loved one.

Lifetime mortgages

The most popular type of equity release is a lifetime mortgage. When customers take out a lifetime mortgage, they retain full ownership of their home and any interest on the loan can be paid as you go along or rolled up with nothing to pay until the end. The loan and any outstanding interest are then repaid by your estate when you either die or move to permanent long-term care (or in the case of a couple the last person living in the home).

The amount available to borrow depends on things like a customer’s age, their health and how much their property is worth. Lifetime mortgages are usually only available to people aged 55 and over.

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Other types of later life financial products

As well as equity release, there are other products, typically covered by a term called later life financial products that like equity release are dedicated for people in older age brackets and who are homeowners, that you may wish to explore

These include products such as retirement mortgages and retirement interest-only (RIO) mortgages. It is recommended that you speak to your adviser and seek information on all options to ensure any product you choose best suits your needs, both now and in the future.

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Product standards

For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a cap (upper limit) which is fixed for the life of the loan.

You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.

You have the right to move to another property as long as certain criteria are met, such as new property being acceptable to your product provider as continuing security for your equity release loan.

The product must have a no negative equity guarantee. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan, plus interest, to your provider, neither you nor your estate will be liable to pay any more.

Right to make penalty free payments, subject to lender criteria. All products should include a facility for customers to make voluntary repayments.

We are only allowed to tell you that a product meets these standards if it meets all of them.

If you are offered or are considering a product that does not meet all the standards, the product literature must explain which standards are not met and give an illustration of the types of risk that this might pose for you.

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Independent legal advice

You may choose your own solicitor to carry out the legal work in connection with your plan. Before the plan is completed, your solicitor will be provided with full details of the plan, including the rights and obligations of you and your product provider under the contract, should you choose to go ahead.

Your solicitor will discuss the terms and conditions of your contract with you. They will only sign an Equity Release Council recognised certificate when they are satisfied that you fully understand your rights, obligations and benefits and that you wish to proceed with the plan.

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Thinking about Equity Release

There are some key factors you should consider first.

Is your equity release plan regulated by the Financial Conduct Authority (FCA)?

The FCA regulates our industry and sets out the rules we must follow, ensuring that our plans are presented in a clear way.

Check your other financial affairs and options.

For instance, you may have other investments, savings, or assets to draw on, or you may wish to continue some form of paid employment.

Moving to a cheaper property could be another solution.

Although many people feel at home in their property and don’t want to move, you should be aware that down-sizing could be another option. Maybe even consider a cheaper part of the country.