Polish Translation  English Translation
Agnieszka Slomkowska CeMAP
Independent Mortgage Adviser
01603 443 845

Agnieszka Slomkowska

Independent Mortgage Adviser
Polish Translation  English Translation

Equity Release Plans (for over 55's only)

Equity Release mortgages allow you to release some of the money tied up in your house with absolutely no worries of having to give it up.

Many retired people find themselves ‘asset rich and cash poor’. Maybe your pension isn’t as much as you had hoped for but you have seen your property value soar. Maybe you have children who are struggling to get on to the housing ladder. Equity release enables you to give money to your children earlier than you originally planned.

If you need extra funds many people consider downsizing, however, should you wish to remain in your current home equity release options are available to you.
A Lifetime Mortgage (an Equity Release product) is similar to a standard mortgage, with the main difference being that there are normally no monthly repayments to make and the loan (plus the monthly interest owed) is redeemed when you die, or move into long-term care. The amount of value that you can extract from your home tends to be largely influenced by the age of the youngest plan holder and the value of the property.

There are a number of different options to help meet varying needs, but basically you can raise funds (up to agreed limits), and not even have to pay off any capital or interest at any point during your lifetime, if that's the route which best suits you. The provider of the loan would reclaim the capital (and any accumulated interest) through the sale of the property, once the final plan holder dies or moves into long-term care.

So, why would you want an Equity Release Mortgage?
  • Paying off the outstanding amount on an existing standard mortgage loan.
  • Money to assist with repairs and renovations to the home.
  • Meeting day-to-day living costs and expenses.
  • Provide for the holiday of a lifetime or fund children’s deposits
  • There is no need to move home / downsize
  • You can take either a lump sum or a drawdown facility
  • It is a good way to protect your estate against potential inheritance tax
  • Free review of existing Equity Release mortgages. You may be able to switch to a far better interest rate with no penalty fees.

There are many options available with Equity Release products and our first consultation is free of charge.

For free and friendly advice, contact Agnieszka today on 01603 443 845