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Lifetime Mortgage & General Equity Release Advice in Guildford
Reviewed by Tom Philips
Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.
There is no ‘catch’ with equity release Guildford, as all of the information is out there for you to see. There are certain drawbacks of releasing equity, but they will be made very clear to you before you commit to equity release in Guildford.
The only way you could be caught out by the equity release scheme is if you do not do enough research and, more importantly, you do not speak to an equity release adviser who is regulated by the Equity Release Council (ERC).
The reason speaking to an adviser is essential is that they are trained to explain the features and risks of equity release Guildford in great detail.
This means you will be well-informed before you make a start on the scheme, so you will not be caught off guard by any downsides of the scheme.
We believe the best way to get informed about equity release in Guildford is to get in touch with us and speak to our advisers about what draws you to equity release, and what concerns you about it.
The first appointment with an adviser is completely free of charge, so you have nothing to lose.
Please call our 24-Hour Helpline: 0330 058 1579
It may be surprising to you that we are zoning in on the disadvantages of equity release, given that we promote the scheme so proudly. However, we do this because we have nothing to hide.
Equity release is a regulated scheme that has been successfully helping families for many years, but as with any scheme, there are drawbacks, and we want to cover these so that you can consider alternatives if you realise equity release in Guildford is not for you.
This may be a given, but if you decide to commit to equity release Guildford, you must remember that it takes time, and your loan won’t appear in your bank account overnight.
It tends to take up to 8 weeks to release equity, and this is without any delays, so you’ll need some patience if you want to take part in this scheme.
Another point is that you will have to play an active part in the scheme of equity release in Guildford by selecting your own advisers, lender and solicitor, so it is not something you can sign up to and forget about until it is finalised.
With the help of Guildford equity release specialists, this is certainly doable, but we advise against equity release if you simply do not have the time to be dealing with the many different stages of the process.
Fortunately, most people who take out equity are retired, or planning to retire soon, which is backed up by the fact that one in 20 homeowners use this scheme to fund their retirement (a figure that is rapidly rising) (1). This means many customers do have the time to deal with equity release.
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We promote equity release in Guildford as a way to boost your retirement income in your later years, so it may shock you that we are focusing on a financial disadvantage of the scheme.
However, we cannot ignore the fact that it costs money to apply to an equity release lender.
As soon as you put your equity release in Guildford plans into action by seeking equity release advice from a specialist, you will most likely be dipping into your funds, as it costs money to get professional advice.
You can avoid this to begin with by getting a free initial consultation with us, but you will eventually have to pay out for advice fees.
Other things you will need to spend your money on include: solicitor’s fees, application fees, administration fees, and valuation fees.
The costs vary depending on your equity release in Guildford provider and the individuals or firms you choose to seek financial advice from.
Please call our 24-Hour Helpline: 0330 058 1579
When you first hear about the equity release in Guildford scheme, you may dream of an enormous loan that will fund a luxury lifestyle for the rest of your life.
Though this is the reality for some equity release consumers, it is not applicable across the board.
You must remember that the size of your loan is determined by many different factors — primarily, the value of your home. If your home just about meets the minimum requirement of £70,000, your loan will be lower than someone with a £500,000 property.
If you are using equity release in Guildford to pay the bills and have a comfortable retirement, it is more likely that your loan will be sufficiently high.
However, if you are wanting to purchase a second property through the second home lifetime mortgage, you may find that you need additional sources of income to fund this.
If you are releasing equity to combat the cost-of-living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Guildford:
Address: REX House, William Rd, Guildford GU1 4QZ
Telephone: 01483 503414
Website: http://www.ageuk.org.uk/surrey/
Address: The Ash Centre, Ash Hill Rd, Ash, Aldershot GU12 5DP
Telephone: 0808 278 7888
Website: http://www.ca-ga.org.uk/
Address: 4B Southway, Guildford GU2 8DA
Telephone: 0800 328 0006
Address: Papworth Suite, Surrey Place, Mill Ln, Godalming GU7 1EY
Telephone: 0800 249 4341
Please call our 24-Hour Helpline: 0330 058 1579
We do not want to recommend types of equity release in Guildford until we know your personal situation, as there is no one scheme that is suitable for everyone. However, what we can do is discuss each scheme and explain how each one could benefit you.
Home reversions in Guildford are ideal for people who want to pass on an inheritance to their family, as you can do this in a very simple way.
You would sell a share of your home to a home reversion provider, and the remaining share would go to your loved ones upon your death.
Another advantage of Guildford home reversions is that you do not have to pay interest on the loan, as you receive it all at once rather than in regular instalments.
This is great for anyone who cannot afford to make repayments on interest, and yet are hesitant to allow the interest to accrue and therefore be in more debt.
Lifetime mortgages in Guildford are preferable for people who want to remain the homeowner, as this is something that does not apply when you have a home reversion.
They also allow you to stay in your home permanently, so you don’t have to think about moving house in your later years.
You may also get access to more money with a Guildford lifetime mortgage. This is because home reversion customers have to sell their home for less than the market value to the lender, so they may end up with less money overall (2).
For this reason, a lifetime mortgage may be recommended for people who need a large amount of money to pay off debts or help out their loved ones with a financial gift.
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We believe you should consider all potential options, so there is no reason to rule out downsizing or getting a traditional loan. Here are some arguments for each option:
This option is the best for anyone who wants to fund their retirement without having to make regular repayments. Usually, this is people with a low income and perhaps a bad credit history, but wealthy people are also welcome to pursue equity release in Guildford.
Downsizing is recommended if you feel as though you would be able to handle moving house at this stage of your life, and you are prepared to move out of your property and into a new one with a lower value.
If you are not ready to move home, equity release in Guildford may be advisable.
You may want to take out a traditional loan if you believe you would be eligible based on your income and credit rating, and you are confident that you would be able to repay the loan by the deadline.
However, if you cannot do this, equity release in Guildford might be better for you.
Please call our 24-Hour Helpline: 0330 058 1579
You will be pleased to know that you can spend your Guildford equity release loan on anything you want, so you really do have the freedom to fund your retirement in the way you see fit.
Some of the most popular things to spend an equity release loan on include: gifting money to loved ones, having home improvements, paying off debt, and using it to top up your monthly income (3).
However, you are not restricted when it comes to spending your equity release in Guildford loan, so you could use it to fund anything from repaying your mortgage to going on luxury family holidays.
Some people already have a sufficient amount of money for retirement but they choose to pursue equity release in Guildford to make their later years as enjoyable as possible, which is particularly attractive for any homeowners who do not have anyone to leave their money to.
Please call our 24-Hour Helpline: 0330 058 1579
Most of the time, you are technically able to back out of equity release in Guildford, but it will not be easy.
If you are after a short-term scheme to bridge finance, you may be better off pursuing an alternative to lifetime mortgages or home reversions such as credit cards or borrowing from a family member.
This is because equity release in Guildford is supposed to last a long time, and it is only designed to end when you go into permanent care or when you pass away.
If you do decide to back out early, you may have to pay an early repayment fee of up to 25% of the borrowed amount.
Some equity release in Guildford plans do offer downsizing protection, which means you are able to move home without paying the early repayment fee, so we advise finding a plan like this if you believe you are likely to want to move home later down the line.
It is vital that your equity release in Guildford lender is affiliated with the Equity Release Council if you want a chance at moving house, as they will have to offer a suitable alternative property for you.
On the other hand, lenders who are not ERC members may be able to refuse a new property and you wouldn’t be able to do anything about it.
Please call our 24-Hour Helpline: 0330 058 1579
As we have mentioned, equity release in Guildford ends when you pass away or go into long-term care, unless you pay to exit the scheme early.
At this point, the equity release in Guildford lender will arrange the sale of your property, and they will be entitled to the money raised from this sale. Any money that remains will be passed onto your beneficiaries, along with any inheritance that you have protected for them.
If you have gone into permanent care, you could use some of the sales proceeds to fund this, as not everyone can afford this ordinarily.
If you have had a Guildford home reversion, your family will have to organise your possessions very quickly and ensure the property is empty, ready for the sale. The timeframe for this is dependent on the lender’s preferences, but you will be informed of this when you take out equity.
Please call our 24-Hour Helpline: 0330 058 1579
If you are interested in equity release in Guildford and you would like to find out more, please call us on 0330 058 1579 for a free initial consultation.
There are many implications of equity release in Guildford, and when you get in touch with us, you will be able to consider each of these carefully.
If you head to our blog, you can learn about some of these, including the impact equity release in Guildford has on the homeowner’s entitlement to means-tested state benefits, and the homeowner’s ability to leave an inheritance.
We encourage you to use reliable sources when learning about equity release in Guildford, as there are unfortunately too many myths about equity release in Guildford that give homeowners an unrealistic idea of what it is and how it works.
Our website contains everything you need to know, from the pros and cons of equity release in Guildford to the different equity release schemes that are available to homeowners in Guildford and elsewhere.
If there is anything you are unsure about, please make the most of our free consultation and ask our professional advisers for help with understanding equity release in Guildford.
Please call our 24-Hour Helpline: 0330 058 1579
[1] Total retirement spending funded by equity release could top £4bn in 2022: L&G https://www.mortgagestrategy.co.uk/news/total-retirement-spending-funded-by-equity-release-could-top-4bn-in-2022-lg/
[2] Home reversion plans versus lifetime mortgages https://moneyfacts.co.uk/retirement/guides/home-reversion-plans-versus-lifetime-mortgages/
[3] What can you use equity release for? https://www.thetimes.co.uk/money-mentor/article/equity-release/
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