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Lifetime Mortgage & General Equity Release Advice in West London
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.
Equity release West London offers homeowners the opportunity to increase their finances by releasing money from their property.
The equity release in West London consumer loans money from a provider either as a lump sum or in regular instalments. They can choose what to do with this money, but if the total sum is withdrawn, compound interest will be charged on the full amount.
Loaning money with equity release in West London does not come with the same risks as traditional loaning.
There are unique risks (such as compound interest), but there are also risks that do not apply (such as getting into debt due to missed repayments).
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No, you cannot release equity from any property in London. Your home must meet the criteria of your chosen equity release West London provider. They may only accept properties of a certain value, a certain condition, or in a particular area.
All regulated equity release in West London providers also has to enforce the general eligibility requirements for equity release in West London.
This means they cannot loan money to someone whose property is worth less than £70,000. The customer must also be aged 55 years old or more and they must own their property outright.
To pursue equity release in general, it doesn’t matter where you live in West London. You simply need to find an equity release company that is willing to accept your property.
There are plenty of options for equity release in all parts of West London, including:
Our equity release calculator performs a simple calculation that gives you an idea of how much money you could get through equity release in West London.
This is based on whether you own a house or an apartment, your age, and the value of the property you want to release money from.
Here are a few examples of calculations our clients may receive:
Client A is 55 years old with a house value of £1,000,000 in South Kensington. They can release up to £255,000 through equity release in West London.
Client B is the owner of a £500,000 flat in Putney at 70 years old. Our calculator suggests this client could release a maximum of £72,250.
If your property isn’t worth £70,000 or more, you won’t be able to access any money through the equity release in West London scheme. Other potential obstacles include having a leasehold property or a retirement apartment and having an existing mortgage.
If you are in any of these situations, we still encourage you to investigate equity release in West London as there may be a way to make it work for you.
For example, people with existing mortgages may be able to pay this off, and people with retirement apartments or leasehold properties could potentially find a company willing to provide an equity release loan.
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Equity release West London customers have to pay to get started with the scheme. Some fees that are obligatory include arrangement fees, advice fees, administration fees, legal fees and valuation fees.
This could amount to anything between £1500-£3000. It depends on the cost of your equity release provider, solicitor(s) and adviser(s).
You do not need to keep paying for equity release in West London after you receive your loan, as you have already given up your home when you pass away.
Compound interest will rack up, but as this isn’t repaid during the scheme, you will not have to make any monthly payments to your equity release lender.
The interest rates for equity release in West London change regularly. As there is a current trend for high-interest rates (due to the cost-of-living crisis), equity release interest rates have increased.
We advise discussing your options with a professional adviser to find out how to secure the lowest interest rate possible. This will involve comparing different lenders and plans.
That being said, part of what determines your interest rate is the kind of property you own.
You can expect to pay higher interest when you take out a higher loan, which is associated with high-value properties.
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Equity Release in West London is extremely diverse. Some people get home reversions on their apartments, some take out a lump sum lifetime mortgage, and others opt for a drawdown plan that they dip into as and when they need the money.
The beauty of this is that you don’t have to be restricted in terms of the equity release in West London plan you go for.
You can take the time to consider all of your options and speak to an equity release adviser to find out which equity release products you are eligible for.
The majority of equity release in West London customers take out lifetime mortgages. This style of mortgage does not involve monthly repayments, so the customer is able to stay in their home as the homeowner without paying a large sum each month.
Lifetime mortgage customers can have very different terms depending on which specific plan they have chosen. To find out more about each plan, head to the following pages:
Home reversion plans are also available all over West London. Equity release in West London customers who select this option will sell part of their home (or all of their home) to an equity release provider.
However, they will still be able to live in their home just like a lifetime mortgage customer.
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People who pursue equity release in West London do not have to repay the money they borrow in their lifetime. The loan is only repaid when the customer passes away or enters permanent care, such as in a care home.
This means equity release in West London takes the pressure off people who are struggling financially before or during retirement. There is no worrying about getting into debt and having to give up their home.
The condition for the no-obligation repayment is that the customer is charged compound interest on their loan.
Each year, the interest adds up more and more, so by the end of the equity release in West London scheme, the provider is entitled to a large sum of money.
However, this is often not a problem for the customer, provided that a no negative equity guarantee is in place.
The provider cannot ask the customer or their family to repay an amount higher than the original loan, so nobody gets into debt. They simply sell the house or apartment and take the money from this.
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Some loans are intended for specific purchases, such as car loans. However, equity release loans are not associated with any specific purchase.
The equity release provider is protected as they have your home as a valuable asset to sell when you pass away. This means they it doesn’t matter to them what you spend the money on.
Equity release in West London is often done by customers who need more money in retirement. They may choose to put their loan towards the cost of bills and food in order to avoid traditional debt.
They could also put the funds into something long-term that will continue to give them an income after completing equity release in West London.
For example, a buy-to-let lifetime mortgage allows homeowners to rent out a second home. Another option would be investing in a small business and growing this business over time.
Not everyone who releases equity is in need of a regular income for something specific.
Some people already have money saved in their pension and savings accounts, but they want a lump sum or regular payments to top this up.
They may use their equity release loan for things like holidays, gifting to family and friends, and home improvements.
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West London is an area full of high-value properties, but this doesn’t mean all West London residents are drowning in money.
Many pensioners live very modest lives despite owning expensive homes, as they may have bought their home when property was more affordable.
By releasing equity from a high-value property, these individuals can enjoy an increased income.
Many people feel that it is pointless to live in a beautiful house and have to be frugal, so they choose equity release in West London as a way to benefit from the high-value home they have purchased.
For people who aren’t fortunate enough to live in such an expensive property, the likelihood is that they haven’t been able to save as much for retirement as others in West London.
These people can use equity release in West London to boost their savings and ensure they get to experience a wonderful retirement.
Once you have released equity in West London, you have the freedom to manage your funds however you want to. Unlike traditional loan schemes, you won’t face regular contact from the provider and pressure to repay the money.
The hard work is all done at the start, when you are preparing for the loan. Following this, you can relax and enjoy your new income.
There are some people in West London who don’t know what to do with their assets before they pass away. Perhaps they don’t have relatives to pass money onto, or they have chosen to not leave a big inheritance for various reasons.
Equity release in West London is an excellent option for people in this position. They can spend as much of their money as they want to and there is no fear that their family members will suffer the consequences.
Even people who want to leave an inheritance can do so if they get inheritance protection with their equity release plan. This scheme doesn’t stop people from looking after their families when they pass away.
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As we have discussed, passing on an inheritance is certainly possible with equity release in West London. However, most people will end up leaving a smaller amount of money to their loved ones as the sale of their home will benefit the equity release provider, rather than their family.
This is a dealbreaker for some people as they want to support their loved ones as much as they can. Equity release in West London may not be for you if you’re hoping to leave a significant inheritance.
However, don’t rule it out completely before speaking to a financial adviser. With inheritance protection, a no negative equity guarantee and a plan to gift money to your family, you could still look after your nearest and dearest.
Interest rates can be very high with some equity release products. For pensioners who have paid off their mortgage and are used to having minimal outgoings, this can be off-putting.
With the inclusion of compound interest, some customers feel overwhelmed with the amount of money they owe.
Please remember that this money does not need to be paid back by the customer. As overwhelming as it may seem, it does not directly affect the customer as they won’t be asked for repayments.
To get equity release in West London, you must speak to a provider, advisers and solicitors with training in equity release.
You cannot simply jump into the scheme without investigating it with these professionals. As you can imagine, this means you have to commit to various appointments that each come with a cost.
Most of the time, customers see the costs of equity release as negligible, as they are hoping to be approved for an equity loan by the end of it.
They can also use their loan to pay for the appointments. That being said, if you are someone with little time and money, you must accept that releasing equity is going to be an investment to begin with.
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We want our clients to feel inspired to release equity if it is right for them. Impulsively contacting an equity release provider is not something we recommend, as it could lead you to feel pressured to make a decision.
With Equity Release Warehouse, you can take the time to consider all of your options. We will offer tips for keeping equity release in West London as safe as possible, such as:
No one can release equity without booking an impartial advice appointment, so this is something you will have to do regardless.
However, we advise you to speak to an equity release specialist multiple times so that they have time to cover everything with you.
Try not to get carried away with your hopes and dreams for equity release in these appointments. It’s great to plan ahead and imagine how the loan would change your life, but remember that you may not be the right candidate for this scheme.
If you find out that you are eligible and your adviser recommends the scheme, then you can contact equity release in West London providers to enquire about their plans.
Most people can afford to be selective as there are many equity release companies in West London. Your adviser will be able to help with your search, taking into account any specific requirements you have.
When you meet with an equity release adviser, they will tell you about the various options in West London. However, we would also recommend doing some research outside of these appointments.
You know yourself best, so you may be able to find a scheme that ticks all your boxes. You can then broach this with your adviser, who will outline the advantages and disadvantages of the scheme to prevent you from jumping into unsafe equity release in West London.
Even if you believe you have settled on a plan, make sure you have looked into each and every plan in case there is one that would benefit you more. Our list of plans shows you the most popular options.
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We have already recommended the no negative equity guarantee, but this is not the only add-on you can get in West London.
Get acquainted with your mortgage term options so that your equity release plan is as flexible and beneficial as possible.
Regulated equity release providers must offer certain add-ons, so make sure your provider is affiliated with the Equity Release Council to ensure you don’t miss out on their excellent product standards, which are:
If you are an equity release customer and your provider is not upholding these standards, you can make a complaint to the Equity Release Council (2).
On the other hand, customers with unregulated providers may find themselves stuck in unsafe equity release schemes as there is no official body to complain to.
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Equity release in West London is a fantastic scheme for over-55s. Yet, no scheme is right for everyone.
It’s best to look into equity release alternatives before you decide to tap into the value of your property.
Some alternatives to consider are:
Yes, you can release equity when you re-mortgage. This is different to equity release in West London.
Rather than offering your home in return for a lifelong loan, you would re-mortgage in the traditional sense, which would free up money.
You may do this if you need the money for setting up a business, gifting to a loved one, funding education or paying for long-term care.
Re-mortgaging to release equity could lead to lower interest payments. It can be a great solution for people who live in high-value homes and need access to cash in the near future.
However, there are many downsides. Your repayments can increase significantly, there is pressure to repay the money on time, and your credit score can be affected.
If you’re eligible for equity release in West London, you may find that this is a better idea than re-mortgaging your home.
It allows you to access money right now, without the stress of increasing your mortgage and potentially getting into debt.
Keep in mind that you cannot re-mortgage your home after completing equity release in West London, so you must weigh up both options before deciding on a scheme.
Please call our 24-Hour Helpline: 0330 058 1579
Equity Release Warehouse can help you to get started with equity release in London in your own timing. We offer telephone assessments on 0330 058 1579 as well as a free brochure to answer all your questions about how equity release works.
For specific equity release advice, please go to a qualified equity release adviser who is regulated by the Financial Conduct Authority.
In the meantime, our friendly advisers can help you to weigh up the pros and cons of equity release in West London without putting pressure on you to agree to the scheme.
[1] Equity release interest rates, fees and costs https://www.telegraph.co.uk/financial-services/retirement-solutions/equity-release-service/equity-release-interest-rates/
[2] Complaints https://www.equityreleasecouncil.com/contact/complaints/
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