If you are fortunate and have already paid off your mortgage, or you have a very small mortgage outstanding. You could be eligible to release equity from your home.
Homeowners over the age of 55, can find themselves short of disposable income, but due to rising house prices may own a highly valuable property. Equity release, creates the ability to access some of that value, without having to move or downsize.
Equity release schemes, aim to unlock some or all of this equity and turn it, in to a tax-free lump sum, or alternatively regular payments. To be eligible, you must be 55 or over, with a UK property worth at least £70,000. (Minimum age, property value and criteria vary between providers).
Miss Moneypenny Mortgages is a Member of the Equity Release Council Code Of Practice
The members of the Equity Release Council, agree to provide, a fair, simple and complete presentation of their plans. Clearly setting out the benefits, obligations, variables and limitations in their literature. These must include costs which the applicant, has to bear when setting up the scheme, also the position on moving, as well as the tax situation and possible eﬀect caused by changes in house values.
The client’s legal work will always be performed by the solicitor of his or her choice. In all cases, prior to the completion of the plan, the solicitor will be provided with full details of the benefits the clients will receive. The solicitor will also be required to sign a certificate, to confirm that the scheme has been explained to the client.
The Equity Release Council certificate will clearly state the main cost to the householder’s assets and estate. E.g. the loan amount repayable on death, whether part or all of the property is being sold.
An Equity Release product will reduce the value of your estate, We understand this will not be suitable for everyone, as it may affect your entitlement to state benefits. To understand the features and risks, please do not hesitate to ask for a personalised illustration.
We charge a fee of £595 for our equity release service and this includes:
- Meeting with you and discussing your future requirements
- Considering all the options available to you. Enabling you to make the best decision for your personal circumstances.