Equity Release Mortgages
As an aging population, more and more homeowners over the age of 55 are looking to arrange an Equity Release Mortgage for a variety of reasons including;
- Repayment of an interest only mortgage
- Consolidation of secured and unsecured loans or debts
- Releasing equity to gift to children as a deposit
- Home upgrades or improvements
Gone are the days where interest dates on an equity release are high, with many mainstream and well-known lender institutions now offering a variety of later life lending, rates are comparatively low at the moment which potentially makes it a good time to act if you are thinking of applying.
You will need a trusted (and we would suggest an independent) equity release adviser who will be able to compare the different types of products and lenders to suit your requirements.
Whilst we cannot advise you which product to choose, we can always recommend a good financial adviser to you if needed.
Equity Releases are still tarnished with the bad reputation that they got before the regulations came into force, the good news is that post regulation, the lenders have to adhere to strict guidelines meaning a fixed rate of interest, a no negative equity guarantee and protected percentages to name but a few features that help to protect you and your home.
It is very important to choose a property solicitor that not only specialises in this type of work but that is also local enough to you as you will be required to attend a friendly and informative face to face meeting as part of the process.
At Paul Robinson Solicitors we can offer meetings at all 5 of our locations to suit and home visits are available upon request.
As far as fees are concerned, this type of work is fixed fee and if the matter proceeds, can be paid at the point of completion so that you only need to worry about choosing the right Equity Release product for you.
Get in touch with our Property team today.
How can we help you today?
FAQ
What is Equity Release?
Equity release is a way for homeowners to access the equity (or cash) tied up in their property, typically by taking out a loan that is secured against the property.
How does Equity Release work?
The homeowner enters into a contract with a lender, where they receive a lump sum of cash or a line of credit in exchange for a portion of their property’s equity. The loan is typically repaid when the homeowner dies or sells the property.
What are the different types of Equity Release?
The two main types of equity release are lifetime mortgages and home reversion plans.
Who is eligible for Equity Release?
Eligibility for equity release depends on the lender and the specific plan, but generally, homeowners over the age of 55 and who own their property outright or have a low outstanding mortgage balance are eligible.
Are there any tax implications with Equity Release?
Equity release products are not subject to income tax, however it’s important to check with a financial advisor to check any implication related to tax laws in your area.
Are there any downsides to Equity Release?
Some downsides to equity release include losing some control over the property, reduced inheritance for beneficiaries, and the potential for the loan balance to grow over time. It’s important to consider all the options and consult with a financial advisor before making any decision.
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Paul Robinson Solicitors is a thriving independent law firm committed to providing exceptional service to clients nationwide, with offices situated throughout London and Essex.
Established in 1983, the firm has steadily expanded over the past 35 years, offering an extensive range of legal services to both personal and commercial clients. The team of highly experienced and skilled solicitors specialises in various fields and is dedicated to providing an outstanding level of service to achieve positive outcomes for their clients. The firm’s cutting-edge technology and efficient systems, together with its support and managerial staff, ensure maximum efficiency, accuracy, and cost-effectiveness.
