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Equity Release in Hammersmith and Fulham - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Hammersmith and Fulham
Reviewed by Tom Philips

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Equity Release in Hammersmith and Fulham & Near Hammersmith and Fulham

Yes, equity release in Hammersmith and Fulham is certainly worth it for some people. However, you have to reflect on your personal circumstances, and whether getting an equity release loan would be better for you in the long run.

The best properties for equity release are houses or apartments that are very high in value. This leads to higher loan amounts for the homeowner, and higher profits for the equity release provider.

In Hammersmith and Fulham, there is no shortage of high value property, so this area is great for equity release.

The average property sold in Hammersmith and Fulham over the past year was worth £1,275,392. With a property market this expensive, you could release a huge amount of money from your home through equity release in Hammersmith and Fulham.

It is no secret that Hammersmith and Fulham is a very expensive area, so people in this location may benefit from equity release more than anyone.

Just because someone has a valuable property does not mean they have plenty of cash, but if they take out equity, they could enjoy a healthy income without losing their beautiful home.

For people disillusioned by inheritance tax, equity release in Hammersmith and Fulham could ensure your family inherits a good amount of money, instead of a large chunk of it (40%) going to the government.

You can even gift money to your loved ones, and they will not have to pay inheritance tax on it once seven years have passed.

Your family can only avoid inheritance tax if your estate value is lower than £325,000 (1). Most equity release consumers pass away with an estate value below £325,000, as taking out an equity loan results in a lower value estate.

Overall, equity release is only worth it if you find a reputable lender, who is affiliated with the Equity Release Council, and you could release a desirable amount of money. You can find out how much money you could get by using our equity release calculator here.

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Who Qualifies For Equity Release in Hammersmith and Fulham?

Something to consider as a resident of Hammersmith and Fulham is whether you would be eligible for equity release in Hammersmith and Fulham. It is less likely that people in this area would qualify for the scheme, for the following reasons.

Firstly, the average age in Hammersmith and Fulham is lower than the minimum age for equity release. To take out equity from your home, you must be at least 55 years old. Home reversion plans require you to be 65 years old.

However, the average age in this borough is 34 years old, which is evidently much too low for this scheme (2). First-time buyers trying to get onto the property ladder are not suitable for equity release.

Secondly, only 35.6% of households in this area are owner occupied (3). Equity release consumers must own their own home, otherwise they cannot unlock funds from it. If you are a renter in Hammersmith and Fulham, you will not be able to take out equity.

That being said, the final requirement for equity release in Hammersmith and Fulham is to have a property worth £70,000 or more. Homeowners in Hammersmith and Fulham are very likely to meet this requirement, as property is costly in this area.

To find out your eligibility for equity release in Hammersmith and Fulham, get in touch with Equity Release Warehouse on 0330 058 1579.

If you are eligible, we will explain which lenders and plans are suitable for you in Hammersmith and Fulham, and show you how to find the application form. The application process can take just four weeks if you apply at a quiet time.

Please call our 24-Hour Helpline: 0330 058 1579

What Can You Do With an Equity Release Loan in Hammersmith and Fulham?

There are few limits to what you can spend your equity release loan on in Hammersmith and Fulham. The only things stopping you are the specific plan you are on, and the amount of money you have released via equity release in Hammersmith and Fulham.

Most equity release plans do not place limitations on what you can spend the equity funds on. Some examples of these plans are: the drawdown plan, the income plan, and the lump sum plan.

This means you can use the money to fund something urgent (e.g., bills or debt repayment), or something enjoyable (e.g., a wedding or a holiday).

Before you get equity release in Hammersmith and Fulham, you can choose between getting a lump sum of tax-free money or getting monthly payments.

This may affect the way you spend your loan, as lump sums tend to work better for one-off payments, whereas monthly sums are better for establishing a steady income.

There are some equity release products that do oblige homeowners to spend their money on one thing. These plans include the second home lifetime mortgage and the buy-to-let lifetime mortgage.

They allow customers to purchase a second home to rent out or to live in, so it is not possible for these customers to use their money for anything other than the new home.

If you do not want any restrictions in terms of spending your money, you can opt for one of the former plans we have mentioned. Have a look at the full list of plans to get an idea of the rules of each one.

Please call our 24-Hour Helpline: 0330 058 1579

How Does Equity Release in Hammersmith and Fulham Affect My Pension?

Fortunately, releasing equity will not usually impact your entitlement to the state pension. This means you will receive the standard amount of state pension each week, on top of either monthly equity release payments, or a single equity release lump sum.

The only caveat is that if you are receiving Pension Credit, which is a top-up to your state pension, you could lose this after taking out equity.

This would only occur if you put your equity release funds into savings, and these savings exceeded £10,000. As Pension Credit is means-tested, you would lose this benefit.

If you have a private pension, this will not be affected when you get equity release in Hammersmith and Fulham. The amount of savings you have is irrelevant, in the sense that income is not part of the eligibility criteria for equity release.

Can I Do Equity Release in Hammersmith and Fulham If I Am Still Working?

Yes, you can take part in equity release in Hammersmith and Fulham if you are still working. There is no reason for you to wait for retirement before you take equity out of your property.

You will see lots of information online about equity release for people in retirement, but this does not mean that people who are employed cannot get involved.

The only reason information is targeted at the retired is that you must be 55 years old to begin equity release, so most people end up getting started even later than this, when they have finished working.

One of the advantages of equity release while you are still working is that you can boost your savings before retirement, by relying on your monthly income from work, as well as your equity release loan. As the equity loan is tax-free, there is plenty of opportunity for great savings.

However, you may find it more stressful to pursue equity release while you are working, as it requires you to speak to advisers and fill out various forms, which can interfere with your time off work.

This is unfortunate, but it only lasts a maximum of two months, and after this point, you can enjoy your loan without having to attend meetings.

You can learn about the cost of equity release here. It may also be worth reading our guide to the alternatives to equity release.

If you are in debt, and want to arrange equity release to pay for that debt, then it might be more advisable to first seek out the help of a debt counselling professional.

Below, we list organisations offering this type of help in your local area:

1. Citizens Advice Hammersmith and Fulham

Address: 7 North End Crescent, London W14 8TG

Phone: 0808 278 7832

Website: http://www.cahf.org.uk/

2. Hammersmith Branch – Crosslight Advice

Address: HTB, Queen’s Gate, London SW7 5LP

Phone: 0300 373 1180

Website: https://www.crosslightadvice.org/

Other organisations that may help include StepChange Debt CharitySociety of Later Life Advisers and London Borough of Hammersmith and Fulham.

Please call our 24-Hour Helpline: 0330 058 1579

Do I Have to Tell People I Have Applied For Equity Release in Hammersmith and Fulham?

After agreeing with an equity release lender that you are going to take out equity, you do not have to tell anyone about your plans.

If you still have an outstanding mortgage balance, it will be requested that you repay this before pursuing equity release, so the only potential conversation you will have to have is with your current mortgage lender. However, most people go into equity release with no existing mortgage.

There is no reason for you to tell the people around you that you are releasing equity, unless you want to.

We do advise most of our clients to inform their family members, but this is by no means compulsory. It can help you to figure out inheritance, but if you believe it would cause unnecessary conflict, you do not have to do this.

Equity Release Assessment

We offer an equity release assessment for anyone who wants to know whether they would be eligible for equity release. Call us on 0330 058 1579 or get in touch here to find out more about getting advice on equity release.

If you would like to know more about how equity release could affect your life, not just your pension, have a look at the various articles on our website. We explain how equity release impacts care costs, benefits, and a lasting power of attorney.

As well as this, we provide useful information on the different equity release products you can get as a homeowner in Hammersmith and Fulham.

Start by looking at the most popular product, the lifetime mortgage, then move onto home reversion plans, which are becoming more popular as the equity release scheme is spreading throughout London.

All advisors we work with are regulated by the Financial Conduct Authority and Financial Ombudsman Service. Advisors are able to recommend equity release products covering the entire market, and allow you to lend from reputable lenders such as  Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life and Hodge.

Please call our 24-Hour Helpline: 0330 058 1579

References

[1] How Inheritance Tax works: thresholds, rules and allowances https://www.gov.uk/inheritance-tax

[2] How life has changed in Hammersmith and Fulham: Census 2021 https://www.ons.gov.uk/visualisations/censusareachanges/E09000013/

[3] Hammersmith and Fulham Borough Profile 2018 https://www.lbhf.gov.uk/sites/default/files/section_attachments/borough-profile-2018.pdf

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