Lifetime Mortgages, Home Reversion, and General Equity Release Advice in Hampshire.
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If you have heard of equity release in Hampshire, you may have dismissed it as something that is not applicable to you. However, if you are over 55 years old and you own a property that is worth at least £70,000 in Hampshire, you could be an equity release consumer.
People release equity for all sorts of reasons, so you do not necessarily have to be in a dire financial situation to do this.
Some people use their loan for exciting projects, home improvements and family trips, whereas others use it to pay the bills and help out their family and friends.
If you reach out to us, you could be taking equity in a matter of months, so start deciding what you could spend your loan on that will help you to get the most out of your later years.
As you will see as you explore our site, we are incredibly knowledgeable in all things equity release. It is something we are passionate about as we have seen it improve people’s lives time and time again.
What could be more exciting than accessing money that is already tied up in your assets, and using it to improve your life?
If you speak to one of our advisers, you are guaranteed to have a wonderful conversation in which all your needs are acknowledged, all your questions are answered, and any concerns are approached in an understanding way.
We know that releasing equity is risky, so we are prepared to discuss the disadvantages with you. Some equity release companies may avoid doing this as they are simply after your money.
However, we will happily discuss the alternatives of equity release and explain how you can benefit from them if you aren’t ready to release equity in Hampshire.
Our initial consultation is completely free of charge, so you don’t have to worry about paying out a large fee to simply hear more about equity release in Hampshire. We also offer an equity release calculator that is free to use, and we will explain how to use this later on.
Please call our 24-Hour Helpline: 0330 058 1579
If you are living in a valuable property in Hampshire yet you are not in the best financial position, you may feel as though there is nothing you can do to improve your situation short of working long hours and having no work/life balance, and that’s if you’re lucky enough to have a full-time job.
However, we are here to tell you that you could be earning money straight from your property in Hampshire. This is money that would have gone to your beneficiaries when you passed away, but instead, you can use some of it in your later years.
If you are concerned about the amount your loved ones will inherit, you could protect some of the funds if you request a plan that allows this.
It is also possible to gift some money to your loved ones while you are still alive, and they could put this towards something that will keep them stable in the future, such as a house deposit or a car.
Please call our 24-Hour Helpline: 0330 058 1579
Below, we outline the types of equity release in Hampshire:
First, we have lifetime mortgages, the most popular and most widely available option in Hampshire. We’re all familiar with the idea of a traditional mortgage that must be paid each month and can be paid off in full if the homeowner has the means to do so.
On the other hand, a lifetime mortgage is not paid on a monthly basis (unless you choose to do so). With this plan, there is an agreement that the homeowner will receive a loan and the debt they get into will not need to be resolved until they pass away or go into long-term care.
The way this works is that, when the consumer dies or goes into care, the property is sold and the proceeds first go to the equity release provider, which will cover the cost of the loan and any interest that has accrued, including compound interest.
This means that when you receive the loan, you do not have to worry about how much you’re spending and when you’re going to be in a position to pay it back. Instead, you can enjoy your money and treat it as your own income.
Some people choose to receive the loan all in one go, as a lump sum, whereas others prefer monthly payments or withdrawals as and when they need the funds.
We cannot recommend the best option until we know more about your situation but do get in touch and we will discuss this with you.
Home reversions in Hampshire are less popular than lifetime mortgages, and this may be partly to do with the fact that it involves selling part or all of your home, and lots of people aren’t prepared to do that.
When you sell your home, it goes without saying that you will no longer be listed as the homeowner, and this can put some people on edge.
However, you will continue to live in the property and benefit from it in this way, as well as receive a tax-free lump sum of money (instead of monthly payments) to spend on anything of your choosing.
As home reversions involve lump sums of cash, you do not have to worry about the interest rate being high as you will not pay interest on the loan. However, it is important to remember that the loan amount will be less than the value of your home, so don’t expect to receive more than your property’s market value.
Please call our 24-Hour Helpline: 0330 058 1579
Before we discuss the different things, you could spend your loan on, we want to say that this is entirely your choice, and you will not be pressured to put the loan towards a specific thing. Once you are enrolled on the plan, the money is yours, and you can use it how you would like.
One thing we encourage our clients to spend their loan on is bills. If you are not managing to afford your Hampshire home, there is no point putting money towards other things until you have this under control.
If you want to do this, it is probably best to opt for monthly payments to keep on top of your expenses.
Another option could be to gift money to your close family if they are struggling to make ends meet.
With a traditional loan, you would have the burden of having to pay it back soon, whereas an equity loan affords you the ability to sit back and relax when you are spending it as you know your house sale will cover the costs.
It goes without saying that if you choose a specific plan, you will be expected to spend your loan on a particular thing, because you took out equity with the purpose of pursuing a particular project.
This is applicable to buy-to-let plans, which allow you to purchase a property to rent out, and second/holiday home plans, which are often for holiday homes.
Please call our 24-Hour Helpline: 0330 058 1579
Once you have done your own research and decided equity release in Hampshire is something that is of interest to you, the next step is to speak to an adviser, and you can do this easily by contacting us.
Alternatively, you could reach out to a charity such as StepChange or an independent financial adviser.
Make sure the adviser is an equity release specialist, an Equity Release Council (ERC) member, and is regulated by the Financial Conduct Authority (FCA). All advisors we may refer you to are members of the Equity Release Council, as are the lenders. This ensures any equity release product you are sold comes with a no-negative equity guarantee.
The adviser can be self-employed or part of a wider firm. As long as the previous conditions are met, it doesn’t matter which adviser you see.
When you have a meeting with the adviser, they will most likely ask you a wide range of questions that are relevant to equity release in Hampshire, and this may involve discussing your income, credit rating, property value, age, family situation, and other personal details.
Not everyone is comfortable in these conversations, but we assure you that these questions serve to support you as you go on your equity release journey in Hampshire, and not to shame you. The adviser needs to understand your circumstances in order to recommend the best plan for you.
Always ask for a personalised illustration at the consultation. The best advisers will offer this anyway, but if there is no sign of one, request one as it can help you to see how equity release works and what the entire process will look like from start to finish.
Please call our 24-Hour Helpline: 0330 058 1579
Earlier on, we mentioned our equity release calculator, as we believe it’s an essential tool to use before you get involved with equity release. The way this tool works is that you type your age, property type and property value, and a figure is calculated.
This figure tells you how much money you could release from your Hampshire property. Generally, the higher your age and property value, the higher the amount will be.
However, keep in mind that this calculator only goes off three factors, and there are other factors that influence the amount of money you could unlock, so do not take this estimate as a final quote.
For a personalised quote, add your postcode, phone number and email here, and we will be in touch as soon as we can. However, you will only know the exact amount that you could release after you speak to an adviser and have a valuation on your house.
Please call our 24-Hour Helpline: 0330 058 1579
Do not worry about your property decreasing in value over time. The majority of modern plans have no negative equity guarantees in place, and this means you will never have to pay back more than the value of your home, even if the equity release provider ends up losing out.
Make sure you select a scheme with this guarantee otherwise, we cannot assure you that you will not owe more than your property’s value. Remember that this will not be your issue anyway as it will occur when you die or go into long-term care.
However, to avoid this tricky situation for your family, it is necessary to have a guarantee in place. Even if the interest builds rapidly and increases the amount you owe, the lender will still only expect the proceeds of your home sale, as this is the agreement you will have signed.
All lenders and brokers we work with are regulated by the Financial Conduct Authority. Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, SunLife, Saga, Halifax, Nationwide, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
Please call our 24-Hour Helpline: 0330 058 1579
We cannot deny that there are other options you could choose before equity release, such as credit cards, downsizing, borrowing from loved ones, and re-mortgaging your house.
If you want to discuss any of these in more detail, we are happy to do so over the phone.
However, in terms of why equity release in Hampshire can be a preferable option, it relieves many pensioners of the pressure of owing money back soon, which is a wonderful feeling in your later years.
It is also easy to access in Hampshire thanks to the various types of plans. Finally, it does not always require income checks, so it’s ideal for people who are low-income and yet own a valuable property.
However, this is not to say equity release is not without its drawbacks, a list of why you can read here. For this reason, you may want to first consider the alternatives to equity release.
It’s also worth warning you that if you are in receipt of state benefits when you start receiving equity release payments, the Department for Work and Pensions may stop your benefits.
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 Hampshire:
Address: Units 1-2, c/o Wood Hicks, Warrior Court, 9-11 Mumby Rd, Gosport PO12 1BS
Telephone: 0808 278 7942
Website: http://citahants.org/
Address: Centre Way, Locks Heath, Park Gate, Southampton SO31 6DX
Telephone: 01962 868545
Website: http://www.ageconcernhampshire.org.uk/
Address: The Orchard, White Hart Ln, Basingstoke RG21 4AF
Telephone: 01256 423874
Website: http://www.ageuk.org.uk/
Address: Freemantle & Shirley Community Centre, Randolph St, Shirley, Southampton SO15 3HE
Telephone: 023 8036 8636
Website: https://www.ageuk.org.uk/southampton/contact-us/
If you would like to see more resources of this nature, be sure to visit Hampshire County Council’s website, and check out the help that’s available through organisations such as The Money and Pensions Service.
Please call our 24-Hour Helpline: 0330 058 1579
Our website contains a wealth of information about equity release. However, we are aware that the sheer amount of information and advice can be overwhelming, so we want to help you navigate our website in order to make the most of it.
First, we would recommend that you check out the plans section to see the different plans that are available in Hampshire and in the rest of the UK. You do not have to become an expert in each scheme before you speak to us, but it can help to have a basic understanding.
Next, head to our help centre where you can find answers to many commonly asked questions about taking out equity, such as how much equity you can release, how equity release works, the disadvantages of equity release, how much equity release costs, if it is safe, and whether early repayment is possible.
Finally, visit our blog and delve into interesting topics relating to equity release, including how it affects inheritance, what the different interest rates are, explanations of equity release jargon, and the best scheme for borrowing in retirement.
These blogs are not specific to Hampshire, but they will still be helpful as they may cover subjects that directly relate to you and are difficult to find elsewhere online.
Please call our 24-Hour Helpline: 0330 058 1579
Don’t worry if you are interested in releasing equity yet you are not a homeowner in Hampshire. As long as you are aged 55 or above and own a property valued at £70,000 or above, we can help you.
See our list of areas to find out if we work in your town or city. We cover various other countries as well as the UK, so our services are extremely accessible. We are adding to this list all the time so don’t despair if you can’t see your local area on there.
As your equity loan amount is partly dependent on your location, we cannot promise that you will receive the same loan amount in another area as you would in Hampshire. To figure out an estimated amount, speak to one of our advisers.
Please call our 24-Hour Helpline: 0330 058 1579
It couldn’t be easier to contact us. We are available to answer your questions from 8 am-8 pm from Monday to Sunday. You control how the consultation goes, so if you would rather us explain it all from start to finish, we are happy to do this.
Conversely, if you would rather ask your burning questions first, we will be a listening ear until you require our assistance.
We can advise you on a wide range of things from choosing the right plan for you to finding a solicitor, so don’t hesitate to ask us about any stage of the equity release process. We are always happy to help.
It is essential to utilise the services of a solicitor when applying for equity release. You are allowed to appoint a solicitor that’s local to you, and if you’ve taken out a Will or put in place a Lasting Power of Attorney, then it’s likely you will have a pre-existing relationship with a solicitor in your local area already.
All advisors we work with are regulated by the Financial Conduct Authority. This means you are covered under the Financial Services Compensation Scheme, and you lodge a complaint with the Financial Ombudsman Service (FOS) if you are unhappy about the advice you receive in relation to equity release.
All lawyers are regulated by the Solicitors Regulation Authority and are members of the Law Society of England and Wales. If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.
Get help for equity release across Hampshire in Aldershot, Alresford, Alton, Andover, Awbridge, Basingstoke, Bishops Waltham, Bordon, Brockenhurst, Chandler’s Ford, Dibden Purlieu, Eastleigh, Emsworth, Fareham, Farnborough, Fleet, Fordingbridge, Gosport, Hampshire, Hartley Wintney, Havant, Hayling Island, Hedge End, Lee-on-the-Solent, Liphook, Liss, Lymington, Lyndhurst, New Arlesford, New Milton, North Warnborough, Odiham, Petersfield, Portsmouth, Ringwood, Romsey, Rowland’s Castle, Southampton, Southsea, Stockbridge, Stubbington, Swanwick, Tadley, Tidworth, Totton, Waterlooville, Whitchurch, Winchester, and Yateley.
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