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Equity Release in Harrow - Financial Advisors & Brokers

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Equity Release in Harrow

Whether or not you should opt for equity release in Harrow is largely dependent on your current financial situation, and what your retirement planning is looking like.

The main intention of the scheme is to provide a steady income (or a lump sum) to people who are cash-poor, yet owners of valuable property. You can learn more about the different types of equity release here. The main two types are a home reversion plan and a lifetime mortgage.

This means you should probably avoid equity release in Harrow if you are not cash poor, i.e., you are earning a high income from work, you have plenty of money in pensions, or you have saved up a large amount of money for retirement.

You can live off these funds happily in retirement, without paying fees to get involved with the equity release scheme, and having to hand over your property when you go into personal care (or have your property sold when you die).

People with a low-value property should also think about whether equity release in Harrow would provide them with enough money for retirement.

Anyone with a property worth £70,000 can technically get equity release in Harrow, but they may not necessarily release a huge amount of funds.

They should investigate other schemes to see if there is one that could grant them more money for less risk.

On the other hand, people who are cash poor are often great candidates for equity release in Harrow.

It is more common than you would think for people to not have enough savings for retirement, whether that means they opted out of a pension, they have missing National Insurance Payments, or they didn’t manage to put away a large amount of savings.

When these people release equity, they get to live off funds that do not need to be paid back every month.

This allows them to spend money in a way that can massively impact their quality of life, such as getting a new car, having home improvements, or having a steady income that allows them to pay the bills.

People with high-value homes can also get a lot out of the equity release in Harrow scheme. As there is more money for them to access, they can take out a larger loan, which opens up more opportunities for them in their life after work.

The equity release in Harrow lender may also offer different benefits to people with expensive properties, as they prefer to offer money to these applicants.

Please call our 24-Hour Helpline: 0330 058 1579

Equity Release in Harrow Vs Downsizing

Both equity release in Harrow and downsizing are great options for people who have not saved enough for retirement, and do not want to (or are unable to) continue working to save more money.

If you chose to downsize, there would be less commitment involved. You would not have to offer your property to an equity release in Harrow provider, you would not be burdened with compound interest, and you would not have to follow a company’s rules in your own house, e.g., not renting out rooms or not moving house.

However, you would have to put a lot of work into finding a suitable home for retirement, which is not an easy feat. It is wise to find a home that will be safe for you as you get older, or even right now if you have any health conditions that impact your mobility.

Yet, these homes are not widely available, and you may have become attached to your current home.

Equity release in Harrow is excellent for people who want to stay in their current home forever, as they get to stay until they pass away or go into care.

This can help people to stay close to their loved ones, and avoid the cost and the stress of moving home in later life. It can also provide people with much more money than downsizing if the lender is willing to offer a large loan.

On the other hand, anyone can downsize, but to release equity, you must be at least 55 years old, you must not have a conventional mortgage that you are still making monthly payments on, and your property has to be worth £70,000 at minimum.

It must also be a residential property, as opposed to a business property. What’s more, if you go into equity release in Harrow without understanding all of the potential risks, you can end up feeling disappointed with your plan, and it is not often easy to get out of it.

Please call our 24-Hour Helpline: 0330 058 1579

Equity Release in Harrow Vs Credit Cards

Credit cards are without a doubt a great way to deal with retirement debt in terms of it being a short-term scheme, meaning it won’t affect you for the rest of your life.

When you pay the money back, you can forget about it, as opposed to being signed up to a scheme that you have to pay to get out of.

Another benefit of credit cards is that you do not have to borrow against your property. Instead, you just have to prove that you can afford to make the monthly repayments, which is less risky for some people.

However, not everyone qualifies for credit cards. The eligibility criteria are very different to equity release in Harrow, but there is a criteria nonetheless.

You have to earn a certain income and have a good credit rating. In many cases, lenders do not like to offer money to people past a certain age, so it can be difficult for people in retirement to borrow money in the traditional way.

Equity release in Harrow could be deemed inferior to credit cards, as there are lots of fees you have to pay to eventually get your lifelong loan.

This stops some people from taking out equity, as they do not currently have enough money to make ends meet, so they cannot afford to pay for advice from independent financial advisers, that they may not even take.

Yet, the huge benefit of equity release in Harrow is the fact that people with poor credit ratings and low incomes can still take part. Age is rarely an obstacle in terms of being too old for the scheme, and lenders often favour older customers.

What’s more, repayment is not necessary, so the debt is much less risky than it is for credit cards.

However, if you are thinking of taking out equity release to better meet your everyday expenses, it might be better to initially see if you can better manage your current available budget. There are numerous services in Harrow that can help you in this regard, such as:

1. Age UK Hillingdon, Harrow and Brent

Address: 2, Chapel Court, 126 Church Rd, Hayes UB3 2LW

Telephone: 020 8756 3040

Website: https://www.ageuk.org.uk/hillingdonharrowandbrent/

2. Citizens Advice Harrow

Address: Civic Centre Civic 6, Station Rd, Harrow HA1 2XY

Telephone: 0808 250 5705

Website: https://www.citizensadviceharrow.org.uk/

You can find further resources on Harrow Council’s website.   Other organisation you can reach out to include MoneyHelper, Energy Saving Trust, National Debtline and StepChange Debt Charity.

Please call our 24-Hour Helpline: 0330 058 1579

Equity Release in Harrow Vs Working

If you are fit and well enough to keep working after State Pension age, this is perhaps going to be the best option for you when it comes to boosting your retirement savings.

The risks are very low, as you will not be getting into debt to save, and you may already have a full-time job that you can continue to work in.

Other benefits of working are that it can benefit your mental health. This is of course not always the case, particularly if your job is highly stressful or the practical side (such as commuting) fills you with dread.

However, if you enjoy your job, it could be healthy for you to keep your routine, and keep socialising with people on a regular basis.

Yet, this is very unrealistic for a lot of people. Working late in life is usually not desirable for people who have waited years to finally retire, people who earn a low income at work anyway, or people whose job is far too demanding for them to continue to do it in retirement.

Equity release as an alternative to working can provide you with a much more relaxing retirement.

You can spend money on things you have always wanted, which can even include paying for family holidays to get back time you have missed due to working, or buying a new car that allows you to take road trips to bucket-list destinations.

There is also no reason that equity release in Harrow has to result in loneliness.

In fact, if you have access to a good amount of money, it becomes easier to socialise, as you can pay to take part in activities, such as going to a restaurant with friends, playing a sport, or travelling.

Yet, if you choose to release equity instead of working, you would have to keep in mind that the money is not technically yours. This does not mean that you have to refrain from spending it, but that the equity release lender is entitled to it when you pass away.

Unless you reserve inheritance money for your loved ones, the lender could end up taking most or all of your money when you die.

Also, you can read about the alternatives of equity release here. It’s also a good idea to familiarise yourself with the potential drawbacks of equity release, so you better avoid the pitfalls.

Please call our 24-Hour Helpline: 0330 058 1579

Get Advice From Equity Release Warehouse

Do not hesitate to reach out to us about the pros and cons of equity release in Harrow compared to other retirement schemes. [2]

All advisors are regulated by the Financial Conduct Authority and appear on the Financial Services Register. Furthermore, you can complain to the Financial Ombudsman Service (FOS) if you are unhappy about the advise you have been given.

All advisors and lenders we work with are signatories to the Equity Release Council (ERC). This benefits you with a no-negative equity guarantee. You are also given the right to appoint your own solicitor during the conveyancing process involved.

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, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.

We offer a professional service for people hoping to find great product providers, and we can be contacted on 0330 058 1579 on weekdays and weekends from 8am to 8pm. You can also give us your contact details for a callback.

Releasing equity in Harrow is a brilliant idea for people who meet the criteria, as the property prices are sky-high in this area.

Currently, the average home is sold for £542,406 (1). With a property of this value, you could release a large amount of money, and establish a wonderfully secure future with total financial freedom.

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. If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.

Please call our 24-Hour Helpline: 0330 058 1579

References

[1] House prices in Harrow https://www.zoopla.co.uk/house-prices/harrow/

[2] Equity release in London

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