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Equity Release in Hillingdon

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Equity Release in Hillingdon

Equity release is a great option for anyone living in Hillingdon who needs a bit of financial help as they enter later life.

Equity release in Hillington is a great way of gaining access to the equity within your home, whilst allowing you to remain living in the house you have known and loved for years.

Equity Release Warehouse can connect you with specialist equity release advisors in Hillingdon, and will be able to provide you with more information, help and support when it comes to equity release.

It is important to understand that equity release is monitored and standardised by the Equity Release Council [1] which set standards for lenders and financial advisors across the UK [1].

When you opt for equity release in Hillington, you are able to use the equity release funds in whichever way you see most fit.

You are able to put the funds towards your day-to-day living, any home improvements, or go towards a nice holiday or your inheritance.

Others opt to use their equity release funds on their family and loved ones, to help with their University fees or house deposits.

The best thing about equity release is that it provides individuals with a better lifestyle and retirement whilst allowing them to remain living in their house. This means that they do not have to deal with the stress and pressure of moving house.

It is important to look at equity release in Hillingdon as another loan, or another form of credit.

The other great thing about equity release in Hillingdon is that you are able to gain access to the money relatively quickly, and you do not have to pay off the loan until you pass away or move into long-term care for health reasons.

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There are lots of different ways individuals are able to release equity from their home, and depending on your motivations for equity release and your financial circumstance, you might be better suited to a certain type of equity release plan.

If you are living in Hillingdon and want to release equity from your home, then there are options to choose from when it comes to how you want to gain access to this money.

Some individuals opt to receive their money immediately and in one large lump sum plan. This would be the best option for anyone who is choosing to spend their money on a holiday, a car or home improvements.

However, others are able to receive their money in monthly payments, which will come in a number of smaller sums on a frequent basis.

This might be the better option for you if you are hoping to spend your equity release on a better and more comfortable retirement and lifestyle as you get older.

Before you apply for and enter an equity release scheme and plan, it is highly important that you understand exactly what an equity release scheme is, and make sure that it is the best option and plan for you.

It is also really important that individuals are open and honest with the lender and their chosen equity release advisor. This is so that you are recommended the very best equity release plans for you and your financial situation.

It is also important that you do not release more equity than you need, as you will need to pay interest on the equity you release from your home, which if ignored, can build up into compound interest.

If you are interested in how much equity you can release, then speak to our team at Equity Release Warehouse or visit us online.

Our team and specialists at Equity Release Warehouse are on hand to offer you advice and support on how to get started and apply for equity release in Hillingdon.

There are two main types of equity release in Hillingdon, and it is important that your equity release advisor explains the main differences between the two, and highlights which type of equity release is better for you.

The two main types of equity release in Hillingdon are lifetime mortgages and home reversion plans.

Each different equity release plan has different pros and cons, and you will need to consider the following things when you opt for equity release in Hillingdon.

  • Whether you want to stay in your house for a number of years or whether you plan on moving house in the future
  • Whether you need access to the equity release funds immediately or whether you can wait to receive your funds
  • Whether you would benefit from receiving one large lump sum or a number of smaller and frequent payments

If you want more information on equity release in Hillingdon, then speak to a member of our team at Equity Release Warehouse for advice and support on either a lifetime mortgage or a home reversion plan.

Please call our 24-Hour Helpline: 0330 058 1579

The Facts about Equity Release in Hillingdon

Unfortunately, there are a number of different myths and misconceptions when it comes to equity release in Hillingdon.

These myths and misconceptions often confuse individuals when it comes to equity release in Hillingdon.

This is why our team at Equity Release Warehouse have created the below list of facts about equity release in Hillingdon so that you are informed when it comes to making your decision.

1. Your Interest Rate Will be Fixed

When you opt for an equity release plan in Hillingdon, your interest rate will be fixed, and it will stay this way until you pass away, move into long-term care and sell the house.

This is different to a normal mortgage, as with a normal mortgage you will be on a two, five or ten-year fixed interest rate, which means that the amount you will have to pay will change with each new fixed rate.

Most interest rates change and fluctuate. According to the Bank of England [2] interest rates tell you how high the current cost of borrowing is, and how high the bank’s reward is when you choose to save your money.

The higher your interest rate percentage is, the more you have to pay back. However, many people fail to remember that interest compounds over a prolonged period of time.

However, with an equity release plan in Hillingdon, the amount you have to repay will stay the same.

However, it is important to bear in mind that you will need to pay off the interest on the loan in monthly payments, so that you can avoid your interest building up into compound interest.

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2. You Will be Able to Provide an Inheritance

Lots of people believe that opting for equity release in Hillingdon means that you are choosing not to leave any inheritance for your family, friends, loved ones and next of kin. However, this simply is not the case.

When you opt for equity release in Hillingdon, your equity release plan will benefit from inheritance protection, which means that a certain percentage of your property and equity will be protected, so that you can be sure and confident that you are protecting your inheritance and loved ones for the future.

3. You Will Benefit from a No Negative Equity Guarantee

The other great thing about equity release in Hillingdon is that you will benefit from a no negative equity guarantee. In fact, according to the Equity Release Council [3], any product and equity release plan which meets the Equity Release Council’s standards have to offer a no-negative equity guarantee as part of their offering [3].

This will mean that you will never owe more than the price your property is sold for, which means that you will not leave your family and loved ones in any form of debt or financial uncertainty when you pass away or move into long-term care when your equity release loan ends.

4. You Can Repay the Interest In Different Ways

The other great thing about equity release in Hillingdon is that you are able to repay your loan’s interest in different ways.

Some individuals will choose to repay the interest on their loan through monthly instalments, and others will allow it to build up into compound interest.

If you would like more information on the interest rates when it comes to equity release, then speak to a member of the Equity Release Warehouse team or by visiting us online.

Please call our 24-Hour Helpline: 0330 058 1579

5. You Get to Stay Living at Home for As Long as You Want

Many people believe that when you opt for equity release in Hillingdon, you are putting your home at risk. However, this is simply not the case. When you opt for equity release in Hillingdon, you are able to remain living in your house whilst you enjoy the equity release funds.

You are able to remain living in your home for as long as you want, and most people stay in their homes until they pass away or move into long-term care.

Reasons Why You Should Consider Equity Release in Hillingdon

There is no denying the fact that equity release is the right decision for millions of people across the UK.

There are also a whole host of reasons why equity release in Hillingdon might be the best option for you and your family, and our equity release advisors and specialists are here to talk to you about your motivations for choosing equity release in Hillingdon.

Lots of people opt for equity release in Hillingdon for some of the below reasons:

  • Using your equity release funds to pay off any existing mortgage
  • Paying off any existing debt
  • Putting the money towards home improvements like an extension
  • Using the money to fund a nice holiday
  • Using the money to live a more comfortable retirement
  • Using the money to help family and loved ones, with University fees or house deposits

No matter your reason or motivation for considering equity release in Hillingdon, speak to a member of our Equity Release Warehouse team for advice and support on how to start the process.

Please call our 24-Hour Helpline: 0330 058 1579

Common Questions about Equity Release in Hillingdon

Below, we outline some common questions relating to equity release:

1. How does equity release in Hillingdon work?

There are a number of different equity release plans used across Hillingdon and the rest of the UK.

You are able to opt for a lifetime mortgage, or a home reversion plan amongst many other types of plans. However, these are the two most popular types of equity release plans across Hillingdon and the rest of the UK.

With all equity release plans, you won’t have to repay your loan until you pass away or move into long-term care, and your plan will be protected so that you will still be able to offer an inheritance to your loved ones after you pass away and sell your property.

2. What is the minimum and maximum amount that I am allowed to release?

The maximum amount individuals are able to borrow from their home through their equity release plan differs from person to person. This is because how much equity you are allowed to borrow from your home depends on a number of different factors.

These factors include how much your property is worth, how much of your mortgage you have already repaid and how old you are.

It is common among lenders to set a minimum amount individuals are able to borrow, as this is usually approximately 10% of the value of your house.

There is also usually a maximum set by lenders for individuals to borrow, which is approximately 60% – 70% of the total value of your home.

However, it is worth noting that this will depend on a number of factors, including both your age and your current health status.

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3. Is equity release a safe investment for me?

It is only natural to be anxious about your investments, and sometimes it is difficult to know whether an investment is right for you or not.

As you get older, you might find yourself feeling less confident and more risk-averse. It makes sense, as the older you get the more you might have to lose.

However, at Equity Release Warehouse, we understand how important this decision is, and take your financial security very seriously.

In fact, the Financial Conduct Authority regulates the entire equity release industry, so that you can rest assured that all lenders and advisors are giving you the best advice, and offering you fair and regulated equity release loans and plans [4].

According to the FCA [1] equity release is proving effective for many lenders, which allows them access to money that they need, instead of opting for a bank loan or re-mortgaging their house.

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4. How can I find out if I am eligible for equity release in Hillingdon?

You can find out if you are eligible for equity release in Hillingdon by speaking with our specialists at Equity Release Warehouse. Whether you are eligible for equity release depends on different qualification criteria.

For example, you will need to be aged over 55 years old, own a property in the UK which is worth £70,000 or more and must be in good health.

However, it is important to remember that if you want to opt for a home reversion plan, then you will need to be aged 65 or over.

You will also need to have paid off a significant amount of your mortgage in order to qualify for equity release.

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How much money does equity release in Hillingdon usually tend to cost?

It is important to understand that applying for equity release in Hillingdon and throughout the rest of the UK will cost money, which is usually paid upfront and before you receive your equity release money.

For example, you will have to pay for a house valuation, as well as the cost of any solicitor or lawyer to draft up any contracts and agreements between you and the equity release lender.

If you would like more information on the costs of equity release, then speak to a member of our team at Equity Release Warehouse or by visiting us online for more information.

1. What are the benefits of equity release in Hillingdon?

There are lots and lots of benefits when it comes to equity release in Hillingdon, lots of which have been addressed above on this page.

The best thing about equity release in Hillingdon is that you are able to gain access to your money, lead a better life and retirement, whilst being able to remain in the home that you love and cherish so much.

If you are aged 55 or above and want more information on the benefits of equity release, then speak to a member of our team at Equity Release Warehouse for advice and insight into why equity release might be the best option for you.

Please call our 24-Hour Helpline: 0330 058 1579

2. What am I allowed to spend the equity release funds on?

One of the main questions individuals who are considering equity release ask is whether there are any restrictions on what they are able to spend their equity release funds on.

Despite what many people think, there are no real limitations on what you are able to spend your equity release money on.

However, it is best that you communicate with your equity release advisor about what your motivations are for equity release, and what you plan on spending the money on.

This is so that they can place you on the very best and most suitable scheme for you and your plans. Some people plan on spending their equity release on home improvements, whilst others spend their money on loved ones and family members.

Please call our 24-Hour Helpline: 0330 058 1579

Should I Choose a Lifetime Mortgage or a Home Reversion Plan?

Below, we offer some information to help you better understand the difference between lifetime mortgages and home reversion plans:

1. Lifetime mortgages

A lifetime mortgage is the most popular form of equity release across Hillingdon and the rest of the UK.

A lifetime mortgage is when you borrow money that is secured against your home, whilst being able to remain living in your home, retaining full ownership and control of your property.

You will be able to reserve and protect some of the value of your property as an inheritance for your family and loved ones, so that your next of kin will still inherit some of your wealth.

It is important that you understand that factors such as your age and current health will impact whether you are eligible for equity release in Hillingdon, and how much you will be able to borrow through a lifetime equity release mortgage.

You will still own the property, and will still be fully responsible for tending to the property and maintaining it.

As with any loan, you will have to pay interest on the equity release loan, which can be repaid through monthly payments, or can be added onto the total loan amount and repaid once you sell the house, after you pass away or move into long-term care. It is important to understand that you will not have to repay the loan until this stage.

If you sell your house for more than the loan amount, then your next of kin will inherit anything that is left.

You must also understand that the other great thing about equity release in Hillingdon is that if the sale of your house does not cover the loan amount, then the lender is liable to pay the difference, not your next of kin and family.

In order to ensure this, make sure that your lifetime mortgage plan includes a no negative equity guarantee, as standardised by the Equity Release Council.

If you want to opt for a lifetime mortgage, then you will need to meet the following qualification criteria.

  • You need to be aged 55 or over
  • You need to own your own home in the UK
  • You need to have paid off a significant amount of your mortgage on the property
  • You will need to ensure that your scheme benefits from a no negative equity guarantee and a fixed interest rate
  • You need to check the minimum and maximum about of money that you would be able to borrow

If you think that a lifetime mortgage is something you would be interested in, then speak to a member of the team at Equity Release Warehouse to check to see if you would qualify.

Please call our 24-Hour Helpline: 0330 058 1579

2. Home reversions

If you are slightly older, then a home reversion plan might be better suited to you. For example, if you are aged over 65 then you will be better suited to a home reversion plan due to the nature of the plan.

During a home reversion plan, individuals are able to release money from their home, by selling a percentage of the property to an equity release lender. However, individuals will be selling a percentage of their property to the equity release lender for below market value.

This means that they will not get as much money there and then if they were to sell their house on the property market.

However, you are able to remain living in your home for as long as you want, whilst benefiting from access to your equity release funds to spend in whichever way you want to.

As with a lifetime equity release mortgage, you will not have to repay your home reversion plan unless you pass away or move into long-term care.

If you sell your home for less than the loan value, then the lender will cover the difference, ensuring that your next of kin and loved ones do not have to pay back the debt after you pass away or move into long-term care.

Lots of people own a home where the value has increased significantly since they first bought it. When this happens, your next of kin are entitled to the difference.

If you want to consider a home reversion plan in Hillingdon, then you will need to consider the following factors.

If you live in Hillingdon and want more information on equity release in Hillingdon, then speak to a member of the Equity Warehouse team for advice and support.

Please call our 24-Hour Helpline: 0330 058 1579

Get in Touch with Equity Release Warehouse

If you would like more information on the ins and outs of equity release in Hillingdon, then speak to a member of our friendly and professional team for advice on whether equity release is for you, whether you would qualify and which plans might be better suited to you and your financial situation.

It is important to remain open and honest with your equity release advisor so that they have a true picture of your motivations for equity release and your financial situation.

Our equity release advisors are fully trained and qualified, and will not put any pressure on you to make a decision.

We are able to talk with you a number of times before making a decision and encourage you to ask as many questions as you want. No question is too big or small for our team at Equity Release Warehouse.

We will work out which plans are best for you using our very own equity release calculator to ensure that we are making the best financial decision for you.

Get in touch with us today by calling us for free on 0330 058 1579 or by visiting us online at www.equityreleasewarehouse.com.

References

[1] https://www.equityreleasecouncil.com/about/

[2] https://www.bankofengland.co.uk/knowledgebank/what-are-interest-rates

[3] https://www.equityreleasecouncil.com/what-is-equity-release/faq/what-is-a-no-negative-equity-guarantee/

[4] https://www.fca.org.uk

 

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