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Equity Release in Wiltshire - Lifetime Mortgage Near Me

Lifetime Mortgages, Home Reversion, and General Equity Release Advice in Wiltshire.
Reviewed by Tom Philips

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Equity Release in Wiltshire & Near Wiltshire

Whether you live in a more urban part of Wiltshire, such as Salisbury (named one of the best places to live in the county), or in the smallest village, Fifield Bavant, you could be a potential consumer of equity release (1).

The great thing about equity release in Wiltshire is that it does not require you to live in a bustling area with sky-high property prices; it simply requires you to own a home that is worth at least £70,000, which many people living in Wiltshire have achieved.

Put simply, to release equity from your home in Wiltshire is to tap into the funds that are currently tied up in your property.

If you own a high-value Wiltshire home, you have plenty of funds in your assets, but this does not necessarily translate to being in a comfortable financial position, as you may not have much money in the form of cash.

Many people in their later life have realised that their pension is not enough to sustain them, and they are stuck with what to do next as they do not want to get into debt and end up leaving nothing to their families.

However, with equity release in Wiltshire, you receive a loan on the basis that this borrowed money will be paid back through the eventual sale of your property. This means you are under no obligation to start repaying the money, so you can live comfortably in retirement.

As for leaving money to family, equity release in Wiltshire will reduce the inheritance you can leave as it is a form of debt. However, you can choose to protect some of your funds to ensure they are passed onto your family, so it is not the same as getting into debt after taking out a traditional loan.

Please call our 24-Hour Helpline: 0330 058 1579

What Does Equity Release in Wiltshire Look Like?

Equity release in Wiltshire is very similar to equity release all over the country; the application process is the same, and the idea behind the scheme remains the same.

However, there will be some differences in the process, as you will have access to different solicitors, lenders and advisers, and there may even be different availability of equity release plans.

In terms of property, prices are high in Wiltshire, so you shouldn’t have a problem releasing sufficient funds from your property. The average home was worth £323,000 in June 2021 – May 2022 (2).

However, it depends on what you are comparing the county of Wiltshire to, as it goes without saying that consumers of equity release in London will tend to own more valuable properties, and therefore receive higher loans, whereas Durham homeowners tend to have lower loans.

Please call our 24-Hour Helpline: 0330 058 1579

Why Should I Think About Pursuing Equity Release in Wiltshire?

One significant reason to consider equity release in Wiltshire is that it prevents you from having an uncomfortable retirement when you have funds that can be released from your home; it allows you to make the most of your property that you have worked hard to earn.

You could even take this further and use the equity loan to boost the value of your Wiltshire home by renovating it.

Not only could this afford you a higher loan from an equity release provider, but it could also make your home easier to live in as you could add disabled-friendly furniture. Another idea is to make your home more exciting by converting a bedroom into a reading room or a craft room.

Another advantage of equity release in Wiltshire is that there are a wide variety of plans available that suit people with all different ambitions.

Some people want to purchase a rental property with equity release, others want to buy a holiday home, and others simply want to pay the bills. Whatever your goal, you can achieve it by taking out a loan secured against your property.

It’s also important to consider the reason why you might not want to apply for equity release, and the potential costs and alternatives available.

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 Wiltshire:

1. Wiltshire and Swindon Credit Union

Address: Unit A, Cavendish Square, George Hall Court, Swindon SN3 2LZ

Telephone: 01793 522216

Website: http://www.wascu.co.uk/

2. Wiltshire Citizens Advice

Address: 3 Avon Reach, Chippenham SN15 1EE

Telephone: 0800 144 8848

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

3. Wiltshire Citizens Advice

Address: Trinity House, bryer ash business park, Trowbridge BA14 8HE

Telephone: 0800 144 8848

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

4. Wiltshire Citizens Advice – Salisbury

Address: The Council House, Wiltshire Council Offices, Bourne Hill, Salisbury SP1 3UZ

Telephone: 0800 144 8848

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

Please call our 24-Hour Helpline: 0330 058 1579

Will It Be a Long Process?

It depends on what you deem a long process. The length of the process is not the same for everyone, as it depends on many different factors including the type of plan you apply to, the adviser you select, and whether there are any delays along the way.

Generally, equity release takes around 7 weeks for most homeowners in Wiltshire, but this can be sped up if you are determined to receive the loan quickly (unless there are delays). This proposed time frame includes every step of the process from the moment you start your application.

What Questions Will an Adviser Ask Me?

Some of our clients worry about opening up to their advisers about financial issues, but this is necessary if you want to make an application. Don’t worry about judgement as the adviser is there to check whether you are eligible for equity release in Wiltshire, not to shame you for your finances.

First, equity release advisers will need to ask for your personal details. This will include your contact details (name, phone number, email, address etc), your nationality, marital status, gender, and health status.

It will also include basic details about your property, such as the date you moved in, the current value, and the specific location within Wiltshire.

Then they will tend to move on to questions that are designed to check a homeowner’s eligibility, and these are often yes/no questions that may or may not apply to you. They may include: do you have an outstanding mortgage? Have you ever been bankrupt? Have you ever been refused a mortgage?

Finally, they may ask you for the details of your income, expenses, and investments. This gives them an idea of your financial situation as they can see how much money you are left with each month.

If you are claiming benefits, they will make a note of this as taking out equity can remove your entitlement to means-tested state benefits.

Again, we know that some of these questions are invasive, but it’s the nature of an eligibility check, and it’s in your best interests that the adviser understands your situation so that they can recommend the best equity release scheme in Wiltshire for you.

Please call our 24-Hour Helpline: 0330 058 1579

Why Can’t I Just Downsize?

Downsizing is certainly an option, and we don’t want to discourage you from doing this if you genuinely believe it is right for you, as well as being feasible (3).

Some people choose to downsize because they do not want to take out a loan that could interfere with the inheritance they are able to leave, and they know exactly what type of property they would like to move into.

Perhaps, for example, they want to live closer to family and they have already been scouting out houses in their ideal location.

However, we are also conscious of the fact that some people do not have the energy to move house in their later years, or maybe they have lived in their Wiltshire property for many years and they want to spend the rest of their lives there.

In this situation, it would be wise to at least consider releasing equity, as it would provide you with the additional income you need without forcing you to move out of your current home.

Please call our 24-Hour Helpline: 0330 058 1579

Why Can’t I Just Take Out a Traditional Loan?

Again, this is certainly an option, and it is sensible to investigate it before settling on equity release. Taking out a traditional loan may be a good idea for people who only need a small top-up to their income, and know that they will be able to pay the money back in enough time.

However, with the rising living costs in Wiltshire and all over the country, some people need access to a large loan that carries them through the rest of their life, with the knowledge that this loan does not have to be repaid, and therefore there is no need to worry about earning enough income to pay the lender back.

It is obvious that many pensioners are on board with this concept, given that more and more of them are choosing to use equity release products in recent years. Between 2020-2022, an astonishing 150,000 homeowners took out equity (4).

Why Can’t I Just Borrow From a Friend or Family Member?

If you have a friend or family member who is able and willing to lend you a large sum of money, you are in a very fortunate position and we would not discourage you from exploring this option. It means you wouldn’t be dealing with a loan, and there is no long process to go through.

Having said that, most of our prospective Wiltshire clients are not in this position, as they either do not know anyone who can afford to lend them money, or they do not feel comfortable lending as they aren’t certain they would be able to pay the money back within an appropriate time frame.

Please call our 24-Hour Helpline: 0330 058 1579

Should I Get a Lifetime Mortgage or a Home Reversion in Wiltshire?

The decision of which equity release product to get is entirely up to you, but it does help to ask an adviser for guidance as they have worked with many types of people and they are experienced in recommending the best plan to people.

The advantages of a home reversion in Wiltshire are that you may have access to a higher loan, which means you have more options when it comes to spending your money, and there is the possibility to receive the loan in monthly payments, which can be helpful when it comes to budgeting.

On the other hand, if you have an existing mortgage, it adds extra stress as you will have to pay this off in order to take out a lifetime mortgage. What’s more, not every lifetime mortgage arrangement includes inheritance protection, so you may end up leaving less money to your loved ones.

Home reversions are great for people who want to protect their inheritance, as this is very easy to do with this scheme – you simply save a share of your home for your beneficiaries.

What’s more, it is more likely that your property will be eligible for a home reversion so there is more chance you can continue to live where you are currently comfortable.

Yet, you may receive less money overall with a home reversion as the lender buys part of your property for less than the asking price. What’s more, you will no longer be the owner of the home, and some of our clients are not happy with this sacrifice.

Please call our 24-Hour Helpline: 0330 058 1579

Which Type of Lifetime Mortgage Equity Release Plan in Wiltshire Would Be Ideal For Me?

Please contact us to get an expert answer to this question, as we need to know what situation you are in to be able to recommend the ideal plan for equity release in Wiltshire.

For now, we will go through each scheme and briefly explain who would benefit from each one, but please remember that this is vague advice and we do not recommend pursuing a plan based on this guidance alone.

1. Income Only Plans

Income-only arrangements are designed for people who want to top up their income in retirement, so perhaps people who already have a decent pension or are claiming benefits that they can continue to claim when they release equity.

We would recommend this plan for people who would prefer a fixed income to be paid into their account rather than a lump sum, so generally, this is people who will not be spending their loan on something that needs to be paid very quickly, and as a lump sum.

2. Interest Only Plans

As interest-only plans involve paying a portion, or the entire amount, of interest on a monthly basis, we would recommend it to people who have enough income to afford to do this, and who want to save as much money as they can for their beneficiaries.

Having said that, it is sometimes possible to switch to a roll-up plan if you ever find yourself in the position of no longer being able to afford monthly payments, so don’t worry about having to commit to this plan forevermore.

3. Drawdown Plans

The drawdown plan is ideal for someone who wants the best of both worlds in terms of getting a lump sum as well as being able to withdraw cash independently.

For example, you may need a lump sum for a family holiday, but beyond this point you would like to withdraw money at times when it is harder to pay the bills, such as in the winter.

We do not recommend this plan for people in Wiltshire who are after very low-interest rates, as it tends to be higher on the scale of interest rates. However, it is possible to keep the rate of interest low by withdrawing funds only when you need them, as interest is only applied to the cash you take out.

Please call our 24-Hour Helpline: 0330 058 1579

4. Buy-to-let Plans

As buy-to-let plans are specifically tailored to people who want to purchase a property to rent out, you should only pursue this scheme if you are interested in this. It’s a great way to keep your income steady in retirement as you will be receiving income from the rent that your tenants pay.

However, not everyone will be able to release enough funds to purchase a new property, so first get an accurate quote from us to see if this is a viable option, or use our equity release calculator for a quick estimate.

5. Second Home Plans

Again, this is a purpose-driven scheme, so only pursue this if you are prepared to purchase a second home that you will live in at least 50% of the time. We highly recommend this mortgage to people who have always wanted a second home or a holiday home but have never been able to afford it.

With this scheme, there is wide scope for your second home. Although it must fit in with the lender’s criteria, it is possible for you to select a home anywhere in the world, not just in Wiltshire.

Just make sure it would be practical for you to travel there often, as you will need to be spending a significant amount of time there.

Please call our 24-Hour Helpline: 0330 058 1579

6. Enhanced Plans

The enhanced plan (sometimes referred to as the ill-health plan) is perfect for people who have health issues and would like to access an equity loan in Wiltshire. You are offered benefits such as lower interest rates and higher loans if you can prove that your health is poor.

Evidently, not everyone is entitled to this plan, so there is no point in applying if your health is excellent, or if you are not prepared to prove that your health is poor (which is usually done through medical notes, but sometimes through evaluations). People who smoke are often excluded from this scheme, which is another important thing to consider.

7. Lump Sum Plans

This is one of the most popular equity release plans. We recommend it to people who need their money all in one go, perhaps to pay for a single large expense such as a new property or renovations, as you will receive a tax-free lump sum of cash with a lump sum mortgage.

We do not advise that you take out a lump sum lifetime mortgage if you are looking to pay the bills each month, as it would be better to find a plan that offers monthly payments.

You do not want to be tempted to spend the money all at once, and you may be paying more interest on it if it is given to you in one single transaction.

8. Voluntary Repayment Plans

Finally, this plan is recommended for people who want to pay back some of their loan while they are still alive, despite equity release generally allowing you to refrain from repayment.

Perhaps you want to be paying as little interest as possible, you want to be in as little debt as possible, you want to avoid early repayment fees, or you want the flexibility of repaying on a voluntary basis. Whatever the reason may be, this plan is ideal for you if you want to start repaying early.

Please call our 24-Hour Helpline: 0330 058 1579

Is it Necessary For Homeowners to See an Equity Release Specialist?

It is not obligatory for a homeowner to see an equity release specialist before releasing equity in Wiltshire. However, this does not mean it is not incredibly important.

We would never advise you to apply for equity release without speaking to an expert, and that’s because there is a potential for you to be scammed, or even simply deceived into choosing the wrong plan for you.

There is sometimes a cost that comes with speaking to an adviser in Wiltshire, but it is more than worth it if you want to approach equity safely, as well as if you want to avoid unnecessary delays.

I Don’t Know What to Spend My Loan On – Can You Help?

Yes, we can put forward ideas of what you could spend your loan on if you are struggling. We can do this best over the phone as we will find out what your necessary expenses are and what you may need to put extra funding into.

We have already mentioned that many homeowners in Wiltshire use equity release to pay their bills, so this is the first thing to consider if your expenses are currently too high compared to the income you are receiving.

Another idea is to put your money towards something that will improve your retirement, and not just on a temporary basis, such as home improvements or an extension (if your equity release lender permits this). It is unlikely that you are going to regret this as you will be spending the rest of your life in your Wiltshire property.

Finally, you could consider gifting the money if you want to help out a loved one who is struggling to pay for something significant such as a car, a house, or education.

It can be incredibly rewarding to help out the younger generation and watch them thrive, knowing that they will be taken care of when you pass away.

Please call our 24-Hour Helpline: 0330 058 1579

What are the Interest Rates Like on Equity Loans?

We have touched on the fact that interest rates are different with every equity release arrangement, and we want to emphasise this as there is no fixed interest rate that is the same for every plan.

Generally, interest rates on equity release loans are lower than traditional loans, which is an advantage of taking out equity. However, as the interest accrues over a long period of time, it can amount to a large sum, which is why some people choose to pay it off with an interest-only scheme.

Do keep in mind that some plans have high-interest rates, but they offer different benefits, so interest rates are not the only factor to consider when it comes to releasing equity in Wiltshire. We also recommend thinking about loan amounts, additional benefits offered, the policy on moving homes, and the policy on repayment.

What is the Tax Like on Equity Funds?

If you have a home reversion or a lifetime mortgage, you will not pay any tax on it, as it is classed as a loan rather than income.

Any money you gift during equity release in Wiltshire will also be exempt from tax after seven years, and any inheritance you leave is not liable for tax either (5).

Please call our 24-Hour Helpline: 0330 058 1579

Making the Decision to Get Equity Release in Wiltshire – What are the Steps?

Firstly, you need to find a professional adviser who will explain the features and risks of equity release in Wiltshire without pushing you into making an immediate decision. We believe our advisers are best for this, as they will not hesitate to demonstrate the reality of equity release, yet they do not lack passion for the scheme.

Next, the adviser will help you make an application based on your preferences and your financial details. They will present you with certain documents to sign, and they will sign other documents themselves.

After the application is submitted, you will have a property valuation that will be sent to the lender, and any legal processes will be carried out in this stage by the solicitor of your choosing (as well as the lender’s solicitor).

Finally, the equity release provider will make an offer that your adviser will present to you, and you will have the option to accept or decline this offer based on whether you believe it’s fair and desirable. If you accept, you will receive a completion date, and you can look forward to your loan.

Please call our 24-Hour Helpline: 0330 058 1579

Contact Equity Release Warehouse For a Free Consultation

Not everyone offers a free consultation, so we are proud to say you can speak to one of our expert advisers without charge and without obligation. You can do this by requesting a call or calling us on 0330 058 1579.

You can easily contact us outside of your working hours to discuss equity release in Wiltshire.

If you have any more questions about equity release in Wiltshire, please make the most of our freeline and get in touch with an experienced adviser who is experienced in guiding hundreds of people through the equity release process.

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.

Access help and advice today across Wiltshire in Amesbury, Andover, Bradford-on-Avon, Calne, Chippenham, Corsham, Cricklade, Devizes, Highworth, Malmesbury, Marlborough, Melksham, Mere, Pewsey, Salisbury, Swindon, Trowbridge, Tisbury, Trowbridge, Warminster, Westbury, Wilton, Wootton Bassett and Wroughton.

References

[1] Best places to live in Wiltshire ranked least to most expensive https://www.wiltshirelive.co.uk/news/property/best-places-live-wiltshire-ranked-6503062

[2] Wiltshire property prices https://www.plumplot.co.uk/Wiltshire-house-prices.html

[3]Should you equity-release? It involves releasing money from your home while you’re still living there https://www.moneysavingexpert.com/mortgages/equity-release/

[4] Equity release: Numbers of older homeowners using the products will ‘skyrocket’ as cost of living rises https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/equity-release-numbers-of-older-homeowners-using-the-products-will-skyrocket-as-cost-of-living-rises-1664669

[5] Inheritance tax: Britons could slash bill ‘completely’ using their home – check now https://www.express.co.uk/finance/personalfinance/1634922/inheritance-tax-reduce-property-lifetime-mortgage-equity-release-UK-exclusive

 

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