Equity Release
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Over 55 and looking to unlock some of the equity in your home?
Equity release can help. Equity Release enables you to free up some equity in your home without committing to a monthly repayment.
Home equity release is secured against your property
What makes this different is you do not have to make regular monthly payments during your lifetime. You can opt instead to service the interest through your choosing.
If no payment is preferred, interest accrues on the loan amount. The total is then repaid either from the sale of your property, in the event of your retirement, passing or upon entering long-term care. You will always remain the owner of the property until such an event.
Roll Up
With this plan, no interest payment goes to the lender. Until the property sells, the surviving borrower goes into long-term care or passes away, all interest is compound.
Interest Only
The borrower can pay interest charged by direct debit to the lender, avoiding an increase to the loan. Some lenders allow some of the capital regularly to reduce the loan.
Regular Income Plan
If the borrower does not require a lump sum, but wishes to supplement their income, they can receive regular payment through an equity release plan.
Speak To An Expert
At The Mortgage Bubble, we provide personalised and comprehensive services and support. From the first meeting to completion, we are here to guide you throughout your financial journey.
Draw down
Similar to the roll up plan, a draw down life time mortgage means you can access your money more flexibly. Rather than just receiving a lump sum, you can release your funds over time or whenever you need. Because you only pay interest on the funds you have drawn down, these plans often prove to be more cost-effective.
Lenders will expect you to keep your home in good condition. You might need to set aside some money to do this. If this could pose a problem, an equity release scheme might not be suitable.
The Top 5 reasons for equity Release
- Home improvements
- Repay a mortgage or debt
- Help a loved one
- Holiday or car
- Increase disposable income
Your security
The Mortgage Bubble is a member of the equity release council. The equity release council is the industry body for the equity release sector.They work with relevant lenders, qualified financial advisers, lawyers, intermediaries and surveyors. Before releasing equity from your home, you’ll need to pursue equity release legal advice – lifetime mortgages and home reversion plans are unsuitable for some.
How can equity release help Help me?
It can help you unlock equity in your home which can be to repay your current mortgage, help a loved one or to finance a holiday or cars.Can I repay my equity release plan early?
You can but you may be charged by the provider. Contact us and we will cover this with you.Is it right for me?
The Mortgage Bubble will always consider your circumstances and provide you the most relevant products and advice to suit your needs.You will need to take legal advice before releasing equity from your home as lifetime mortgages and home reversion plans are not right for everyone.
A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead. This is a referral service.