• TAX-FREE CASH TO SPEND HOWEVER YOU WISH

  • CHOOSE FROM A LUMP SUM OR REGULAR INSTALMENTS

Equity release schemes regulated by the FCA are a safe and tax-free way to access some of the equity tied up in your property.

equity release mortgages – WEST SUSSEX, SURREY & BEYOND

While owning property is often your biggest expense, it’s not uncommon to find yourself looking for capital to invest in things other than property. We need money for different reasons at different stages of life – to enjoy retirement and to help out friends and family are just a couple of examples.

You may be fortunate enough to own your home, but that could have come at the cost of leaving you with no spare capital. If you are asset rich but cash poor because your money is all tied up in your property, an equity release mortgage can free some of this capital up and make it available for you to use elsewhere.

Cash poor but asset rich, with all of your money tied up in your property?

Looking for a way to free up money to help friends or family?

Paid off your mortgage in full but now have no money to enjoy life as you want to?

Don’t want to leave your home, but want to benefit from the value tied up in it?

We work with clients in West Sussex, Surrey and beyond and are always happy to discuss whether an equity release mortgage is the best route for you to take to free up capital and live the life you desire.

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An equity release mortgage makes funds tied up in your property available to you, without the requirement to sell your home, or move to a new property.

EQUITY RELEASE MORTGAGES GENERALLY FALL INTO ONE OF TWO TYPES:

LIFETIME MORTGAGE

You receive a tax-free lump sum secured against your property. Interest accumulates but there is usually no monthly repayment to be made. Instead, the loan plus the accumulated interest is repayable on the sale of your property, after your death or if you move into residential care.

HOME REVERSION PLAN

You receive a tax-free lump sum in exchange for the sale of a part of your property. No monthly repayments are made and there is a guaranteed lifetime lease. The percentage the lender has invested is paid back to them after your death, once your property is sold.

AN ALTERNATIVE TO DOWNSIZING – STAY IN THE HOME YOU LOVE BUT BENEFIT FROM ITS VALUE

WHY MIGHT AN EQUITY MORTGAGE BE THE BEST OPTION?

Often when people move homes or downsize, it’s not because they particularly want to leave, but because it’s perhaps the most obvious way to free up capital. If you love your home however and are in the fortunate position of owning it outright, you may not necessarily have to move at all! An equity release mortgage allows you to stay in the home you love, but arrange a lump sum, or structured instalments, against the value of your property. This payment is tax-free and can be spent however you wish!

Pay off outstanding debts

Make improvements to your home

Live more comfortably and enjoy your lifestyle

Help your family out financially

Pay for something you really want, like a holiday or a new car

NO NEED TO MAKE REPAYMENTS – UNLESS YOU WANT TO

Unless you wish to, you won’t need to repay the loan or the interest on it during your lifetime and this will only become payable upon the sale of the property after your death, or if you move out permanently into residential care. There are factors to consider with this too though.

Do you live with someone else, or share your property jointly?

What will the inheritance tax implications be on your children if you were to die?

What happens if your situation changes and you decide to repay the loan early?

We can advise you on what to do in all of these circumstances, as well as a whole host of others that may apply to you. As with all types of mortgage, it is always a good idea to receive advice before entering into them.

ARE THERE ANY FACTORS TO BE AWARE OF WITH AN EQUITY RELEASE MORTGAGE?

There are many and they are varied so it’s important to consider all factors and decide whether an equity release mortgage is the right choice for you.

An equity release scheme can be a fantastic way to generate money without the hassle or expense of moving from your home, but depending on how the plan is structured, the debt owed could increase and you won’t be able to leave your home as in inheritance as it may need to be sold to repay the provider first.

Benefits such as pensions, savings credit and even council tax might also be affected and you won’t be able to take out another loan against your property in the future – all that being said, an equity release scheme is a perfect option for many people.

We offer equity release mortgage advice for clients across West Sussex, Surrey and beyond. This is a lifetime mortgage/home reversion plan. To understand the features and risks, ask for a personalised illustration. These transactions are long-term commitments and in the case of reversion plans, complex legal arrangements which should involve legal consultation and expert advice before entering such a scheme. Our in-house mortgage advisers are happy to discuss whether an equity release mortgage is a good option for you and, if so, how to proceed with your application.

Want to talk to somebody about the benefits and drawbacks of equity release?

HERE’S WHAT WE’LL DO:

  • Discuss the reasons you are seeking to free up capital
  • Consider whether equity release is the best option for you
  • Make you fully aware of any potential long-term impact it may have
  • Advise you on other possibilities if equity release isn’t quite right for you
  • Set up the best scheme for your needs if equity release is the best option

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    The guidance and/or advice contained within this website is subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Maplewood Mortgages is a trading style of Global Financial Ltd; a member of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority. Details can be found at www.fsa.gov.uk under reference number 506634. Global Financial Ltd is registered in England, no. 00922704.

    The Financial Ombudsman Service (FOS) is available to handle individual complaints that financial services businesses and their clients are unable to resolve. To contact FOS please visit us at www.financial-ombudsman.org.uk