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Equity Release Explained and plans for releasing equity in your home
Equity Release Explained - What is Equity Release and
what type of Schemes are there available?


There are basically two types of equity release plans: Lifetime Mortgages, allowing you the option of borrowing money against your house and Home Reversion Plans, whereby you effectively sell a share in your house.

Lifetime Mortgages Explained

With a Lifetime Mortgage you will need to be at least 55 years old with a property value of at least £75,000. Assuming that to be the case you can take a proportion of your home's value by way of a mortgage which does not have to be paid back until you die or sell your home. The Interest charged is compounded or 'rolled up' over the full period of the loan, meaning there are no monthly payments and the full amount is settled when you die or the property is sold.

Although this can vary as interest rates may change over time, but generally speaking what ever you borrow normally doubles in 10-11 years.

Home Reversion Schemes Explained

With Home Reversion Schemes you will normally sell a share of your property to the provider which gives you the lump sum as your equity release.

As the amount is often for less than the market value, Home Reversion Schemes are not as popular as the Lifetime Mortgages.

What equity you release you will still have the right to stay in your home for the rest of your life as you would with a Lifetime Mortgage and is only when you die or the property is sole will the provider receive the same share that they purchased.

When you die or move into long-term care and the property is sold, the provider gets the same share of whatever your home sells for as repayment. For example, if you sold 50% of your property to the provider, it would get 50% of the sale price.

There are some slightly different conditions attached to these plans and depending on your health, the terms of the agreement can significantly vary, especially if you are a smoker or your life expectancy is relatively short.

Lifetime Mortgage or Home Reversion?

If you are at a certain age and need some money, then releasing some equity from within your home could be an ideal way of achieving this, however these plans are not suitable for everyone and can work out an expensive way of borrowing money.

Having said that, if you are falling short and need to boost your cash reserves, if you wish to help out a family member or friend, if you wish to go on that holiday of a lifetime or indeed anything else, then being able to release some of the equity in your home without the need of moving could be an attractive option.
To get the ball rolling you would only need to answer a few qualifying questions, then assuming you pass those, you can arrange for a qualified Independent Financial Adviser to come and visit you to start the process.

Equity Release Explained - The Process & Timescales.

All our Advisers are INDEPENDENT and use the WHOLE OF MARKET providers, meaning you will only ever receive advice which is BEST FOR YOU and no one else.

The initial meeting will purely be a fact finding mission and you will NOT BE EXPECTED TO SIGN FOR ANYTHING at this early stage.

After this meeting and assuming you meet the set criteria, your IFA will then look for any suitable plans before arranging to come back for a full fact finding meeting, where they will get some more accurate information about you and your financial circumstances.

Only at the THIRD MEETING will you be asked if you wish to commit and proceed - at any stage up to then you may withdraw your application and incur no costs.

Once the paperwork is completed and a processing fee is paid (generally around the £300 mark) then the process will begin and normally takes between 2-3 months to complete, depending on various outside factors, but this will give you an idea of when you can expect to receive your money.

What to do Next?

If you feel this may be of interest and that you can satisfy the basic criteria, contact us and we will start the process with an initial telephone conversation.

Equity Release Explained - Need some more information?
Call 020 3286 3929 or if you would rather, email us at info@kensingtonbarlow.co.uk
or Enquire Here

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'Whole of Market' - By this we mean having the use all the equity release providers available which will make sure you will get full access to all the schemes available giving you greater choices with all 100% regulated by both the FSA and the Equity Release Council (Formally known as SHIP)

Calculate the amount you can have.
The actual amount of money you can have will depend on various different factors however we have put together a very basic guide for you to use which will give you a very good idea of the amount you can boorow.

For an Approximate guide please click here - Equity Release Calculator

YOU DON'T HAVE TO BORROW IT ALL!

Please be aware that many of those looking to Equity Release often do not want or require the full amount, so if you are one of those couples or individuals, then simple take what you need and only increase that number if and when you need it.

The only thing that is OBLIGATORY is you take a Min of £10,000 so even if you qualify for considerably more, you will not have to take it in all one go and you can draw down what you need if and when it's required.

 


You will have access to the Whole of the Market providers, fully regulated by the
Equity Release Council (Formally known as SHIP) some of which are shown below.

Equity Release Explained, equity release from Aviva, Lifetime Mortgages releasing equity in your home
Equity Release Explained, from partnership Lifetime Mortgages, Lifetime Mortgage schemes from Partnership
Equity Release Explained with Lifetime Mortgage with more2life a home equity release calculator and a Life time Mortgage calculator from more2life
Equity Release Explained Lifetime Mortgages from Just-Retirement, release equity scheme with a Just-Retirement Lifetime Mortgage scheme
Equity Release Explained stonehaven Lifetime Mortgages and Life time Mortgage schemes from stonehaven, release equity in your home with a Lifetime Mortgage scheme
Equity Release Explained liverpool victoria Lifetime Mortgage and LV equity release schemes, releasing equity in your home with a Life time Mortgage scheme from liverpool victoria

Need a more accurate idea of what equity you may be able to release?
Call 020 3286 3929 or if you would rather, email us at info@kensingtonbarlow.co.uk
or Enquire Here

Please Note: This Kensington Barlow website is a trading style of Exclusive Leads Ltd and is an Introducer only offering free to use websites to help you find the best possible solution to your equity release requirements. We will only introduce you to an Independent and regulated financial adviser who are registered with the Equity Release Council (Formally known as SHIP) and who specialise in Home Equity Release or similar products and use the whole of the market providers.


Equity Release Explained with Lifetime Mortgages for releasing home equity in your home



Equity Release Explained and Life time Mortgages for home equity release schemes and releasing equity within your home using a Lifetime Mortgage



Equity Release Explained using Lifetime Mortgages and equity release schemes using a Lifetime Mortgage Plan