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Uses Of Equity Release

On average we’re living longer now than ever before, which means we have more time to enjoy our hard-earned retirement after a lifetime of work. Unlocking some of the equity in your home and turning it into tax-free cash could be an ideal way to help fund your future plans.

People are becoming less concerned with leaving an inheritance and more comfortable using the equity tied up in their homes to make home improvements, pay off debts and give cash gifts to the family.

In the first six months of 2019 UK homeowners released £1.6 billion 1 of equity from their homes:

Home Improvements

60% used their tax-free cash for home improvements including upgrading kitchens and bathrooms, building extensions or adapting their home and garden to be more manageable in retirement. With a lifetime mortgage, you continue to own your own home. The cash you release can be used to make home improvements without having to pay monthly loan repayments.

Paying Off Debts E.G. Loans, Credit Cards Or Clearing Mortgage Debt

35% used equity to pay off debts such as loans and credit cards. 28% cleared outstanding mortgages (20% cleared interest-only mortgages).

2 The Financial Conduct Authority estimate approximately 40,000 residential interest-only mortgages are due to mature each year between 2017 and 2032 where the homeowner will be past 65 years. One in ten borrowers has no repayment strategy in place.

Unlocking tax-free cash with equity release could be an ideal way to raise the funds needed to clear outstanding debt. Find out how much tax-free cash you could release with our Equity Release Calculator.

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Treating Family Or Friends

30% of the equity released was used to treat family or friends. This includes paying for a significant life event like a wedding, helping children or grandchildren onto the property ladder, helping to facilitate a business venture or supporting a family member through education.

Going On Holiday

31% of homeowners used the equity they released from their property to fund a holiday.

If you want to make home improvements, clear mortgage debt or make managing your bills more comfortable our impartial independent advice can help you decide if Equity Release is right for you.Call now 0800 043 0725 or request an instant callback

1 Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks; ask for a personalised illustration.

2 Equity Release figures are taken from UK Equity Release Market Monitor, Q1 2019
Age UK, 2013, Interest-only mortgages: Age UK’s response to FCA review, viewed 2nd August 2019

https://www.ageuk.org.uk/latest-press/archive/interest-only-mortgages-age-uks-response/

Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks; ask for a personalised illustration.

Find out how much you could release FREE Equity Release Calculator

Call our Expert Team Today on
0800 043 0725

  • Free No obligation Consultation
  • Impartial and independent
  • Tailored to your needs
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