Equity Release
We are often asked for help with equity release and have therefore partnered with 55Plus, a leading firm which specialises in these areas.
Here at Regenerage we are often asked for information and advice on Equity Release, so we decided to partner with the best in the business. We have been working and referring our customers to Ian Howarth from 55 Plus for over 15 years now and in that time we have had many happy customers benefit from his extensive expertise and knowledge of the Equity Release industry. As well as being a two-time winner of the ‘Best Equity Release Adviser of the Year’ at the British Mortgage Awards, Ian is 100% independent with no ties to any lender, and also a member of the Equity Release Council therefore only recommends providers and products that are part of the same organisation; so we are confident that all of the customers we pass over to Ian will be getting not only the best, but the safest advice possible.
Contact Ian Today
If you are looking for a way to harness the potential of your property wealth, then why not have a free, no-obligation discussion with Ian from 55 Plus?
Call: 07712 479 068 Email: ian.howarth@55plus.co.uk
Would you like to have a more comfortable retirement?
Many people today find that with the current cost of living crisis that come the end of the month there just isn’t the same (or any!) extra money left over to enjoy the things that they had hoped for in retirement, and incomes now are simply being used to pay bills and survive from day to day.
More and more people now are looking to Equity Release in order to access the value in their home that in a lot of cases has gone up enormously over the years, but their bank balance doesn’t reflect this at all; so by releasing money from your home now you can enjoy some of the value of your property to do the things you have always dreamed of, and have that comfortable retirement that you always aimed to have. These are just some of the reasons that our customers are looking to release money today: –
- Home improvements, maintenance & decoration
- Supplementing & topping up income to improve standard of living
- New car, holidays & travelling
- Repay existing mortgage or other debts to free up some extra income
- Gifting to children & grandchildren to help them now
- To pay for help in and around the home & garden
- Inheritance & estate planning
- To spend and enjoy life!
F.A.Q’s
- Can I still take out Equity Release if I have a mortgage on my home?
Yes, you can still release equity from your home however you must repay your mortgage with the proceeds of what you release. The rest of the money is yours to enjoy as you wish.
- Can I lose my home?
We only advise on Lifetime mortgages that at approved by the Equity Release Council meaning that you have the legal right and protection to live in your home until you pass away or if you move into nursing style care in the future.
- How much can I release from my home?
This is dependent on a few factors, firstly the more your home is worth the more money can be raised, also the older you are the more you can obtain & in some cases your medical history can affect how much you could receive
- What are the downsides to releasing equity from my home?
The biggest downside is that because there are no payments made back then the interest that is charged is added on to what you owe and compounds over the years, therefore what you owe gets bigger each year
- Can I make payments back to the lender to avoid it being added on?
Yes, most lenders now offer the ‘voluntary payment option’ and this allows you to pay up to 10% per year (more with some lenders) of what you have borrowed. This is not mandatory so you can choose how much you pay and when you pay it, if this is what you want to do. This can avoid the interest ‘rolling up’ and being added on each year.
- If I do not need all the money on offer do I have to take it all at once?
No! Most people these days go for the ‘drawdown’ lifetime mortgage, meaning you can take a smaller amount now for what you need, with the ability to withdraw more funds as and when needed in the future. Releasing money this way can really reduce what you owe back in the future
- I want to release money from my home, but I am worried I may lose some or all of my benefits?
As part of our advice process we will automatically carry out a means tested benefits check for you to see if there is any risk of you losing any benefits you may be in receipt of. This is why a drawdown plan may be better suited as you do not need to take all the money now and possibly jeopardise and benefits you currently receive.
- How long does it take to set everything up, and can I have my family present at the meetings?
Yes, absolutely! We always ask if you would like a family member or friend to be present if helps and puts you at ease. Equally if you want to keep things private and confidential that is fine as well. From start to finish the average time to set up a lifetime mortgage is about six weeks.
The Process
- 1. Contact Ian from 55 Plus
07712 479068 / ian.howarth@55plus.co.uk
Have an initial chat on the phone, Ian can give you an idea of your options, what you can and cannot do, what might be best suited for you given your requirements and answer any immediate questions or concerns you may have at the outset.
- Have a no-obligation face-to-face appointment
Once you have had an initial chat, if you would like to discuss in more detail Ian is an equity release specialist; he will visit you for a face-to-face appointment to run through a personal illustration and help you choose the right plan. Ian can see you in your own home, or in our offices, whichever makes you feel most comfortable. Equally nowadays if you would prefer to deal over telephone and Zoom etc. that is not a problem at all, there are more customers these days happy to be dealt with ‘remotely.’
Whether in person at a face-to-face meeting, or phone/Zoom/email this is still also completely free, and there is no obligation for you to commit to anything at all. This is simply an information gathering exercise on your part to get everything you need to make a decision to see if it is right for you.
- Make an application
Once you have had an initial chat and meeting, if you feel as though you are ready to proceed with an application then it will be Ian that will oversee everything, from making sure that you have the most suitable provider for your circumstances and submitting the application for you, right through to having the money in the bank, Ian will be your one-stop point of contact throughout the whole process.
- Receive your tax-free cash
A solicitor of your choosing (Ian can recommend an Equity Release Council approved solicitor if you do not have one of your own) will talk you through the terms and conditions of your offer in detail before you commit to anything.
After that, your solicitor will arrange for your plan to complete and transfer the funds to you, after any secured charges and mortgages have been cleared. Unless you have had to pay for the initial survey, only at this stage will you need to pay any fees. Once the money is in your account it is then yours and no further costs will be payable.
Contact Ian now on 07712 479 068 or ian.howarth@55plus.co.uk
55Plus is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 566220. Registered office: 12 Trinity Close, Tunbridge Wells, Kent TN2 3QP. Registered in England & Wales. Company number 5941708. Only if you choose to proceed and your case completes will 55Plus charge and advice fee, currently not exceeding £1495.
