We’ll support you through the equity release process, step by step Speak to an expert A specialist will answer initial
What are the most commonly asked questions about equity release? Is equity release regulated?
What do people usually use the money for? Our customers spend the tax-free cash they release on many different things – some of the most popular are home improvements, repaying existing debts and clearing an existing mortgage. You should always think carefully before securing a loan against your home to repay existing debt. Can I take out equity release if I still have a mortgage? Yes; however, you’ll need to repay the mortgage using the money released. Any funds left over are yours to enjoy. What happens when I pass away? Your home will usually be sold once you and your partner either pass away or move into long-term care. The sale proceeds will be used to repay the amount you owe, and any money left will go to you or your estate. How is my home’s value assessed? Your property will be valued by an independent RICS registered surveyor so you can be confident of an unbiased opinion of your property’s worth, for mortgage purposes. How much does equity release cost? There are associated costs with equity release in the same way there is with a regular mortgage, these can include fees such as surveyor’s valuation and solicitors fees. An adviser will always talk through any costs involved initially, as each plan is different. Unless you decide to go ahead, our service is completely free of charge, as our fixed advice fee of £1,999 would only be payable on completion of a plan.
Yes, equity release is regulated by the Financial Conduct Authority (FCA). Expert advice is also required before you can take out a plan. Will I still own my home? With a lifetime mortgage and payment-term lifetime mortgage you'll always own your own home and have the right to stay in your property for as long as you wish, however, with a payment- term lifetime mortgage you must ensure all mandatory payments are met. Will I ever fall into negative equity? All the lifetime mortgages we recommend meet Equity Release Council standards and come with the no negative equity guarantee, meaning you'll never owe more than your home's worth providing you keep to the terms of your plan. However, both a lifetime mortgage and a payment-term lifetime mortgage may result in limited or no property equity remaining and will reduce your financial options in the future. Can I move house? Yes, your plan can be transferred to a new home (subject to criteria). Who handles the legal side of the process? An independent solicitor will need to be appointed to handle the legal side of the process for you. We want to make sure you’re comfortable with your decision, so can suggest solicitors with lifetime mortgage experience if you prefer. What is compound interest? All the lifetime mortgages we recommend are subject to compound interest. That’s where you pay interest not only on the original loan amount itself, but also on the interest that’s already been added. You can read more about this on page 14.
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questions you might have and arrange a consultation with a local, expert equity release adviser
Talk to your family We encourage you to discuss equity release with your family and invite them along to appointments
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First appointment A dedicated adviser will discuss the options available and find out more about your particular circumstances and requirements
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Finding the right plan Should you decide to proceed, your adviser will search the whole of the market, to find the most suitable plan
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Second appointment Your adviser will present their recommendation and answer any questions you may have. Your adviser will also provide a personalised illustration Offer issued You’ll be issued with an offer following a satisfactory valuation including full terms and conditions of your plan for your approval
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Starting the paperwork Should you decide to proceed, the paperwork will be submitted and your property will be valued by an independent surveyor
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Legalities Independent solicitors acting on your behalf will cover the legal aspects
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Complete in 8–12 weeks Although a timescale can’t be guaranteed, this is the typical time it takes from application to completion
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If equity release isn’t right for you, we may refer you to a Key Group mortgage specialist. Their fixed advice fee of £899 will only apply if you choose to go ahead with them.
Money released Time to start enjoying the money released
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Call FREE today 0800 531 6036
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