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DISCOVER IF EQUITY RELEASE IS RIGHT FOR YOU Find out more about unlocking the value from your home with your FREE guide from Paul Lewis.
If you are approaching or already enjoying your retirement, you might be considering how you will finance your plans for the year ahead. Each year, thousands of homeowners aged 55 and over decide to release the equity that’s built up their homes to achieve their goals or live a more enjoyable lifestyle. HOW MUCH MIGHT BE AVAILABLE TO YOU? Equity release is a way to access a portion of the value locked in your home as tax-free cash while continuing to live in the place you love. According to Nationwide, average UK house prices have risen by nearly 40% in the last 10 years alone. So, if you’ve owned your home for several years, its value has likely increased, which could mean you’ve built up substantial equity to tap into. Depending on factors such as the age of the youngest homeowner, your property value, whether its a single or joint application and needs for the money, you may be able to release from a minimum of £10,000 up to 58% of the value of your home. An advisor can help you discover exactly what is available. You can choose to access the money either as a lump sum or smaller amounts over time. The money you unlock is
yours to enjoy spending once you’ve repaid any existing mortgage, which is a condition of equity release. You could make home renovations, enjoy a holiday or supplement your finances to live a more comfortable lifestyle. PLAN FEATURES Advice is required to proceed with equity release and there may be other options which better suit your circumstances. Equity release products can be quite complex, and there are a few different plan options to consider. With a lifetime mortgage, the most popular type of plan, you maintain 100% home ownership and the money you borrow is secured against your home. An alternative is a home reversion plan, which involves selling all or part of your home to a reversion company or provider. With both types of plan, you can continue living in your home, but the value of your estate will be reduced along with your ability to fund long-term care. Plans from the whole of the market will be considered, the features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account age, health and lifestyle factors in order to provide you with an enhanced amount, if needed.
There is no requirement to make repayments if you don’t wish as the equity released, plus accrued interest, is repaid when you die or move into long-term care. However, with some plans you can choose to make regular repayments which can reduce the amount of interest that rolls up over time. These may be subject to certain limits, and early repayment charges may apply above a set value. Get expert advice Radio Times are pleased to be working with Age Partnership+ to help you consider your options and find out more about equity release. Through our service, initial equity release advice is provided for free and without obligation. Only if you choose to proceed and your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply. Request your free guide written by Paul Lewis to find out more, or call the number below.
To request your free equity release guide written by Paul Lewis visit radiotimes.com/release_equity , or to find out how much you could release call 0800 464 0809
Information correct at time of going to print. The Radio Times Equity Release Service is provided by Age Partnership Limited. Radio Times is a trading name of Immediate Media Company London Limited which is an Introducer Appointed Representative of Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Age Partnership Limited is authorised and regulated by the Financial Conduct Authority, FCA registered number 425432 and is trading as Age Partnership Plus.
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