The value of your home, less any mortgage is known as ‘equity’.
Equity Release is the name given to a range of financial products that convert a proportion of that equity into cash for your own use.
Equity Release Plans usually have the following common factors:
- Equity Release has a minimum age of 55.
- You receive a guaranteed tax-free cash sum or income for life.
- You continue to live in your home for as long as you wish.
- There are no repayments required until your home is sold. This is normally after your death or entering long term care.
- You have the freedom to move to a suitable property should you wish to do so in the future and transfer your equity release plan to your new home.
- Your estate will not be liable for any debt beyond the property value regardless of future house prices.
N.B. Equity Release will result in a loss of some or all of the inheritance payable to your heirs.
Bankfield only employs highly qualified and experienced Independent Equity Release advisers. They will provide you with impartial advice and will explain all the facts in simple terms, so you can decide whether Equity Release is right for you.
To discuss your situation in complete confidence and with no obligation, call us now on 0116 253 5600 or complete the enquiry form.
Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
For equity release, the fee for our advice will depend on your circumstances; we may charge a fee on application (non-refundable) plus a percentage of the loan amount. We will also be paid commission by the lender. For example: an initial fee of £250 payable upon application plus a fee of 3% of the loan amount payable on completion. On a release of £50,000 the fee will be £2,000 made up of £250 + £250 + £1,500 (3% of £50,000).