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How to release equity for a trip of a lifetime!

Are you finally ready to take that dream holiday you’ve been thinking up for years? We are here to discuss how releasing equity can help you get there.

A Lifetime Mortgage allows homeowners aged 55 and over to access value. It can provide you with a lump sum or regular income. Here's our step-by-step guide on how to plan the trip of a lifetime:

1. Assess Your Lifetime Mortgage Options

Research different Lifetime Mortgage products available. There are typically two main types: lifetime mortgages and home reversion plans. Understand the pros and cons of each option. From there, determine which works best for your financial goals and circumstances.

2. Consult a Financial Adviser

It's crucial to seek advice from a qualified financial adviser specialising in Lifetime Mortgages. We can help you understand the implications of releasing equity from your home. This includes potential costs and interest rates. Plus, how it may affect your inheritance and entitlement to means-tested benefits.

3. Calculate the Amount Needed

Determine how much equity you need to release to fund your dream trip. Consider all factors. Such as airfare, accommodation, transportation, food, and activities.

4. Budgeting

Create a detailed budget for your trip, accounting for all anticipated expenses. Additional costs include travel insurance, visa fees, souvenirs, and emergency funds. Make sure your budget aligns with the amount of equity you plan to release.

5. Plan Your Itinerary

Research your trip to see if there are any once-in-a-lifetime opportunities. Decide how long you'll stay. Which areas do you want to visit? And what experiences do you want to prioritise during your trip?

6. Book Accommodation and Transportation

Get organised in advance to secure the best deals and availability. Consider staying in a mix of accommodations to enhance your experience. Such as hotels, villas, or guesthouses.

7. Prepare Necessary Documents

Ensure you have all the necessary documents for your trip. Including your passport, travel insurance, and visa (if required). Plus, any medical prescriptions or documents you may need.

8. Enjoy Your Trip!

Remember to review your Lifetime Mortgage plan regularly to ensure it meets your financial needs and goals. Additionally, consider alternative funding options or supplementing your equity release. Such as income or savings. This will provide a comfortable retirement and financial security in the long term.

SPEAK TO AN ADVISER

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

 

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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