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Equity Release - could you release funds to help family with the cost-of-living crisis?

While the cost-of-living crisis rages on, many of us are looking at ways we can tighten our belts.

If you’re over 55, you could potentially help yourselves and your loved ones as they face the increasing costs too. You could have money locked up in the equity in your home that could help you relieve the pressures of soaring bills. Releasing the equity in your home could offset some of your outgoings and the loan is only repaid upon your passing or admittance to long term care, where your property will be sold to repay the loan

The main advantages of equity release are:

  • You don’t need to have paid off your mortgage in full to be eligible for equity release
  • You still own your home and you will continue to live in it
  • There are no monthly repayments
  • The money you release is tax free
  • You can take the money in one lump sum or smaller instalments

Read more about equity release and how we could help here.

The money released could be used to help clear an existing mortgage, again giving you more wiggle room to allow for higher outgoings in bills, food and fuel as they continue to climb. You could also choose to clear any debts you have which could not only relieve financial pressures but it could also help alleviate stresses and worries associated with debts and repayments.

If you’re concerned about securing an inheritance for your beneficiaries, many products now offer the ability to protect a sum of cash for them once you’re gone, or look at the gifted cash as a living inheritance, so you can enjoy seeing them utilise the cash you’re gifting.

If you think Equity Release could help you (and maybe your loved ones) to tackle the current financial climate, get in touch with our specialist advisers to see what we can do for you.

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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