Equity Release Plans

Equity Release is in the news. And many people in Bournemouth have a lot  of equity tied up in property but don't have the income from savings that they used to.

I'm here to make sure that if you are thinking about Equity Release you get the plan you want, without any nasty surprises. Because having someone independent to guide you is vital.

With interest rates so low it looks like many more people will be looking to supplement their income by releasing equity in their property.

There are many providers of Equity Release plans.

When considering who to go with you must make sure the plan does what you want it to do.

  • Are you looking for a lump sum or to draw on the fund when you want to or a regular income?
  • Are you happy having a legal charge on your home?
  • Have you checked how it will affect your inheritance tax liability or entitilement to any benefits?

Take a close look at the Key Facts Illustration provided.

Make sure the fees for taking out the plan are clear to you and you agree to them.

You'll also have to look closely at the impact of the interest rate on your loan.  And with a reversion you'll have to be sure of the percentage of your home you have sold.

Equity Release is a long-term loan. Find out if there are early repayment charges for paying back the loan early and whether you are guaranteed a home for the rest of your life, whatever happens.

These are questions that a good solicitor can help you with.

I can provide you with independent advice and look at your contract to make sure it says what you think it does, (or have been told is says).

I can also introduce you to highly reputable independent equity release mortgage advisers.

If you want a Bournemouth Solicitor Equity Release Review please call me or email Help@SolicitorsInBournemouth.com

Hamilton Court House, 1-3 Alum Chine Rd, Bournemouth BH4 8DT

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