Equity Release

Equity Release

Equity release plans or lifetime mortgages as they are also known as are an alternative way to access the “equity” or “collateral” you have built up over the years, which can often only be a value on paper as it`s locked up in your property. Even though it is yours you can`t invest it for income or inheritance tax, use it for long term care planning, or even to simply make your retirement dreams come true.

Some people consider moving to a smaller property or a less expensive area, but many have no desire to move in their later years of life. Your house holds a lifetime of treasured memories and there is also the hassle and expense involved in moving house.

IMPORTANT:Caboodle DO NOT offer advice for Equity Release or Lifetime Mortgage products but are able to introduce you to fully qualified advisers who have extensive experience in this area and offer a personal and impartial service from the beginning of the process to the end, answering your queries and helping to sort out any issues arising along the way. Their sole objective is to provide you with the best solution that meets your needs and aspirations.

There is an alternative – an equity release plan, available to those aged over 55

Aside from generating a regular income, the range of equity release plans available on the market today allow you to release a cash lump sum, which is then secured against your property.

On a number of plans there are no monthly repayments and you can spend the money however you wish. Take the holiday of a lifetime, buy that classic car or mobile home that you have always wanted, perhaps add a conservatory to your home or create your dream garden. Alternatively you may want to provide your family with extra financial support such as paying for university fees or helping your children or grandchildren make that first step onto the property ladder. You could also simply provide an early inheritance, with the added benefit of being able to share in their enjoyment.

Equity release covers a wide range of financial planning scenarios, and touches upon many areas of your life; some financial and factual, some emotional and aspirational. Sensitive yet professional guidance is vital to ensure you enter into this type of arrangement fully understanding the impact on you and your beneficiaries now and in the future.

Without expert independent advice, how do you know and decide:

This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

Taking out this type of plan may impact your access to certain state benefits, reduce the size of your estate and have possible tax implications. If you are in any doubt seek independent advice. A fee may be payable for this service of upto 3% of the amount arranged (Typically £1,500 on a £50,000 advance).

To be introduced to an Adviser who is qualified to discuss and advise on Equity Release and Lifetime Mortgage products please complete the short online enquiry form detailing which service/product you are interested in. We will then arrange for an Adviser to contact you.

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.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 9.2% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

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

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of Pink Home Loans, Pink Home loans is a trading style of Advance Mortgage Funding Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 305008) for mortgage and non-investment insurance advice.
The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2014 Caboodle Financial Services Ltd