Equity Release: Choice, choice and more choice!
Gone are the days that the words equity release conjured feelings of fear, instead we’re entering a world where the word on everyone’s lips when they think about equity release is “choice”.
With almost 700 products* now available in the equity release market, it’s never been better to find a product to suit you and your needs.
An upsurge in products comes with an increase in improved features, better rates and flexible options; more lenders will look at unusual cases, and many will consider higher Loan-to-Values than in years gone by.
Not only are the products available swathed in choice and options, but the uses for equity release are fast changing too. While previously (Jan-Jun 2020) we saw home & garden renovations account for 16% of funds released, the same period of 2021, saw only 7% used for the same reasons.
However, last year’s mortgage repayment funds of 29%, are accounting for 45% of funds released in the first half of this year, meaning many more of us are looking to cement our financial stability and are addressing our bank balances and financial wellbeing as a matter of priority over holidays and home based aesthetics.
If you think equity release could be a CHOICE for you and may even help you pay off your existing mortgage, get in touch for a conversation today.
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.