It's possible to do equity release twice but it depends on the terms of your existing lifetime mortgage and balance. A lender will look at your age, health and the value of the property to make a decision on whether extra funds can be released.
So unfortunately whilst you can not apply for equity release if you under 55, we look at some of the other ways to release the equity in your home.
This blog looks into how the industry as a whole is regulated, including an explanation of The Financial Conduct Authority and The Equity Release Council.
Some traditional mortgage companies may be reluctant to lend to over 60s if there are concerns about income or credit-worthiness. However, there are many firms, like Access Equity Release, which cater specifically for this age demographic.
The Equity Release Council (ERC) states that property is the single biggest source of household wealth for over-75s in the UK at over £775bn. Now could be a great time to release equity.
An adviser will be able to tell you which is the best option for you but right now, interest rates are at some of the lowest levels they’ve ever been. Depending on your circumstances some may even offer less than 3%.
One of the standards set out by the Equity Release Council (ERC) is that all potential customers have at least one face-to-face meeting with an independent solicitor. Legal advice is crucial to making sure you fully understand the equity release plan.
There are many benefits of equity release and why it can be the right decision for some people. There are other options you might want to consider before choosing to release cash from the value of your largest asset.
If you have owned your home for a number of years then you are likely to have benefited from house price increases over the years. Releasing this equity will allow you to use this money for retirement plans or to pay off other debts.
If you are considering an equity release product we always recommend that you talk to one of our qualified advisers first. They will be happy to discuss your needs and help you make a decision about whether equity release is right for you.
