Can I Take Equity Out Of My House With Bad Credit

Many of us believe that if we have a bad credit rating then wee have no finance options available, this is not the truth, First Choice Finance have specialist equity release plans for people looking to release equity from there property, for under 55`s we have a selection of home loans and remortgages for the over 55`s we are able to offer equity release schemes such as a life time mortgage.

If you are looking for expert help and advice please complete our simple online enquiry form and get expert help and advice from one of our equity release mortgage experts.

Consider all your Equity Release Options. Let us at First Choice Finance find the best equity release option for YOU!

We offer several services to our customers including guided equity release advice on how to use an equity release scheme, which scheme is most beneficial for your individual needs, and how to make best use of lifetime mortgages. We can help you answer any of the following questions, all of which are important in the process of determining whether or not an equity release scheme is the right solution:

1. If your situation changes, will it impact your ability to move?

2. If you have children, how will they feel about you using an equity release scheme? Doing so could greatly impact their ability to inherit your current property.

3. If you receive any benefits, how will this decision impact them?

What is Equity Release?

Equity release is a way for you to make money off of the value of your home. There are a variety of different equity release schemes and it is important for you to understand all of your options before deciding on one. That is why it is important to receive help and advice from a qualified equity release adviser such as First Choice Finance, we are here to help you. With our assistance, you can make the best and most educated decision on how to fund your later years in life through equity release.

Pros and Cons of Lifetime Mortgages
A lifetime mortgage is secured against the value of your home and can be taken as a lump sum or in periodic payments. When you die or move out of the home, the house is sold to repay the loan. Any amount remaining goes back to the beneficiaries.

An interest-paying mortgage
A roll-up mortgage
A fixed-repayment lifetime mortgage

There are both pros and cons to lifetime mortgages.

PROS: Guaranteed income Stay in your home - Reduce your inheritance tax liability - There may be some money left over for inheritance once the house is sold - Loan only need to be repaid upon your death or the sale of the property - You can benefit from any future increases in the value of the property - Interest will not get out of hand, as their are fixed rates - The equity released is tax-free

CONS: Must have buildings insurance - Schemes may be inflexible if your circumstances change - Your estate could incur a loss if you sell the property or die right after taking out an equity release scheme - You may need to pay several fees such as those for valuation, legal and pay arrangements. - Inheritance will be reduced - You will need to keep your home in very good condition which may mean spending on maintenance and repairs on a regular basis - Your entitlement and access to benefits may change - You may not be able to transfer all of your debt if you move to a smaller property

There are both pros and cons to lifetime mortgages, as well as other equity release schemes. You may even be able to qualify for increased rates if you are experiencing ill-health. Come talk to us at First Choice Finance so that we can help you find the right scheme for your situation!

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.