Can I Take Equity Release Out On An Ex-Council House?

Our equity release plan providers will normally accept ex-council houses, especially on estates where a number of the council houses have been sold. Generally, plan providers only need to see that you have owned your ex-council property for just three years before applying for equity release withdrawal.

If you are living in an ex-council house then you may have bought this through the Right To Buy scheme, giving you a significant discount on your property purchase at that time. This discount can help with equity release later on as you are now likely to have plenty of equity in your home. Whether you bought it privately or through your council / housing association the equity accrued can be used to borrow money in your later years, should you consider taking out equity release on your property.

What Is Equity Release?

In simple of terms it is a way of you taking advantage of the investment you have made in your own house or flat over many years - often a large portion of your lifetime. You may be eligible for equity release plans if you are aged 55 years or over and have some equity in your property. These plans enable you to borrow money against the equity in your home. Your equity is the difference between the current sales value of your home and any mortgage you have left on it.
Money taken out is tax free, can be used for any purpose and you do not need to make any repayments or lose ownership of your home during your lifetime. Advances start at £5,000 and can go up to £500,000. You can usually choose to take all the money you release up front (as a lump sum) or to take smaller amounts out when you want them - through an equity draw down plan.

It is true to say that equity release is not right for everyone, but it can be a good solution for many. Our team will discuss the various routes to access your equity and advise you on the most suitable route to match your goals, we will also advise you if we do not think it is the right way to go. Call for a confidential chat to hear your options on free phone 0800 298 3000 or complete our 2 minute No Credit Check Online Quick Quote

Who Do People Choose Equity Release?

There may be many reasons for you wanting more money at this time of life. Those reasons will often be to make the most of all your hard work, ensuring that your future years provide the rewards from the investment you have already made by providing a home.

Rewards that may include:

• Boosting private and or state pension income is a major use of modern day equity release. This can free up your cashflow to enjoy the finer things in life for yourself or perhaps to help the family navigate the financial challenges life inevitably throws at us.



• Enhancing your home to suit your way of life, be it to help with mobility or upgrades such as a conservatory, new bathroom, new kitchen etc. You may just want to start afresh and completely renovate & refurbish your property.



• Taking that once in a lifetime holiday that you have never quite been able to afford - or maybe great holidays every year, for many years to come.



• The foundation to acquire the holiday home you once dreamt of, that you can spend more time in - now that the children have flown the nest.



• Many of the luxuries that you have always thought would be nice to have some day, but have always been just beyond your reach - may have just become attainable.

You may have other responsibilities you wish to fulfill. Achieving these later in life can often lead to a real satisfaction and peace of mind. Maybe somewhere in your family there is that someone close to you who needs help. Perhaps to start on the property ladder by buying their own home in these tough times, or to go to university / settle outstanding university debts. Maybe you have your own challenges and debts still to resolve after a lifetime of work. Wouldn`t it be good to clear those debts (and the decks) so you can get on with enjoying life without worrying or looking over your shoulder?

Well, Let`s Think About It For A Moment....

There may be a way to try and achieve many of these goals. It might sound complicated and sometimes there are minor challenges, but First Choice Equity Release Solutions will help simplify those complications. That is what we are here for. Simple solutions to complex problems. We will discuss things with you and establish your financial position and personal circumstances. Then using all of our experience we will help you make an informed choice. We can sort through all of the things that you need to do to release some of the capital which you have built up in your house - and leave you to decide what you want to do with it. Your house, your choice.

There are two main types of equity release. Lifetime Mortgages and Home Reversions. There are now also retirement interest only mortgage (R.I.O.) plans aimed at senior citizens where equity release may not be ideal but this is a better match for them to utilise their equity. First Choice Finance only advise on lifetime mortgages and R.I.O. mortgages. We do not offer advice or arrange home reversion plans. We will advise you on the best route to take from the products available from our panel. To understand the features and risks of a lifetime mortgage or home reversion plan ask for a personalised illustration.

First Choice Finance have over 30 years experience as a UK mortgage advice company, offering a whole range of finance products from right to buy mortgages for people to purchase there council house or housing association property, remortgages, purchase mortgages, homeowner secured loans and equity release plans.

Equity Release Lifetime Mortgages This is a lifetime mortgage. To understand the features & risks ask for a personalised illustration. Our fee is £985 which is only payable upon completion. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 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.

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.