Equity release could plug retirement gap

Equity release could plug retirement gap

Your privacy is important to us. By sending this you agree that only First Choice Finance may use these details to contact you. Any data we hold for you will be handled in accordance with our PRIVACY NOTICE.
Highest Loan To Value Purchase Mortgages And Remortgages - Low Rate Loans From £5,000 To £150,000 - Release Your Equity With An Equity Release Plan

Video transcript

It`s been estimated that the average pensioner will have a retirement funding gap of around £100,000 after they finish work, but equity release could prove to be the solution to that problem.

MGM Advantage has worked out that the ideal retirement income is two-thirds the ending salary, which comes in at about £22,000.

However, the current average income is only £16,000, meaning that individuals will have a shortfall of £6,000 each year unless they take action.

There are regional variations though, with people in the North East and East of England having a smaller gap to bridge than those who live in the South East and London.

However, house values in these latter regions could mean that equity release could prove to be an answer.

With equity release, you remove some of the money that you`ve built up in your property by paying down your mortgage over the years, the gap between what you owe on a property and the value of it is called your equity.

The bigger the gap the more likely you are to be eligible for an equity release scheme.

This can be taken as lump sum, or you could receive regular smaller advances via a drawdown.

You can withdraw different amounts, depending on the provider, your age and the Value of your property.

Your credit history does not really impact on what plans you get, so don`t worry if you have had some credit issues in the past.

First Choice Finance specialise in lifetime mortgages which are one way to release equity from your home.

Explore mortgage deals that could help you plug the retirement gap , find out more at firstchoicefinance.co.uk or call on 0333 003 1505 or 0800 298 3000.
 

Return to the video homepage


Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

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)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


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.
Security is required on immovable property.



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.

First Choice Finance - Reviews

Read Our Genuine Reviews


This website uses cookies. Find out more

Loan Plans