Every Quote Is Free & Confidential  Equity release lending hits new highs |
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Video transcript
Older homeowners are getting right behind the concept of equity release, with lending levels in the first quarter of the year 2014 coming in at the highest ever.The Equity Release Council (ERC) has indicated that £315.5 million was released between January and March this year, the first time Q1 has seen a figure surpass £300 million since records began in 2007. It also marks a ginormous 35 per cent up-turn compared to the same period in 2013.
Nigel Waterson, the chairman of the ERC, remarks that `for a generation who have huge amounts of wealth tied up in property but a shortage of savings to support their retirement, equity release is providing financial stability to a growing number of older homeowners`.
Drawdown mortgages remain the most popular form of equity released, with £182.5 million lent in the first quarter of this year. However, the lump sum option is growing in popularity too, rising from £87.8 million in the first three months of 2013 to £131.8 million this year.
Mr Waterson concludes that homeowners are generally withdrawing a quarter of their property`s value, giving them `a substantial sum to help boost their income, clear existing debts, take on home improvement projects or pursue new activities and interests in later life, while still allowing many to preserve an inheritance to leave behind`.
If you would like more information on releasing equity through a lifetime mortgage call us and we will scour our lenders to find the most suitable option and any quotations to you will be on a no-obligation basis. Discover more at firstchoicefinance.co.uk or telephone 0333 003 1505 on your mobile or 0800 298 3000 on your landline.
Remortgage Buy To Let Release Equity
If you are an owner of a second property that you rent out, you are could also use the equity in this property for any purpose, by remortgaging your buy to let property you could get borrow money for home improvements, building an extension, buying a car or even expanding your portfolio of rental properties with a deposit for another buy to let property.Here at First Choice finance we have a long history of offering mortgage advice to buy to let property owners, with an extensive panel of lenders we can help find remortgage deals for property portfolio`s large and small. For a no obligation free quote please complete our simple online enquiry form and we can start the process of remortgaging to release equity from your property.
The amount of money you are able to borrow from either your buy to let property or your home residence will depend on a number of factors, one key factor is your loan to value ratio.
How Do You Calculate LTV (Loan To Value)
Your loan to value is a key component of any mortgage or remortgage application, this is calculated by taking the amount of equity you have in your property, you take the current mortgage balance and divide it by the value of the property. The lower the loan to value the greater the chance of getting approve for your mortgage or remortgage, you may also achieve a lower interest rate on the money that you are borrowing. Even if your loan to value is high there may still be remortgage deals available with plans offered for LTV`s up to 95%.Mortgage Plans
When you enquire online to First Choice Finance you will receive a first class service from beginning to end, your application will be passed to a qualified mortgage adviser who has had many years` experience sourcing mortgages and remortgages. They will examine your enquiry and details you have given us to find a mortgage plan best suited to your individual needs and circumstances, you will receive a no obligation mortgage quote, that you will be under no obligation to accept and proceed with, if you are happy with the mortgage quote then the mortgage adviser will proceed in arranging the paper work and ensuring the mortgage completes with the minimal amount of fuss and hassle, your advisor will be at hand throughout the process happy to answer any questions or problems that may arise.Return to the video homepage
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