Every Quote Is Free & Confidential  Is Equity release used to help relatives out?<>Explore equity release to help out the family, release money from you home for a gifted deposit, tuition fees or a family vacation. |
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Video transcript
More than a third (35 per cent) of over-65s have paid off debts in excess of £2,000 for their children and grandchildren, and equity release is one way that the elders of the family may be raising money to help offspring with their financial burden.The figures from MetLife also show that a quarter (26 per cent) of people in the 55-to-64-years-old bracket have taken similar steps, as the Bank of Mum and Dad-or Gran and Granddad-has kept bailing out their younger relatives.
However, Dominic Grinstead-MetLife`s UK managing director-is concerned that the older generations `are having to make sacrifices to help out and risking their own financial security to enable children and grandchildren to clear debts`.
He adds that `retirement income solutions need to be flexible enough to enable savers to cope with emergencies or financial shocks because it is guaranteed there will be surprises once you retire`.
So if you are considering equity release you should check out all the implications and get some advice first. Yes sometimes you can take tens of thousands of pounds out of your property either to supplement your pension income or you could use that to help your younger relatives, but equity release schemes charge interest and are secured on your home or involve your lender taking a share of some or all of your property.
At First Choice Finance, we`ll identify the most suitable equity release lifetime mortgage plan for you from our panel of lenders and give you the figures to make your own mind up.
Discover more about the equity release options we can offer by visiting firstchoicefinance.co.uk or calling us on 0333 003 1505 or 0800 298 3000 from your landline telephone.
Not everyone is eligible for an equity release plan and the many different equity release providers have different rules. Generally you need to be 55 years of age or older and own the majority of your property that is worth at least £40,000 although some equity release plans have different rules. If your home is not made with traditional materials such as stone or brick, you may not be eligible. Some providers also have a minimum amount you have to borrow. Please feel free to contact us if you are unsure whether you qualify for an equity release scheme.
Equity Release Broker eligibility test
A good rule of thumb to asses whether your eligible for an equity release plan is to ask yourself the following two questions.
Are you 55 years of age or over?
Does your property have equity?
If you have answered yes to both of these questions, the chances are you qualify. Please note that if you are under 55 years of age, some equity release providers will still provide their services and there are alternative products that may be availle to you to release equity. However, as many providers do not operate with persons under the age of 55, the choice and options of available plans is greatly diminished. This can result in using an equity release plan that does not best suit your circumstances. Waiting until your 55 years of age and thus maximising the plans available to you, can greatly enhance the suitability of the final plan used.
The Equity Release Broker
At First Choice Finance we understand when it is in the best interests of our clients to use an equity release plan and advise accordingly. To find the best plan that suits your circumstances or to find out whether an equity release is suitable, fill out simple enquiry form. By filling out the form you are in no way obliged to use our services.
Equity release advice
When finding out if your eligible for an equity release plan it is good practice to first ask yourself if an equity release plan is the best method of obtaining funds. Choosing to release equity form your home has many implications, which type of plan you use, from what equity release provider will further effect these implications. It is absolutely essential to seek independent financial advice from an equity release specialist.
First Choice - Equity Release Broker
Our service provides persons who are exploring the possibilities of using an equity release plan with an expert equity release advisor. Your advisor will be able to tell you if an equity release plan is the best method of obtaining funds. If appropriate, your advisor will then be able to locate a number of suitable plans from various providers and talk you through the advantages of each one.
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Unsecured Personal Loans |
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME. |
Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
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First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.
