Pensioners homes equity release goldmine

Video transcript

The value of properties owned by retirees has hit an all-time high over the past three months, meaning there`s plenty of scope for them to consider equity release plans in order to get some extra money if needed for key purchases or additional income.

Key Retirement has indicated that property wealth grew by more than £6.3 billion over the quarter, bringing the total value to £807 billion, the most since the firm started to monitor housing value in March 2010.

On average, each homeowner benefitted to the tune of £1,346 each, although there were some stark differences.

In London, the average increase was in excess of £10,000, but in Wales, the average house price actually fell by £5,000 over the three months.

However, the equity release provider`s Dean Mirfin notes that `even homeowners in areas where prices have fallen still have considerable property wealth considering they own their homes outright and will have seen strong gains [in the past]`.

If you`re thinking about equity release, you could choose First Choice Finance.

We have access to multiple lenders who enable you to release money using lifetime mortgages as an equity release solution.

We will aim to match you up with the most suitable deal for your individual circumstances, looking at options such as making no repayments during the term or paying some of the interest, alongside whether to take the maximum funds out on  day one, or do it gradually through drawing down money as you need it.

There`s no obligation to accept any offer of course and we will provide you with a free personalised illustration if you like what you hear.

Find out more about adding a little to your pension or taking out a lump sum to spend on yourself or your family through equity release, by visiting firstchoicefinance.co.uk or calling for on 0800 298 3000 or 0333 003 1505 if on a mobile.
 

Free equity release calculator Use Your Home Equity to Get the Money You Need
You`ve made an investment in your home and now built up equity. By using that equity to take out a equity release mortgage, you can secure the funds you want to top up your income, or for home improvements, debt consolidation or a new car purchase.

Your choice of a home equity mortgage loan depends on how what you are looking to achieve and your age.

If you need the full amount right away you may be able to do this with a home equity release loan plan. You`ll receive a lump sum if requested or you can take smaller amounts.

If you plan to use only a portion of the money now, choose a our lenders home equity release draw down plans. Access funds as you need them and pay interest only on the amount you`ve borrowed at any given time.

To apply, simply complete our online enquiry form. You can also apply by calling one of our friendly qualified mortgage adviser. Are you paying a higher interest rate than necessary on yur current mortgage?
With interest rates changing, this may be the perfect time to take advantage of First Choice Finance`s home refinancing options that can help save you money, or free up money for other uses. Our Home loan mortgage advisers will provide you with a complete.y personalised service. They will assess your individual needs, analyse the variety of mortgage refinancing loan options for you, explain each plan along with rates, terms, advantages and disadvantages, and help you make the best decision based on your situation.

Some Key Reasons To Consider Refinancing
To get the most competitive home mortgage rate and lower your payments. Obtaining a lower interest rate typically means lower payments (which is the most common reasons people consider refinancing). Our qualified mortgage advisers can help you analyse the costs and benefits of refinancing based on your current mortgage situation.

To pay off your loan quicker by reducing your mortgage term. When the current market interest rates are lower than your existing mortgage rate, refinancing to a shorter term mortgage can potentially save you substantial money in interest payments over the life of the loan.

To take “cash out” of your property by liquidating your current equity. You can borrow against the current equity in your home to obtain needed cash for other uses. In many cases, mortgage interest rates can be lower than other types of consumer loans.

Our remortgage and home equity loans advisers can help determine the short-term and long-term advantages and costs of refinancing to help you make the best decision to meet your needs.

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.