In retirement, we all want financial security, independence and the ability to enjoy some of the things there was no time for when working; being able to go out to lunch or dinner with friends, travel and spend more time on hobbies and interests.
Some “baby-boomers” who bought homes at the right time and have good pensions are living up to reputations established as the wild-children of the 60s. They are travelling the world, climbing mountains and meeting new people. The lucky ones go back to their own home where the mortgage is paid off.
But others – particularly those that came later – aren’t quite so fortunate. Many have debts and commitments in their 50s and 60s and a small or no private pension. Stable employment is a worry and redundancy in the last third of working life can disrupt plans.
Some took an interest-only mortgage and can’t see how it can be paid off. They need to sell up before retirement. See our case study here.
The Equity Release industry is growing rapidly, offering what can seem to be the only practical way to free up cash or solve some of these issues. Equity Release rose a massive 29% in 2014 and is now at the highest level since records began.*
Yet these schemes are expensive and substantially reduce options in later life. There may be little or nothing left for the family as an inheritance. Entitlement to benefits can be affected. The impartial government-run Money Advice Service gives the facts and offers cautionary advice on Equity Release schemes here.
If you are considering Equity Release, please call 0800 246 1146 or contact us by email now. We may be able to offer you a more attractive alternative.
If you have a large garden, land at the side, perhaps even an unused garage or excess land elsewhere, it may be possible to release a substantial cash sum without affecting the equity in your home. The amount depends on your area and the land, but it can sometimes be a sizeable payment, even greater than the amount accessible through an Equity Release Scheme **.
Sadly, our Gardensandland scheme can’t help everyone. But sometimes, if your excess land alone is insufficient, we may be able to find a way to combine areas or improve access from other properties that meet yours.
Importantly, unlike Equity Release, our GardensandLand scheme means you keep full control of your house and smaller garden. The cash from a sale of your excess land may be enough to repay part or all of your mortgage. The value of your property is generally unaffected by the sale (see the FAQ about this here) . You can move if and when you want, or not if you don’t. You’ll benefit from future house price gains and all the equity in your house remains yours, for your own financial security or for your children and grandchildren.
Look at how it works here, ring 0800 246 1146 or contact us now to find out more.
Please don’t agree to an Equity Release Scheme before finding out if you can do better. Once committed to an Equity Release scheme, you are unlikely to be able to change your mind.
* According to industry sources (Propertywire, 05 Feb 2015, “Over 55s boost property equity release in UK to record high” )
** The average amount released under an Equity Release Scheme in 2014 was £64,487 (Propertywire, 05 Feb 2015)