Is it possible to sell your house or move home with equity release? Yes, many lenders allow you to sell your home, as long as it meets their strict criteria. Manage your estate, wealth and tax planning, and leave a living inheritance. how does equity release work will tailor their interest rates to each individual application meaning you will obtain a rate that is unique to your personal situation. On your death, the property must be sold and the proceeds are given to the provider in the proportion in which they purchased the house. By Holly Bennett Thousands of homeowners are unable to move their mortgage to more affordable rates, even though they’re up to date with payments.
This is when your loan and the interest payment due on it, rolls up monthly onto your balance. Lifetime mortgages will reduce the equity left in your home and the value of any inheritance. Be warned, this will mean that your monthly mortgage repayments are higher, while you might also have to borrow at a higher interest rate, which will make your borrowing more costly.
The most popular type of Equity Release plan is called a Lifetime Mortgage. Some other developed countries have these too but refer to them as ‘Reverse Mortgages’. Our office is in Royal Tunbridge Wells, Kent although we have clients all over the UK. Locally, we serve clients across Kent including Ashford, Maidstone, Sevenoaks, Tonbridge & Tunbridge Wells. In East Sussex, we have clients in Bexhill, Crowborough, Eastbourne, Hastings, Heathfield & Uckfield.
Do our very best to make sure our clients understand their rights and responsibilities at every point of contact. Although based in Tunbridge Wells in Kent, we offer a nationwide Equity Release advice service and have clients all over the country. We have a range of contact methods that fit around you including home visits, telephone and video call. Joseph said younger buyers may have had a significant deposit boost through the equity release activities of their parents or grandparents, allowing them to buy or move, creating more market activity.
Equity release is a major financial decision that should not be undertaken without advice. Equity Release can be taken on a property you wish to buy, not only on the one you already live in.