Wills

Equity Release

Hi,  I’m Chris, Founder of Discover Equity Release based in Kent. I’ve been in financial services for almost 40 years, with the last 20 years working in the Equity Release sector. For many, public and professionals alike it is a bit of an unknown in the main, full of misunderstandings and myths. For instance the other day when I was speaking with a client, the first question they asked, was “I’m concerned that I can lose my home” something I felt needed to be addressed immediately and here I explained that there are no repayments to make with a Lifetime Mortgage, therefore you are unable to default and therefore you cannot lose your or be asked to vacate the home.

I work mainly with professional connections, Will Writers, Accountants, Solicitors, IFA’s, Financial Advisers, Mortgage Advisers etc.

So why would you want to know about the Equity Release option?

Equity Release is a Lifetime Mortgage used mainly by those aged between 65 and 75, although the actual product age group is for homeowners 55 to 90+. 

My service provides a conduit between the introducer and the customer obtaining advice. I provide the customer with the information enabling them to make an informed decision regarding equity release, so they are able to decide if it’s the right thing for them as an option. For those who do, the next step is for me to organise for the customer to see an FCA* authorised and qualified adviser who can provide them with Independent, Whole of Market Advice, which I provide on a national basis.

Customers can unlock a maximum tax-free cash sum of between 28% of their property value at the age of 55 to around 56.5% for those aged over 86. 

For example, someone aged 70 with a house valued at £400,000 could unlock around £172,00 (43%) or could even be higher at 53% with enhanced rates due to ill health.

Clients use the money for some of the following: 

  • Holidays
  • Helping family – such as helping with deposits on house purchase
  • Buying a new car
  • Holiday home in the UK or abroad
  • Moving home & uplifting to a higher value property
  • Care costs at home
  • Home improvements and much more. 

Landlords can also unlock money on their Buy2Let properties too.

Equity Release is very flexible these days, due to so much innovation with products over the years, plus now we have all-time low interest rates which in many cases are sub 3% and rates are fixed for life. 

Options are available on most products to repay up to 10% of the outstanding balance each year with no penalty.

Whilst we are helping the customer to achieve their goals, I share my commission with my introducers on a 50/50 basis with an average of £1,495 following completion. It is impossible to cover everything in this blog, so why not contact me to arrange a 1-2-1 chat, allowing us to explore the opportunities available. chris@discoverequityrelease.org.uk   07546854119

*Financial Conduct Authority

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