What is equity release?
Equity release is a popular option for homeowners who have paid off most or all of their existing mortgage and anticipate incurring substantial expenses later in life. It allows individuals to release tax-free income from the value of their house for a variety of purposes, such as debt reduction, family support, a holiday, or care costs. The “no negative equity guarantee” ensures that the estate of your client will never owe more than the property is worth upon sale. Often, equity release programmes offer portability, allowing you to relocate, and repayment is not required until long-term care or death. In accordance with the conditions of their equity release plan, your client may also continue living in their home.
Equity release criteria
Equity release is a viable option for UK homeowners aged 55 and above, who may be looking to enjoy their retirement or make significant purchases. Lenders take various factors into account when considering an equity release application, such as the age of the applicant and their spouse, their lifestyle, health, family situation, and other sources of income. In addition, a property valuation is conducted to determine its current market value, sales statistics in the area over the past few months, the quality of the property, its maintenance standards, and whether it is sellable. Clients typically have a specific amount in mind, and requesting the maximum amount comes with the highest rate.
Specialist Finance Centre’s approach to equity release
Equity release is a crucial financial decision that requires careful consideration and expert guidance. At Specialist Finance Centre, we understand the importance of finding the right equity release solution for your clients, tailored to their unique circumstances. As a trusted partner, we offer a seamless and stress-free application process, providing access to only Equity Release Council member providers, guaranteeing an extra layer of protection for your clients. Our team of experts work tirelessly to find the best solution, ensuring that all personal needs are met. With our years of experience and exceptional service, we are confident that we can deliver a smooth and efficient equity release process that is tailored to the needs of your clients.
