In the first half of 2020, equity release customers released on average £101,427 from their homes as tax-free cash according to the Equity Release Council. This would pay for more than 8,450 tins of paint, four new medium-sized cars, or help three family members to take their first step onto the property ladder!
Statistics from Age Partnership, the UK’s number 1 equity release specialist* show what people chose to spend the money they released from their home on across the first half of 2020.
Could equity release help you plan a positive 2021?
Top 5 reasons to release
Repay Mortgage – 28 percent
Home Improvements – 26 percent
Gifting – 13 percent
Repaying credit cards/debt – 11 percent
New Car – 6 percent
Why release equity?
Equity release is a way for homeowners age 55 and over to release money tied up in their homes.
The money can be spent on almost anything once any outstanding mortgage is repaid, from carrying out home improvements to just making retirement that bit more comfortable.
You don’t have to take all of the money at once either, with certain plans you can access the funds at a later date when needed.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property.
To understand the features and risks, ask for a personalised illustration.
Equity release does not require you to make monthly repayments.
Any money released, plus accrued interest, would be repaid upon death or moving into long-term care.
The right advice for your situation
The Express Equity Release Service is provided by Age Partnership, who can provide you with a free, no-obligation quotation.
They are the UK’s number 1 equity release specialists* and their advisors will explain everything that you need to know about your options, such as how equity release will affect potential inheritance and how your entitlement to means-tested benefits could be affected now or in the future
Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.
* Based on volume of plans, Touchstone data 2018 – Q2 2020. Correct at time of publication. Age Partnership Limited is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432. Company registered in England and Wales No. 5265969. Company address: Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB. VAT registration number 162 9355 92.