🔔 Another record-breaking year for equity release

What could a Lifetime Mortgage do for you?

Over £3.9bn was released by over-55s last year, with £1.04bn released in Q4 alone¹. This means that 2018 was yet another record-breaking year for the equity release market, with more UK homeowners than ever before using their property wealth to fund their later-life ambitions. It is easy to assume that releasing equity is just for clearing an existing mortgage or for boosting disposable income. However, the tax-free funds are for so much more than just expanding people’s later-life budgets.

In the main, unlocking property wealth involves considerable sums, giving you the funds you need to take advantage of life’s opportunities. Depending on the value of your property, the amount you release could be life-changing, helping you to achieve multiple goals without having to touch pensions or savings.

As an example, customers may explore releasing equity with the intention of only clearing their interest-only mortgage but find that they’re able to accomplish much more with their money. For instance, by choosing to borrow a larger initial release you could put the left-over money to use however you see fit.

Last year, Responsible Equity Release customers used their property wealth to fund a range of life’s milestones from weddings to globetrotting – for example, one of our customers had a trip down under to watch the Ashes². You could make any number of big-ticket purchases; the money could be the perfect way for you to purchase your long-awaited holiday bolthole or finally get your hands on your dream car.

Better yet, by using an equity release plan with a drawdown facility, you could withdraw your money in stages while limiting the build-up of interest. Which can be a great option if you are looking to take your money slowly over time, perhaps in instalments. This could be an apt solution for those looking to gift an early inheritance, allowing you to contribute to a loved one’s finances at the most opportune time.

Drawdown plans are just one way of making your property wealth work for you in later life. There are a variety of ways to structure your release, which is why it is important to take quality advice from an equity release qualified adviser. 

Responsible Equity Release offers a free consultation to ensure you have access to quality equity release advice, with no obligation. Expert advisers can talk you through the most suitable plans for your unique situation with a personalised illustration. They can even help you find ways to lessen the effects of releasing equity on your estate and entitlement to means-tested state benefits.

To find out how releasing equity could help you make the most of your retirement, why not give a member of the Information Team a call on 0800 756 3958? Alternatively, you can find out just how much tax-free equity you can release now by using our quick online calculator.

Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is Authorised and Regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205. Only if your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490.

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