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Most Popular Reasons for Releasing Cash
Don’t borrow the full amount you need in one go, the sooner you borrow, the more expensive it is. Borrow as little as you need now. The easiest way to see how much lenders are likely to let you borrow is using or calculator, if you need a more precise figure including the amount, you can talk to a broker to see what you could borrow.
Having a loan reduces your monthly repayments because you’re borrowing less money from the mortgage lender. Because you’re borrowing less money, you need a proportionally smaller deposit to buy a property.
Lump-sum lifetime mortgages,2 (the most popular type of equity release plans), are a way for homeowners who are 55+ to access some of equity that has built up in their homes over the year and turn it into a cash lump sum. As a rule, you can take the money you release in one lump sum. You can find different types of equity release.
Do you want to know how much your property is worth? Use our free calculator.
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Typically, you can get between 20% and 50% of the value of your home. Nevertheless, this all depends on:
- The age of the youngest borrower
- Your property’s value
- Your medical condition
Learn More: How Does Equity Release Work?
Equity release means retaining the ownership of your home while also unlocking the equity tied in your estate. The ‘catch’ with equity release plans is that you repay the capital you released plus the interest accrued when you die or move into permanent care.
Learn More: What’s Equity Release?
No, it’s not a bad idea. In fact, it can be one of the smartest financial decisions you’ll ever make for you. It allows you to unlock the value of your estate, and get this; you have to repay the equity plus interest accrued when you die or move to residential care.
So, if you’re looking to go on that much-needed vacation or work on some home gentrification projects, taking an equity release plan is your best option.
Learn More: Is Equity Release a Good Idea?
The lifetime mortgage plans interest is set on a fixed rate of compound interest. It means that the interest rate is computed on the total loan amount, as well as the interest added. It’s often calculated daily, but it’s added to the loan amount on a monthly or yearly basis.
Learn More: Equity Release Calculator
The percentage of your estate that you can borrow against depends on your age, and the older you are, the more you can borrow.
At 65, for instance, you can usually borrow 25% to 30%. If you’re, however, older, you can borrow as much as 50%.
There are also minimum mortgage amounts – which can range from £15,000 to £50,000.
The equity you can release is dependent on:
- age of the youngest borrower,
- current value,
- if you have any pre-existing health issues.
You should, however, initially withdraw only what you need. It is vital to remember that there will be consequence to drawing more than you need. It is also unwise to withdraw equity exclusively for investment purposes.
If you need more money in the future, there are schemes where you can take cash in stages, rather than all at once.
The frequency depends on:
- the existing terms,
- the outstanding balance,
- if the property value has increased since its inception.
Lenders will use a combination of you and your partner’s recent age, the property valuation, and the loan-to-value tables, to help them determine whether you can release any more funds. If not, then you can always consider alternative equity release plans.
It all depends on your needs. There are two ways to release the cash tied up in your property without having to move.
There is the lifetime mortgage plan where you repay the money you release plus interest when the lender puts up your home for sale. That is when you die or go into long-term care. There are also no payment requirements.
The home reversion scheme involves the provider buying a percentage (or all) of your estate (at less than market value) for a tax-free lump sum. You, in turn, get a lifetime tenancy that lets you reside rent-free in your estate for life or till you move into residential care.
To learn more about these schemes, be sure to check out ‘Types of Equity Release.’
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Did you know that every 12 minutes a homeowner over 55 in the UK receive £91,667 tax-free cash?
PS – If you’re anything like us, you just skipped to the end anyway.
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