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See how much cash you can release from your home.
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Did You Know? A homeowner over 55 unlocks £91,667 tax-free cash every 12 minutes in the UK.
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Are You Considering Equity Release?
It all depends on the plan provider you choose. Typically, though, the cost of equity release plans are dependent on two factors:
- The initial payment for organizing and putting the plan in action. These include expenses like: financial advice fees, lender’s costs, property appraisal fees, legal fees. These typically range from £900 to about £2000.
- The interest costs charged on the loan amount
Well, the typical rate for lifetime mortgages is about 5%, even though some are usually under 3%.
Well, you unlock between 20% and 60% of the value of your home (or for part of it). So, when you die or move into permanent care, the lender takes this percentage plus the interest accrued over the years.
For the home reversion plan, you must ensure that you check whether or not you can release equity in several payments or one lump sum.
How Much Can You Release?
Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.