Is it possible to sell your house or move home with equity release? Yes, many lenders allow you to sell your home, as long as it meets their strict criteria. Manage what is equity release , wealth and tax planning, and leave a living inheritance. Equity Release providers will tailor their interest rates to each individual application meaning you will obtain a rate that is unique to your personal situation. On your death, the property must be sold and the proceeds are given to the provider in the proportion in which they purchased the house. By Holly Bennett Thousands of homeowners are unable to move their mortgage to more affordable rates, even though they’re up to date with payments.
If you keep some or all of the money you release and do not spend or gift it, this will remain part of your estate for IHT purposes on your death. If you gift some or all of the money you release, for example to your children or grandchildren, this becomes more complicated and may have an impact on any IHT which may be due on your death. If you intend to spend the money you release this will no longer form part of your estate for IHT purposes on your death.
The transfer of equity is the legal process that is used to add or remove a person from the title deeds of a property. There is no sale involving the property and, at minimum, one of the original property owners remains on the title deed. Some people did not like the idea of a company making profits from equity release. More examples The rise in property values and decline in pension provision means that demand for equity release is growing.
People often say “my home is my pension,” with Equity Release effectively used by many for just that; to top-up income in retirement. Use our online tool to search thousands of deals from more than 80 lenders with the Guardian Mortgage Service, powered by L&C. I have no children and nobody that I want to leave the property to after my death. Enness has close relationships with specialists in this area, and your broker will know how you need to present your case and what lenders will want to see to be able to make a lending decision. Enness’s recommendation and introduction will often go a long way towards securing funds, and the application process will be streamlined and quick.
To help your clients navigate the care system, we’ve partnered with MorganAsh to offer Care Navigator. Second opinion – clients can check a diagnosis and get advice on treatment options. As a result, our Lifetime Mortgage Lump Sum+ has been 5 Star rated and 4 Star rated. Unlimited repayments of minimum £50 totalling up to 10% of the original advance each year, free of any early repayment charge. Another option is to sell your home and downsize to a cheaper property, though of course this does involve the upheaval of a house move. The costs of moving and finding a property that still meets your needs may also mean you don’t get to release as much as you expect.
If you are a foreign national, expat, a high-net-worth individual, are self-employed, have significant assets but relatively low taxable income or anything in between, the UK mortgage market will have an option for you. There are regulated mortgages, unregulated mortgages, buy-to-let finance, bridging finance, commercial mortgages and more. In many ways, the current environment is particularly attractive if you want to release equity from high-value real estate. Simultaneously, both in the UK and abroad, many regional property markets now offer the potential for double-digit rental yields.