Lifetime mortgage rates at an all-time low, find out why now is the best time to release the equity from your home.
The current equity release market conditions make this a great time to release money from your property. If you are 55 or over, have your own home and have been considering releasing money from your home, now could be the best time to do it.
Here are four reasons why now is the best time for you to release the equity from your home.
Rates are the lowest they have ever been
Rates for lifetime mortgages have significantly dropped making them the lowest the equity release market has ever seen. Leading equity release lenders, such as Aviva and Legal & General, have taken the lead in dropping their rates to an all-time low for their equity release customers.
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When you release money from your home with a lifetime mortgage, you can benefit from a fixed-interest rate for life, with no monthly repayments. This is because the amount released, plus any interest, is repaid when the property is sold, which is generally upon death or moving into long term care.
Current low rates mean that there may be less impact on the overall size of your estate. Should you have plans to leave something behind for your loved ones, you could potentially leave more now than you would have been able to release before the rate drop.
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Increasing house prices
On average UK house prices have increased by 23% since 2012 according to Nationwide, meaning you could release even more tax-free money from your home than before. Perhaps you can put this lump sum towards something you’ve always dreamed of – like a fantastic holiday or all those home renovations you’ve been putting off for years?
Good news for existing plan holders
Don’t worry if you’ve already unlocked the equity from your home – you can take out a new plan at any time. This means you can take advantage of the latest equity release plans with some of the lowest interest rates on the market, which could save you hundreds or thousands of pounds compared to your current plan.
Seek expert advice today
Not everyone is able to release the equity from their home, which is why it’s a good idea to seek expert advice. If you have already released equity, contacting an advisor can tell you the amount you have outstanding on your current equity release plan, including any interest that has accrued or any potential early repayment charges that may be applicable to you.
Multi-award-winning equity release specialist Age Partnership has helped over one million people decide if equity release is right for them. Their team of friendly and qualified advisors could help you release equity from your home, or with any current equity plans outstanding on your home.
To find out more about equity release including how much money you could release from your home, visit www.release.agepartnership.co.uk or call Freephone 08000 810 817.
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
Plan availability is subject to lenders criteria. Age Partnership will provide advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 1.85% of the amount released be payable.
You only continue to own your home with a lifetime mortgage, secured against your property.