The key points are:

• Loans are available from £25,001 to £5m
• Available from 1-6 years
• No interest is Payable for 12 Months
• Capital Repayment Holidays are available for 12 months as well – so some clients will have no payments to make in the first year
• Loans are limited to 25% of the business’ turnover in 2019, or double the annual wage bill

These criteria may vary from one lender to another. However, there may be other forms of finance which might assist some clients, for example working capital loans, invoice discounting, or capital raising against property.

My expertise is not with Commercial Finance, but I do have an Associate who does have vast experience in this field, who I have every confidence in. If you would like to find out more, please email me in the first instance, & I’ll forward your details.

My own personal view, is I very little faith in Govts’ ability to deliver on these proposals, &, frankly, even less confidence in the Banks’ desire & capability to dispense, but anything is worth a go! Already, stories are being reported that Banks are charging 12% Interest even though Base Rate has decreased! Quelle surprise!! When these measures were first announced on TV, I proclaimed to my Wife, Jackie, that this (although welcome) was not a panacea, & would be unlikely to be workable-Only to be roundly & abruptly accused of cynicism & negativity ( mind you, she is a bit of a Boris Groupie!!). Au contraire, was my riposte, it’s just that I’ve heard & seen it all before, & BTW the definition of a cynic is; What a Fool calls an experienced Realist!! That shut her up-for a few seconds anyway!

Below, is a Link to the latest insight (interpretation?!) of Salaried Staff & Furlough Arrangements:

https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/coronavirus-job-retention-scheme-furlough-guidance

The Announcement re Govts’ Plan for similar directed to the Self Employed is anticipated later today.

I await with bated breath, in the expectation that Pigs’ Ear will be an appropriate description. It’s not that I doubt Govts’ best intentions, it’s just that decades of bitter experience dictate that they over- simplify the complicated, & over-complicate the simple!!

IT IS MY INTENTION TO BROADCAST UPDATES TO ALL MY CLIENTS ( & ANYONE ELSE  WHO WOULD LIKE TO RECEIVE) ON A REGULAR BASIS, BUT EMAILING INDIVIDUALLY IS EXTREMELY INTENSIVE – SO COULD I ASK THAT YOU CONTINUE TO ACCESS VIA SOCIAL MEDIA – LINKS BELOW.

IF YOU FIND THIS HELPFUL PLEASE FEEL FREE TO FORWARD TO FRIENDS & COLLEAGUES – IF NOT, PLEASE ADVISE & I WILL REMOVE YOUFROM MT CONTACT LIST

WEBSITE

www.essexequityrelease.co.uk

FACEBOOK

https://m.facebook.com/EquityReleaseAdviceCentre/

TWITTER

www.twitter.com/essexequity

BTW- I really do value your participation, & welcome any responses, Shares, Likes, Forwarding, etc (whatever people do on Social Media!), Google Reviews Click here to review I fully intend to still be here when the Crisis is over (Last Man Standing!), but I’m going to need your help to get there

Regards,

Ron.OneCall

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This will have a massive effect on the Real Estate Market as, although SOME Lenders can facilitate SOME “Desk Top” valuations, the reality is that Lending for Mortgages has stopped. for all practical purposes.

If you have a Mortgage Application for Purchase in Pipeline that has yet to reach Valuation Stage, then process will cease immediately, & will need to re-apply when the situation improves.

If you have reached Valuation Stage, then you will already have received your Offer, or your Offer will be produced in due course.

If your Financial Circumstances have changed betwixt Application & Completion, you are obliged to inform Lender (& run the risk of the Offer being withdrawn)

If your Offer is already with your Conveyancor, he will be Raising Enquiries, Raising Searches & liaising with Other Solicitors in the Chain, under the cloud of Govt Restrictions to Working Practices between all those Depts, leading, inevitably, to delay in Process. It is also very likely that the Chain will break due to Individuals’ fear of economic uncertainty, without scope to re-link.

In the event, that the Chain is sound & ready to set Dates for Exchange & Completion, there is some confusion currently as to whether Removal Firms will be allowed to continue to practice.

If you are Re-Mortgaging your home to another Lender, it may be possible that the new Lender can accommodate a “Desk Top” Valuation, but it is a long shot, & I would suspect that those Lenders will choose to close that route anyway.

If you are reaching the end of your Interest Rate Period & your Lender has a Retention Policy (All High St Lenders do) then a Rate Switch can be arranged-You should contact your Broker or your Lender.

I have also att a Guide to the new HMRC Rules

Should you have any queries re the above, or any other financial issue, please do not phone, but do feel free to email me

IT IS MY INTENTION TO BROADCAST UPDATES TO ALL MY CLIENTS ( & ANYONE ELSE  WHO WOULD LIKE TO RECEIVE) ON A REGULAR BASIS, BUT EMAILING INDIVIDUALLY IS EXTREMELY INTENSIVE – SO COULD I ASK THAT YOU CONTINUE TO ACCESS VIA SOCIAL MEDIA – LINKS BELOW.

IF YOU FIND THIS HELPFUL PLEASE FEEL FREE TO FORWARD TO FRIENDS & COLLEAGUES – IF NOT, PLEASE ADVISE & I WILL REMOVE YOUFROM MT CONTACT LIST

WEBSITE

www.essexequityrelease.co.uk

FACEBOOK

https://m.facebook.com/EquityReleaseAdviceCentre/

TWITTER

www.twitter.com/essexequity

Regards

Ron Radway

OneCall-01268 799211

The post Covid-19 Update appeared first on Essex Equity Release.

That’s not because he was obvious, but the Scam he chose to deploy was about an Unpaid County Court Judgement, & this “Court Official” was giving me “fair warning” that Bailiffs would be arriving with half hour (this was at to collect £3.5K, or Goods to the Value, or, I could pay him £2K now, & he would call them off

Needless to say, I would never owe anybody any money, & if a disputed account would be very happy to go thru the Legal Process to challenge (and Win!!), & of course as an Authorised Debt Counsellor, I’m very aware of how the system of Debt & its’ Collection works.

However, I have to say, he was very, very good at what he does! Well rehearsed, authoritative articulate, friendly, helpful, conferring legitimacy on the demand!!

The “art” of the approach is to keep up the pressure on the Victim, giving no time to take a step back & assimilate the info, giving a choice between a really dreadful outcome (Bailiffs + £3.5K) or something fairly dreadful £2K now), until the Victim just did what they were told in utter confusion.

So good in fact, he would have been a huge success if he got a proper job, instead of being a Scum Bag plaguing, terrifying & thieving from vulnerable people.

Needless to say, he didn’t win this one, & I’ve gleaned lots of info & modus operandi which has been passed on to the Fraud Squad to assist in their very difficult task of closing down these Vermin.

I understand that there are similar Scams re Inland Revenue, VAT, Utilities, amongst many, with the latest being 3 month Holidays for Mortgages, Credit Cards, Loans with Frozen Interest!!

Please understand & take notice that there is not a legitimate Firm, Company, Institute or Organisation in the UK that will request any Personal or Financial Information of any kind over the Telephone – Never, Ever!!

So, if you ever receive such a call, simply KEEP CALM, request his name, his position, the landline number of his organisation (not the Mobile Number he is calling from, that one will be thrown away tomorrow!), the Web Site Address, & Advise him that you will call him back at the earliest opportunity, probably tomorrow- No bona fide Firm will object-Then put the Phone down, & take it off the hook for an hour, he’ll move on to the next one

Treat them with the same contempt they gave you!

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Essex Equity Release offer advice regarding all equity release plans. We can also make a recommendation so you have a good understanding of the best plan for your specifications.

Paying Off Existing Debts

As you get older, you want to make sure that any existing debts you have from earlier in life are dealt with and fully paid off. Therefore, you can enjoy the latter stages of life without worrying about repayments.

By taking out an equity release plan, you will receive a lump sum of money. Whether the debts you currently have are small or little, you can use this lump sum however you like. You could be left with a lot of money once debts are paid off or only a small fund. Either way, this can get a massive financial burden off your chest, completely clearing debts.

Live In Your Home Rent Free

Despite receiving money for part of your property’s value, you will never have to move out. This means you can live in your home rent-free until you and your partner pass away or move into long-term care. With money still available from the equity release plan, this can give you a very comfortable living situation.

The more common alternatives to equity release is to sell your home and downsize, get a loan or decide to rent for the rest of your life and sell your home. Equity offers a much more suitable options and means you can stay in a home that you love without monthly payments.

Tax-Free Money

Benefits of equity release also include all money being completely tax-free. Regardless of how much money you would like to receive in your plan, you will not be taxed for any of this. This makes it a great option to receive the highest amount of money possible, as long as the plan is suitable for your specifications.

No Negative Equity Guarantee

No negative equity guarantee is offered by all equity release schemes approved by the Equity Release Council. This means, when you sell your home, the amount of money you owe to your provider will never be more than the value you sell your property for.

Even if your outstanding debt is more than what the property is sold for, you will not have to repay it. This ensures that homeowners who release equity will never be left in debt. Additionally, no debt can be passed onto children and other family members.

Spend The Money How You Like

Once equity has been released, that money is yours to spend how you like. There are absolutely no restrictions on what you can do with it. Whether you want to help out family members, travel a bit more or just live with financial freedom, the choice is completely up to you.

This means you can live a lot more leisurely if you desire. Meanwhile, also having the option of how you would like to make repayments. This gives you a lot more financial stability and power so you no longer have to worry about money.

Contact Us

For more information regarding the benefits of equity release and whether it is the right option for you, book an appointment with Essex Equity Release today. You will receive a fast response from our team. We will organise a chat at your home, our office, via email or over the phone. Call us on 01268 799211 or fill in our contact form to make an enquiry.

The post The Benefits Of Equity Release appeared first on Essex Equity Release.

Essex Equity Release are Equity Release Council members. This ensures we offer unbiased advice and can offer plans that are approved by the council from a selection of providers. We can advise you on all the questions to ask about equity release before finding a suitable plan.

How Much Will It Cost?

For many homeowners, the first thought is often about how much money you will be receiving from an equity release plan. However, you should make sure you know exactly how much the equity release plan is going to cost you in the long-term.

Although some plans can fluctuate based on the interest that you have to pay on the plan, you can get a rough idea of exactly how much money you will have to pay. You will make your repayment after the plan ends. This is due to both you and your partner passing away or moving into long-term care before selling the house. If you sell your house earlier, you may have to make an early repayment which could be more expensive.

This makes it so important to consider all the options that come with equity release and exactly how much it could end up costing.

Are Plans Approved By The Equity Release Council?

If plans are not approved by the Equity Release Council, you should not consider them as a homeowner. Plans that are approved by the Equity Release Council will give you a much safer and more dependable option. This includes features such as:

• Move Homes (Subject to Criteria)
• No Negative Equity Guarantee
• Remain in Your Home As Long As You Want
• Ring-Fence Inheritance
• Spend Money However You Like
• Switch Plans (Subject to Criteria)

A No Negative Equity Guarantee means that you will never owe more than the value of your home. Therefore there is no debt after the equity plan ends. You should also find equity release advisors who are members of the Equity Release Council. This will ensure all plans made available are suitable for you and give you the financial freedom you want.

Can I Leave An Inheritance?

Although you may want extra funds right now for your own life, many homeowners want to leave an inheritance for their children and other beneficiaries. When selecting your equity release plan, leaving an inheritance should never be an issue. With many plans, once you sell your home, you should still have a lot leftover for children to inherit after the debt of equity release is paid off.

If you are still worrying about inheritance, you can choose an equity release plan with an inheritance protection guarantee. This allows you to protect a percentage of your home’s value so if the repayment you make is more expensive than you expect, you can still pass on your beneficiaries after the house sale, regardless of an outstanding loan.

What Equity Plan Is Best For Me?

Most importantly, if you decide to release equity, you should make sure the plan is perfect for your needs. This is why, instead of going to the providers of the equity plan, you should seek equity release advisors. This will ensure the advice you receive is based on which option is best for you. Going to a provider could mean finding the equity release plan right for them.

Advisors will also offer a recommendation based on your specifications and the criteria of each plan. Although you do not have to choose this plan, it will be one of your best options. We make sure you receive all the features you want from equity release.

Contact Us

For more information regarding questions to ask about equity release, contact Essex Equity Release today. You will receive a fast response from our team, organising a suitable time and location to offer equity consultation. Call us on 01268 799211 or fill in our contact form to make an enquiry.

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Essex Equity Release offer advice regarding equity throughout Essex and the surrounding areas. We always find the right plan for you, with no mistakes when releasing equity.

Using Equity For The Wrong Reasons

Equity release is a fantastic option for homeowners. However, if you are not releasing it for the right reasons then it can be a scheme you want to avoid. If you need extra finances, whether this is to be more financially stable, pay off a mortgage or debt, holiday or help out family members with money, then using equity release can be very useful.

Problems occur when some homeowners are talked into equity release by providers and only realise further down the line that it may not benefit them. It can be easy to be talked into equity release if you do not understand the specifications of your plan. Speaking to an unbiased equity release advisor is essential so you have good knowledge of the plans best for you and what the outcomes will be of choosing each plan.

Moving House or Downsizing

Homeowners often plan to move house or downsize in the future. Although some equity release plans are happy for homeowners to move house and continue with the plan, it is not that common and could leave you having to pay off more than you expect.

The amount you owe when your equity release plan ends will vary. If you decide to move house or downsize before the minimum length of your equity plan, this means you will have to pay an early repayment charge. Some plans will allow you to move home but this early repayment charge could cost you dearly. When looking to move home in the future, make sure the equity plan you choose allows you to do this.

With downsizing, you will also have to make an early repayment charge. If the home you downsize to is significantly lower in value, this could breach the criteria of your plan. As downsizing will give you suitable funds from the sale of your property anyway, releasing equity does not have to be a priority for these homeowners.

Not Getting Advice

Not getting advice is possibly the biggest mistake you can make before taking out equity release. Unless you are already an expert in equity plans, getting advice should be one of the first steps you take. This means you can view a range of plans and also receive a recommendation on what is best for you, not the provider.

Without advice, you may find a plan that is suitable but you could overlook some of the criteria. Getting advice should help you avoid this problem and make sure you are only choosing a plan that is perfect for your specific situation.

Not Using The Equity Release Council

You should only ever use plans that are fully approved by the Equity Release Council. This will make sure any plan you decide on has a No Negative Equity Guarantee. Therefore, you can never be left in debt after repayment has been made. Family will also not receive this debt.

Essex Equity Release are members of the Equity Release Council and will provide plans that are suitable and safe.

Contact Us

Make sure you avoid common mistakes when releasing equity and contact Essex Equity Release today. You will receive a fast response, organising a consultation at a suitable time for you and any location you require. Call us on 01268 799211 or fill in our contact form to make an enquiry.

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