When trying to find the right equity release plan, the amount of money you can release is often the most important factor. We can talk you through every equity release plan and make sure that you receive all the specifications you desire.
Essex Equity Release work with a number of providers to provide equity release plans suitable for every individual.
How Much Can You Borrow?
The number of people using equity release plans is on the up and they are continuously becoming more and more affordable for each client. Whilst there is not an exact sum of how much you can borrow with each equity plan, homeowners are borrowing, on average, 30.8% of their housing wealth.
This is a massive amount of money for every homeowner and can help you with a wide range of financial situations, as well as funding holidays and getaways in later life. Equity is available to all homeowners over the age of 55 and the later in life you take out equity, the better your deal will usually be. With such a large sum of money available, this is a route you should always consider.
Considering Equity Plans
Additionally, more people than ever are also using equity plans to improve their finances. Since 2017, there has been a rise of over 4,000, increasing from 16,805 up to 21,490 new plans being agreed. This includes 38,912 different households using equity release products, demonstrating a massive increase in the number of people using equity.
It is never too late for you to use equity release plans. Even if you are already financially stable, equity plans can still be beneficial and will ensure you have any finances you need at any point in your life. In total, over £390 million has been released through equity plans within the space of a year.
Rising Equity Release Products
In correlation with the number of homeowners using equity release plans, there has also been a rise in the number of equity products available. with interest rates also dropping to 5.22% from 5.96% on average over the past two years, equity release has become a very viable option.
In 2016, only 58 equity release products were available. As of August 2018, this has more than doubled, with over 139 products now available on the market. With so many products available, this gives every individual the opportunity to find suitable equity release products and gain as much money as possible from equity release.
Assist With All Finances
Finances gained from equity release plans can be used for anything you require. One of the most popular uses is helping family and friends to purchase new homes by using their equity release loan. This is shown as over 1.1 million homes in England were bought with a gift or loan from family or friends.
If you have family members who are looking to purchase a property, using equity release plans can be the perfect option to ensure homes are purchased without delays or issues. If you just want the money to improve your own financial situation, this is never a problem and we can always find the perfect plan for your needs.
Essex Equity Release offer a no negative equity guarantee, ensuring any repayments made will never cost more than the value of your home. If you would like to discuss our equity plans in detail, contact Essex Equity Release today. Call us now on 01268 799211 or fill in our contact form to make an enquiry.