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Equity Advisors

Oct 29
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Questions To Ask About Equity Release

By Equity Release

Equity release is a big step for any homeowner to take. If you are considering this scheme, it is important to find an option that is perfect for you. Before choosing an equity release plan, you should always use expert equity release advisors and find several questions to ask about 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.

Oct 22
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Common Mistakes When Releasing Equity

By Equity Release

Homeowners who are not experts in equity release may find the process hard to grasp, making costly errors. When used right, releasing equity is one of the best options for homeowners to unlock cash from your property. However, it is essential not to repeat common mistakes.

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.

Oct 15
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The Right Time To Release Equity

By Equity Release

Many homeowners are unsure whether equity release is right for them. If you are considering to release equity, it is important to know which plan is best for you and what the benefits are. However, you should also consider if it is the right time for you to release equity.

Essex Equity Release offer unbiased and expert equity advice in Essex and throughout the surrounding areas. With our support, finding the right time to release equity is never an issue.

Legal Requirements

Firstly, not everyone can release equity. Sometimes this isn’t even dependant on age. Your property value may not be high enough or other factors mean there are no equity plans suitable for you. You should never assume that you can take out equity release as you must meet the criteria and legal requirements of a plan.

There are two main types of equity release schemes, which are lifetime mortgages and home reversions. You and your partner, if you are borrowing jointly, must be at least 55 years old before you can use a lifetime mortgage. To choose a home reversion equity plan, you and your partner must be at least 65 years old.

In addition to your age, you must own a property in the UK as your main residence. The property must be in reasonable condition and over a certain value, depending on the plan you are looking to choose. Not all property types will be accepted so this will also be a factor. Equity release may also not be suitable if you have dependants living with you. Additionally, if you already have existing secured loans or mortgages against your property.

Is Equity Release The Perfect Option?

Equity release allows you to release funds from your property, without having to sell your home. With many equity release schemes, repayment will only be required when you pass away or move into long term care. For many, it seems like the perfect way to gain extra money without having to constantly worry about monthly repayments or being left in debt. Debt is never an issue as all equity release plans at Essex Equity Release offer a “No Negative Equity Guarantee”.

Despite this, it is not the best option for all homeowner. It is very important to consider the different options you have available. Deciding to release equity at any age may give you the funds you need for holidaying or to help out family. You can use this for whatever you like. However, it is important you release equity for the right reasons, even if this is just to have more financial security.

There are many benefits to using equity release but repayments will be required towards the end of your life. Some plans will also be more expensive than others, so it is important to find the right plan, rather than jumping at the chance of unlocking cash.

Our advice service ensures the best plan for each individual is always available. With us, you never make any errors releasing equity.

What Age Should I Release Equity?

You may be eager to release equity from your home. However, doing this at the age of 55 could mean you do not receive the best plan you can find. Although it can still be a good option for many homeowners, different and better plans will become available as you get older. Each plan will have its own criteria. For homeowners who are older and have larger property value, plans can often be even better.

Of course, you also want to make sure the cash you unlock from your home is available to use and you can actually enjoy it. Finding the right time to release equity is difficult. However, this can be done by finding a plan that is suitable for your specifications at an age you can enjoy the money, pay off loans or become financially stable.

Contact Us

To discuss the different equity release plans we have available from a number of providers, contact Essex Equity Release today. You will always receive a fast response from our team. Furthermore, appointments are made at a suitable time and location for you. Call us on 01268 799211 or fill in our contact form to make an enquiry.

Jul 08
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What Equity Release Advisors Do

By Equity Release Advisors

Equity release advisors help in a number of ways when you are looking to release equity in your home. Working with many providers to deliver the best equity plans, you should always go through an equity release advisor to find the right option for your needs.

Essex Equity Release offer equity release advise regarding all equity plans. When you require equity release advisors, our team are always available to ensure you select the right option.

Working With Providers

Equity release advisors work with a number of different providers which is particularly beneficial to every homeowner. If you choose to go to one individual provider for advice about your equity plan, you will only be seeing a small selection of the options available unless you decide to go to all the different providers.

With a team of advisors, this will consider each equity plan, as well as offering unbiased advice. Unlike the provider of an equity plan, we want to help you select the correct plan for your specific requirements. Going to a provider could mean you end up picking the best equity plan for that provider to make money.

Understanding Equity Plans

There are several different features to each equity plan, whilst you have the option of lifetime mortgages or home reversions. Many homeowners do not understand the exact specifications of each equity plan. Having a team on hand to offer this support and ensure you know what you are choosing is vital.

With equity release advisors, you will receive detailed advice in regards to every equity plan. This will also take you through the differences in each plan, such as making monthly payments, interest rates, moving home and having a No Negative Equity Guarantee.

All plans available at Essex Equity Release provide a No Negative Equity Guarantee. This ensures when you sell your home, you never owe more money than what the property was sold for.

Recommended Plans

Using the help of an equity release advisor, you will receive a recommended plan based on the criteria you would like achieved. Whilst you do not have to go ahead with the plan we recommend, this does give you what we think is the best option.

As our advice is completely unbiased towards any particular plan or provider, this significantly helps your decision. During our consultation, you will always have the chance to discuss the biggest priorities for your equity plan. With this considered, your recommendation should give you the plan you need and want.

Easy Consultation

There are several ways that you can begin your equity release journey. With the help of equity release advisors, your journey can begin at any time and there are several ways to select your plan and discuss the right option for your needs.

There are several ways our team can provide your advice, including:

  • A Home Visit
  • A Quick Chat Over The Phone
  • By Email
  • Meeting At One Our Local Interview Suites In Basildon, Billericay, Brentwood, Burnham On Crouch, Chelmsford, Epping, Romford & Southend
  • Meeting At Our Benfleet Office

We are happy to give you advice whenever you need, with whichever method is required. This personal service makes going to advisors a great choice for all homeowners.

Stay Protected

The majority of equity plans are now a very viable and strong option for homeowners to take. However, it is important to remain protected against possible dangers of equity plans. Hence, by finding equity release advisors who are part of the Equity Release Council, you can ensure you are protected.

The plans from Equity Release Council members will always have several guarantees to put your mind at ease. This includes helping you leave an inheritance, moving home and never being left in debt when using equity plans.

Contact Us

For more information on the services we offer at Essex Equity Release, get in touch today. Our advisors are happy to support all clients throughout Essex and the surrounding areas with detailed advice on every plan. Make an enquiry and call 01268 799211 or fill in our contact form today.

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