Equity release products are designed to be a lifelong commitment. Our specialist team can help advise you and encourage you to carefully consider all your options before deciding to take out a plan.
Doing the right thing
We only recommend equity release if we are sure it is right for you - approximately 50% of all customers we speak to do not go ahead and instead pursue an alternative course of action.
Alternatives to equity release Here are some of the other options we might consider as part of your personal review:
- You could sell your property and move to a smaller, cheaper one. Whilst this can be costly in terms of the emotional ties to the property and the financial resources needed to sell up, it could leave you overall in a stronger financial position
- Subject to your age and if you can afford the repayments, you could look to take out an unsecured loan or mortgage
- You could look to use other assets or savings more effectively
- You could use careful budgeting to reduce your spending
- Local authorities often offer grants or loans for home repairs or heating improvements so it's worth checking if that is the sort of thing you are planning to spend money on
- As part of our advice process, we will also conduct a state benefits review to see if you are eligible to claim for something you are not aware of. Typically, 1 in 4 customers that we talk to are not claiming enough in state benefits
- If you need money in the short term, you could consider asking a relative or close friend to lend you the money
- You could also consider renting out a room where you can earn up to £4,250 per annum free of tax
- Finally, you could do nothing and see if your circumstances change.
If you would like to know more, why not give us a call on: 0800 015 0993 (Monday to Friday, 9am to 6pm).
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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