As with many types of mortgage, each lender will have its own criteria, but by being a fully independent adviser with the whole of market access, I can look at a vast array of potential solutions for you.
The most common uses for Equity Release are;
- Paying off a mortgage or other commitments
- Boosting income in retirement
- Helping a family member to buy a home
- Paying for a trip of a lifetime
- Buying a new car
- Home improvements etc.
The list is literally endless. The lenders often will not consider raising money for business purposes or paying for things like a tax bill.
The other thing to consider is Equity Release often can exist for many years, so are the funds going to be used for something relatively short-lived? In other words, is it sensible to use the money in that way?
Very much a personal view that one.
Finally family. I always encourage involving family and close friends. They can help with any decisions and often provide some other options or ideas. They may want to help you financially, for instance, rather than you borrow money.
So Equity Release is very useful in many ways. As with any long-term commitment, it is worth looking at any alternative solutions and options available, which form part of the advice process I always offer to my clients.
If you would like an initial chat, do just make contact.
I am a local independent adviser who will take into account your personal circumstances, preferences and future plans into account when I offer you my advice.