Equity release..where do I start..?

ferry

Hi all
Apologies if this is in the wrong section,but I'd like to find out a little more about releasing some of the equity in our home.

Could anyone please tell where would we start to look for details and how does it all work etc..?

Thanks
T

ReportInvestor

SHIP - Safe Home Income Plans - is a place to start

Its safety check suggests some key questions to ask

Don't look at a provider who is not in SHIP as their code of conduct gives you some valuable protection.

ferry

Thank you RI

Ian_W

ferry,
You might also be interested in this AGE CONCERN FACTSHEET or this WEBPAGE from Help the Aged.
HTH.

ferry

Ah.
We're only 35.We have about 135k in equity in our property but we have 1 year left on a fixed deal with our current lender.
Was just wondering how we would begin to look into releasing around 20k of that equity in our current property for home improvements etc..


Thanks
T

ReportInvestor

Just remortgage, even if you have to wait.

That's the best way to get a low rate on your increased borrowings.

Ian_W

Ahhhh, as you've gathered Equity Release is specifically for us golden oldies [well nearly].
As ReportInvestor says, you simply remortgage to use the equity in your property for home improvements etc. If you contact your present lender you may be able to borrow extra before your present fixed rate ends though probably at a higher rate. BUT be careful not to tie-in beyond your fixed rate with the extra borrowing [even at a better rate] because when your main tied period ends you won't be free to remortgage elsewhere until your "extra" borrowing tie-in is finished.
HTH & you've got some good sources of info for when you're old enough!!

ferry

Thats brilliant advice-thanks to you all.

T