Equity Release for a Home in Surrey

Home owners in Surrey, making that final payment on your mortgage is definitely a day to celebrate. Whether alone or with a partner, you are now free to enjoy your home, and live the rest of your life without having to make a mortgage payment. You may be retired, close to it, or even contemplating wrapping up work a few years early, after all, a new stage of life is just waiting to begin and you want to make the most of the time you have free. But what if you don’t have the funds to finance all the amazing things you would like to do?

It’s ironic that having worked hard all your life you now have a whole lot of cash invested in bricks and mortar but it’s not able to provide you with an income stream unless you sell and downsize. That is certainly an option if you would be moving from a larger sized, well kept property into something smaller and significantly cheaper, and if leaving the family home is something that you feel you want to do. You could also take in a lodger – if sharing space is okay with you, or cut down dramatically on outgoings – which doesn’t sound like a lot of fun in the long term.

Make your home’s value work for you

There is another option of course – releasing equity. London Equity Release are specialists with expert knowledge of property in the capital and surrounding counties. As a convenient commuter location and a mix of great schools, lovely scenery and an abundance of golf courses Surrey is a very desirable property hot spot, increasing the value of many of the homes there.

We are able to offer advice and information on all aspects of this topic, along with handy leads and contacts to help you understand and decide what could work for you. You could get fast access to hard cash without having to move, or ever have to worry about selling your home; plus of course you get to live there as long as you need to.

Qualifying for an equity release scheme

Generally applicants must be at least 55 years old, and own a property outright to qualify for an equity release scheme in Surrey. There may be a minimum value threshold to reach regarding the value of your property, and the maximum amount which can be released is based on the market value, (and other factors such as the age and health status of applicants).

Freedom to enjoy life

The cash released on your Surrey property is a tax free way to funs any number of things. Some people choose to buy new vehicles, start a small business, fund a project for a child or grandchild, or tackle a dream DIY project; others decide to travel, pay off debts or buy a holiday home somewhere warm. There are no restrictions and rules, so the decision is always yours.

Choosing the best scheme for your circumstances

There are several styles of equity release schemes, and our friendly team can advise you on all aspects of these, and which type would best meet your needs. Some feature a one off lump sum, others allow you to take cash in smaller sums, as and when you want to. Both offer lifetime security, and the freedom to enjoy the best of both worlds.

It’s also possible to choose a slightly different route with an interest only lifetime mortgage. In this case part or all of the interest on the lump sum advanced is paid back on a monthly basis. This approach allows Surrey homeowners to release some equity while hopefully, depending on the market, have enough cash value left after the eventual sale to provide an inheritance for their family.

The next step

This is a major financial decision and not one to be rushed or undertaken without guidance. London Equity Release are ready and able to provide this to any Surrey householder who would like to learn more. Contact us for a confidential chat, answers to any queries you may have, and more information on the various options open to you, without any obligation to take things further. We are regulated by the Financial Conduct Authority, and strictly follow their codes of conduct.