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Equity Release News – July 2014

July 23, 2014 Latest News

Equity Release News - July 2014 George Osborne has made important changes to the way in which people can take and use their pension fund. The 55% penal tax, which applies at present, on taking a lump sum above the 25% tax free allowance, instead of buying an annuity, (which is a guaranteed income for life), will be removed. The 75% balance of the lump sum will, however be added to income and taxed accordingly. There have been suggestions that people will take the fund and spend it frivolously on a Maserati or some other extravagance. In fact, it does not matter when you draw the pension it... Read More

Divorce and Equity Release

July 18, 2013 Latest News

Divorce and Equity Release According to the latest ONS figures more than 13,700 over-60s were granted a divorce in 2009, up 4% in two years. This contrasts with all age groups, where divorce fell by 13%. For many of these couples the only major asset to be shared is the family home. For younger generations that are still working, re-mortgaging to buy one partner out or selling and borrowing against a new property are the standard solutions. However, for the more mature or retired divorcees, traditional mortgage solutions cannot be used typically for the following reasons:- •... Read More

Equity Release For Home Improvements

July 12, 2013 Latest News

Equity Release For Home Improvements Many mature people live in homes which require improvement or updating but they do not have the necessary funds available to make changes. Replacement windows, complete redecoration, new kitchen, replacement bathroom, adding a conservatory, replace roof, guttering, new carpets and curtains, etc are all typical examples of such requirements. In fact almost anything needed for the home or even the garden. So how can Equity Release help? Funds can be raised against the home but no repayments need be made until death or permanent long term care.... Read More

Equity Release Can Defuse the Interest Only Time Bomb

July 12, 2013 Latest News

Equity Release Can Defuse the Interest Only Time Bomb Having an Interest Only Mortgage to redeem, without having enough funds so to do, is a worry for many over 55s. This shortfall happens for various reasons, such as an under-performing endowment, expected cash from other sources not forthcoming or downsizing not being an option. This is a serious concern for many thousands of mature people who want to live free from financial stress in their later years. Whatever the cause, there may be a way to solve this problem without having to sell the property. Equity Release could be that... Read More

This is a lifetime mortgage. It may affect your entitlement to state benefits & will reduce the value of your estate. Think before securing other debts against your home. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £995 whichever is the greater.