Can you release equity from your home?
To be able to release equity from your home
You must:
Own your own home.
Be over the age of 55
Your home must:
Be a house, flat or a maisonette
Be freehold or leasehold (subject to minimum leasehold terms remaining)
Have a minimum value of £70,000
Be located in the UK
It is possible to release equity on a second home, that is not your main residence or on a buy to let property or a portfolio of buy to let properties. The amounts you can release on a second home or buy to let properties will be lower than on your main residence.
What you do with the money you release is almost entirely up to you.
You can use your money to:
Repay your existing mortgage and have no further monthly repayments
Repay any loans, credit cards or other debts
Make some home improvements
Take that dream holiday you have always wanted
Buy a new car
Help out the family
Simply help to improve your lifestyle
Or one of many other reasons, the possibilities are almost endless
If your property does not meet these criteria, we would recommend you contact us to discuss your options as we may still be able to help.
One of our friendly and helpful advisers will fully discuss your options and make a recommendation that is suitable for you.
We always strongly recommend you discuss your decisions with your family and they are always welcome to be included in any discussions we have with you.
