07931 731365 lesley@truefs.co.uk

Equity Release Edinburgh

Mortgage and Equity Release Advice Across Edinburgh

Equity release specialist covering Edinburgh, Dundee, Perth and surrounding areas.

Equity Release Mortgage Experts Covering Edinburgh, Scotland, and UK.

Equity Release Edinburgh – True Financial Solutions

Are you aged fifty-five or over and considering an equity release Mortgage? If you are considering using the value of your home to generate a cash lump sum or income to improve your standards of living, one of our qualified financial advisers will provide you with an overview of your equity release options.

I am a member of The Equity Release Council (ERC). The ERC is a not-for-profit organisation and is the industry body for the equity release sector. It aims to fully represent and facilitate the safe growth of the equity release market by helping to create the conditions which enable the market to develop effectively.

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Equity release, also known as a lifetime mortgage, ensures the interest rate agree is fixed for the life of the loan.

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You have the right to remain in your property for life or until you need to move into long-term care provided the property remains your main residence and you abide by the terms and conditions of your contract.

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You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan.

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Equity release must have a “no negative equity guarantee”. This means when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your loan provider, neither you nor your estate will be liable to pay any more than the value of your home.

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From 28 March 2022, all customers taking out lifetime mortgages that meet Equity Release Council standards will be guaranteed the right to make penalty-free partial repayments of their loans.

A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.

Equity Release Specialists Edinburgh

What is Equity Release? Equity release schemes enable older home owners to release cash from the value of their property without the need to move house. Reasons for wishing to take out equity release may include finding cash necessary for;

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Long-term care

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Home improvements

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Medical needs

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Travel and hobbies

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General living costs

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Helping out family members

Requirements

Generally there are certain conditions that need to be met before taking out equity release, for example:

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You will need to be a minimum age of 55

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Your property must be over a certain value

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You must be a home owner

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Your property must be in reasonable condition

Lesley Phillips

Mortgage and Insurance Broker at True Financial Solutions

We provide impartial advice to make sure the recommended equity release solution is the right one for our clients. We pride ourselves on the service we provide and we will always be on hand to guide you through every step of the process and to answer any questions you may have.

Equity Release Edinburgh