Equity release is an increasingly popular way of releasing cash from your home once you reach retirement age, without having to leave your home. With the substantial rise in UK house prices over the last decade, many people have built up significant capital in their property and would like to take advantage of this without selling their house. These funds are typically used to pay for long-term care or to help out family members.
The most popular form of equity release is through a lifetime mortgage, which enables you to borrow money secured against your property. Unlike a normal mortgage, you do not have to pay the loan or any interest back until your home is sold, usually on death or a move into cared accommodation. You remain the legal owner of the property and provisions against a fall in value protect your estate against negative equity.
Even if your property is listed or a historic house, you can still benefit from equity release. John Lamb has helped many of our clients to release funds from their listed homes, but it does depend on the grade of listing and whether you also use the property for a business, such as a wedding venue.
Our advisors understand that the decision to use equity release is often an emotional one, which many people find difficult to make. We provide a very personal service with face-to-face meetings and clear advice, and like to involve the family wherever possible, to have an informed conversation as part of your financial needs and inheritance plans.
As a firm of highly qualified independent financial advisors, John Lamb has the freedom to explore the entire market and can secure you attractive fixed or variable rates for life. We have excellent knowledge of the products available and work with lenders to find the most appropriate solutions. In addition, we have experience of dealing with more complex cases, such as those involving a listed building.
With recent changes to legislation regarding pensions and inheritance tax, planning for retirement and passing on wealth has become more complicated. Our expertise across all areas of financial planning means we are well placed to integrate equity release within a comprehensive solution. This includes arranging the appropriate life insurance to cover the potential IHT liability on gifts made from equity release.
John Lamb will be exhibiting at the Listed Property Show on the 24th and 25th February at Olympia, London. Come and visit us on stand G6 to discuss any questions you might have about equity release or financial planning in general. You can also find out more about our services on our website.