Local Life - Wigan - November 2019

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78 ADVERTISEMENT Enjoy & Bank On Your Home Property wealth can play an increasing role in delivering the money needed both ahead of, and into, the retirement years... The old-established view that income in retirement will be largely based on pensions may not hold true anymore. Fortunately, other funding options do exist, and one route is through property wealth, where homeowners can: 1. downsize to a cheaper property to raise funds. 2. remortgage your existing home (if you meet the age and affordability criteria) via a later life mortgage product - which would require monthly payments. 3. take out an Equity Release mortgage (if the homeowner is 55+), which provides funds, and allows you to stay in your home. - No affordability criteria to meet. - You can opt to not make any monthly payments against a fixed interest rate deal. - You can potentially benefit from a better deal if you have a qualifying medical condition. - The provider of the loan would reclaim the capital (and any accumulated interest) through the sale of the property, once the final plan holder dies or moves into long-term care. - There are also client protections in place if a plan is taken out via a lender aligned to the Equity Release Council. Equity Release marketplace If you want to get a feel for the total property value out there, UK property wealth held by homeowners aged 55+ stands at almost £3 trillion. To put this figure into perspective, all outstanding regular mortgage lending is less than half that amount, at £1.4 trillion! So, it probably comes as no surprise that an increasing number of lenders are now entering this sector. This has resulted in a wider range of product offerings, with a sizeable part of those efforts targeted at the equity release arena. Use of the funds - You decide Current plans allow those aged 60 to borrow up to around 25% of the home’s value, rising to about 55%, if aged 90+. As for the funds you raise, you can then use the taxfree money for anything you like, such as: - help to clear an outstanding mortgage. - enable much-needed home improvements. - settle debts. - assist with regular bills. - secure money to adapt the home for care needs, or to help with ongoing care costs. - gift money to family and friends. - use it to fund several special treats, such as the holiday-of-a-lifetime, a new car or fully indulging in your interests and hobbies. For more details call David Griffin for a friendly no obligation chat on 01695 667 089 or 07792 849 974. e: david@release-my-equity.co.uk w: www.release-my-equity.co.uk
79 “Do you want more from your retirement years?” A lifetime mortgage allows you to release tax free cash from your home for... Home improvements Repay debts/loans Help your family If you are over 55 call David Griffin for a FREE initial consultation Paying for holidays Top up income Clear outstanding mortgages 01942 597 182 w: www.release-my-equity.co.uk e: david@release-my-equity.co.uk Without selling your home Remains your home for life Never leave a debt for family - guaranteed Possible to move home Can repay all or part of mortgages at anytime Equity released against your home will be secured against it. Think carefully before securing other debts against your home.
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LocalLife Wigan Edition November 20
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KEEP WARM THIS WINTER Fires - Firep
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Local Life 5 In this issue New Vill
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13 FREE Beauty Box Yours when you b
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Advertisement 15 Keeping it in the
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19 Tell Us Your Story! Local Life i
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25 Specialists in: • Family Law
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Page 29 and 30: 29 WN5, WN3, WN8 areas Over the las
Page 31 and 32: 31 Unrivalled choice of Blinds, Shu
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Page 35 and 36: 35 Degrees of Learning 16 PAGE EDUC
Page 37 and 38: 37 There are lots of resources avai
Page 39 and 40: 39 How to Save and Make Money at Un
Page 41 and 42: 41 Are you thinking about kick-star
Page 43 and 44: 43 Tech for Tweens Kid-friendly tec
Page 45 and 46: 45 Secondary Mathematics We are exc
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Page 51 and 52: 51 Autumn reads Looking for the per
Page 53 and 54: 53 WORDSEARCH THEME: Parts of the b
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Page 59 and 60: 59 A minimal table lamp from Lene B
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Page 63 and 64: 63 Kitchens ~ Bedrooms ~ Studies Lu
Page 65 and 66: 65 Sally’s at The Star Inn was la
Page 67 and 68: 67 Skipton Sunday, December 1 & Sun
Page 69 and 70: 69 Ulverston Saturday, November 23
Page 71 and 72: 71 In nearby Bonn, the seasonal cel
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Page 113 and 114: 113 • WILSON BROS • Est. 1985 A
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Local Life - Wigan - November 2019

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