Wealden Times | WT244 | September 2022 | Winter Interiors Supplement inside

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sashwindowheritage.co.uk
Just Fascias
Kent and Surrey’s premiere installers
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1 21/07/2021 14:50
EQUITY RELEASE - is the timing better than ever?
The aftermath of Covid 19 has left a
significant impact on many people’s
finances and an increasing number of
families are turning to Equity Release
to ease the financial pressures brought on by
illness, inability to work or mounting debt.
Local expert, Sarah Ferrell, talks about how considering
Equity Release may be more attractive than ever.
Why might I consider Equity Release? There
are many reasons why Equity Release may be
a suitable way of raising capital in retirement
- home Improvements, repaying a mortgage,
helping family, consolidating debt, or just to
make retirement more financially comfortable.
Why is it so attractive now? Low interest
rates, fixed for life, make borrowing attractive
in an otherwise uncertain climate.
In the past, Equity Release was seen as a
“last resort” however nowadays it is considered
part of retirement planning and can help more
than one generation at the same time!
How can I use Equity Release to help my family?
The traditional mortgage market is changing and
it has become increasingly difficult for younger
buyers to secure borrowing – particularly if their own
finances have taken a downturn due to Covid. Parents
releasing equity to help their children buy properties
is becoming increasingly popular and can reduce
the cost of borrowing for the younger generation.
What are the down sides? Equity Release is
likely to have an impact on the equity in your
property longer term, however as many schemes
are flexible, this not always need be the case.
The transaction is, however, designed to be
a lifetime financial commitment and while
many schemes offer flexibility to repay early,
there can be penalties incurred, so it should be
carefully considered before going ahead.
What is your advice to people considering
Equity Release? It is important to carefully think
about why you are looking at Equity Release as
a financial solution and to also think carefully
about the amount of money needed. I would
always recommend discussing the options with a
qualified professional as there are many different
schemes and not every scheme is suitable for
every person’s individual circumstances.
Equity Release can reduce the value of your estate and can affect your eligibility for means tested benefits.
ADVERTISEMENT FEATURE
Call Sarah on
07789 007447 / 01622 631372
sarah@ferrellfinancial.co.uk
www.ferrellfinancial.co.uk
MORTGAGES
EQUITY RELEASE
RE-MORTGAGE
BUY-TO-LET
FIRST TIME BUYERS
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