Wealden Times | WT258 | November 2023 | Christmas Gift Supplement inside

No more draughty, rotten,
inefficient sash windows
Host a coffee morning
for your local air ambulance
It’s National Cake Day in November so raise
a cuppa, raise money and help save lives
Sign up today
aakss.org.uk/cuppa
Using revolutionary 10mm thick
double glazed units we can retro
fit sash windows, retaining the
original appearance but with
the benefits of double glazing.
Improve insulation
Save money on heating bills
Call 01892 532273 for a
FREE site survey & quote sashwindowheritage.co.uk
Charity no. 1021367
Equity Release – what does it actually look like?
L
ocal adviser, Sarah Ferrell, has
written numerous articles and has
shared many tips about Equity
Release. This month she shares some
case studies to demonstrate what Equity
Release can look like for individuals.
The names in these cases have
been changed, however the
scenarios are authentic.
Mr and Mrs Roberts wanted to move nearer
to their children. The prices were higher
in the area they were moving to so they
arranged a lifetime mortgage to “bridge
the gap” between the property they were
selling and the property they were buying.
Mr Roberts is still working, so intends to make
monthly payments of interest to prevent
the debt from growing. If, when he retires,
he longer wants to make a payment, he
can “switch it off” and allow the interest
to roll up within the lifetime mortgage.
Janet needed to replace her windows
and was also concerned about affording
other home improvements, should they
be needed. She released £10,000 (the
minimum most lenders will consider) and
also arranged a reserve of £40,000.
Interest is charged on £10,000 from the
SashWindowHeritageWT187.indd 1 15/08/2017 15:18
outset. If she never needs additional
funds, the reserve will remain untouched
and no interest will be charged. If,
however, she needs to release more
money she will only be charged interest
when she draws the money down.
Reserve facilities are not guaranteed
and are subject to market conditions.
However, she is only paying interest
on the money she needs NOW while
also making provision for the future.
Clive had an interest only mortgage
of £10,000. He also wanted to help
his son with a deposit for a property.
Clive released £40,000, repaid his
mortgage and gifted money to his son.
While this will ultimately reduce the
amount of inheritance his son receives, his
son will benefit from the money now – at
a time when he needs it. This increases his
deposit and it also reduces the cost of his
son’s mortgage as he can secure a lower
rate of interest by having a larger deposit.
“If somebody is considering raising
money at retirement then I would strongly
recommend a conversation to discuss
the most suitable options,” says Sarah.
Sarah is happy to visit your home and
will offer flexible times to suit her clients.
Equity Release can reduce the value of your estate and can affect your eligibility for means tested benefits.
Ferrell Financial Limited is authorised and regulated by the Financial Conduct Authority. Registration number: 678768
ADVERTISEMENT FEATURE
Call Sarah on
01622 631372 or 07789 007447
or e-mail her at
sarah@ferrellfinancial.co.uk
You may find answers to
some of your questions at
www.ferrellfinancial.co.uk
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