Wealden Times | WT260 | January 2024 | Good Living Supplement inside
The lifestyle magazine for Kent & Sussex - Inspirational Interiors, Fabulous Fashion, Delicious Dishes
The lifestyle magazine for Kent & Sussex - Inspirational Interiors, Fabulous Fashion, Delicious Dishes
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When may Equity Release be the solution?<br />
Local adviser, Sarah Ferrell, has been<br />
a mortgage adviser since 1995 and<br />
specialising in Equity Release since<br />
2014. She has seen Equity Release<br />
used for many different reasons. This month<br />
she shares a number of scenarios that<br />
she has encountered over the years.<br />
Gift to family<br />
Equity can be released to help towards a<br />
deposit for a property or to help in other<br />
financial ways. The family member is<br />
essentially “getting an inheritance early”.<br />
There are naturally costs to be considered<br />
as ultimately, the recipient is likely to receive<br />
less than waiting for an inheritance, but for<br />
the right scenario, this can be a welcome<br />
injection of funds at a time when it is needed.<br />
Cost of living<br />
Regardless of age, most people are “feeling<br />
the pinch” and this is more acutely felt<br />
by those on fixed incomes. Equity can be<br />
released with a drawdown facility so that<br />
funds can be drawn as and when needed<br />
to supplement income or to cover increasing<br />
outgoings. The beauty of a drawdown is that<br />
interest is only charged as funds are released.<br />
House Move<br />
It is still little known that Equity Release can<br />
be used to PURCHASE a property – it is not<br />
only available against a property you already<br />
own. In re-locating or up-sizing additional<br />
borrowing may be needed and Equity<br />
Release can be used to bridge this gap.<br />
Divorce<br />
Sadly, the statistics of divorce at age 65+<br />
have increased and finance can often be an<br />
issue. Equity Release can be used to enable<br />
one party to “buy out” the other, or, Equity<br />
Release can be used to help both parties<br />
with onward purchases. If the marital home is<br />
sold and the proceeds divided, neither party<br />
may wish to downsize and Equity Release<br />
may help in buying a more suitable property.<br />
Repay an Interest Only Mortgage<br />
There are increasing numbers of people with<br />
Interest Only mortgages nearing the end of<br />
their term and without the funds to repay the<br />
capital. Equity Release can be used to repay<br />
a mortgage. As many of today’s plans allow<br />
interest payments to be made, they can<br />
“behave” like an Interest Only mortgage with<br />
a regular payment being made each month.<br />
Whatever your reason for considering<br />
Equity Release, Sarah maintains that<br />
advice and careful consideration are<br />
needed. She is happy to visit your home,<br />
chat by phone or via video conference<br />
to provide a free consultation and she<br />
will offer flexible times to suit her clients.<br />
ADVERTISEMENT FEATURE<br />
Equity Release can reduce the value of your estate and can affect your eligibility for means tested benefits.<br />
Call Sarah on<br />
01622 631372 or 07789 007447<br />
or e-mail her at<br />
sarah@ferrellfinancial.co.uk<br />
You may find answers to<br />
some of your questions at<br />
www.ferrellfinancial.co.uk<br />
57<br />
priceless-magazines.com<br />
SarahFerrellWT251.indd 1 14/03/2023 10:52
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