According to the UK’s media, a growing number of people are looking to free some of the cash that forms part of the value of their home. The popularity of equity release schemes is rising at the moment, with more home owners looking to take advantage of the value locked into their homes with a lifetime mortgage or home reversion plan.
One of the main motives is travel. A large proportion of Britons have relatives abroad, and the trip of a lifetime to see them is something we may only do once. Flights to Australia, Canada, the Indian sub-continent and the Caribbean, for example, are not cheap, but with the right equity release advice from an FCA regulated specialist it can be relatively simple for a home-owner to free up money to make the journey.
Another popular reason for equity release is the opportunity to increase disposable income by repaying a mortgage or credit commitments. This strategy can, in the right circumstances, provide an excellent way of freeing up extra money each month to allow for additional expenditure on holidays and leisure.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.