At Bower Home Finance, we have over 18 years of experience in guiding our customers in the UK through Equity Release and finding the best options for their circumstances.
Our specialist advisers provide whole of market advice to your doorstep, so you can learn more about equity release in the comfort of your own home. Our equity release advisers in Essex are trained to understand your needs and offer whole of market, no obligation equity release advice so you can move forward with confidence.
Experts in equity release Essex
There are many reasons why our customers look to access Equity Release in Essex. From clearing existing debts including mortgages, to holidays of a lifetime, we provide a personalised illustration to match your circumstances and suitability for an equity release plan.
We want you to understand all your options when it comes to equity release in Essex, which is why recommend you invite your family or friends along to join in the conversation. This ensures you and your family are informed of the advantages and disadvantages, and you have the option to ask any questions to our expert advisers.
What is equity release?
Equity release is a financial product designed specifically for homeowners aged 55 and over, allowing them to unlock the value of their property while continuing to live in it. This form of later life lending provides the flexibility to receive either a lump sum or regular income, which can be used for various purposes such as home improvements, paying off debts, or funding lifestyle changes.
Essentially, equity release allows you to access the equity tied up in your home without the need to sell or move out, making it an attractive option for many in their later years.
Your Equity Release options in Essex:
There are two types of equity release, lifetime mortgages and home reversion plans. It is important to consider all the options available to you and seek independent advice before proceeding with equity release.
Lifetime Mortgages in Essex
A lifetime mortgage allows you to secure a loan against your home until you pass away or move into long term care, allowing you to access the equity stored in your home without needing to sell or move home.
With a wide range of lifetime mortgage plans available across the market, it is important to speak with an equity release adviser before making any decisions as they can help you find the right plan for your circumstances.
Essex Home Reversion Plans
Home reversion plans differ from lifetime mortgages as they involve selling part or all of your home to a provider at a discounted price, in return you will be able to stay in your home rent free until you pass away or move into long term care. This will then result in the sale of your home and the provider will reclaim the percentage owed at market value.
Home reversion plans are available as a lump sum or in a drawdown facility to withdraw from in the future.
Why release equity from your home in Essex?
Equity release can provides a flexible choice for homeowners looking to fund a number of things including home improvements, clearing existing loans or mortgages, or helping family members onto the housing ladder with gifted funds.
Not only can equity release help you reach your financial goals, it can help you live longer in your home by funding any home improvements and adaptations. Learn more about how you can use your equity release funds.
The property market in Essex
Offering a pleasant balance of countryside charm, cottages with charm and modern developments, Essex houses history rich towns with modern convenience. The average house price in Essex in 2023 was £426,603, showing a slight decline of 3% in sales compared to 2022.
With many choosing to remain in their homes, home improvements and improving lifestyles have been more popular than ever. Equity Release allows you to withdraw equity from your home to use the cash.
As a homeowner, whether you choose to renovate your home or go on holiday, our equity release advisers are here to help you understand equity release and whether it is a good fit for your circumstances. Contact us today to learn more about equity release in Essex.
Equity release Colchester
As the first major Roman city in Roman Britain, it comes as no surprise that Colchester is home to a variety of historical attractions and homes with decades of character. If you’re looking at equity release in Colchester, our specialist equity release adviser, Ian Bigwood, is your local adviser.
Providing a range of support and information, you can begin your equity release journey with confidence and the information you need to make an informed decision. Learn more about equity release in Colchester by speaking to our team today.
Equity Release Basildon
Just 26 miles east of Central London, Basildon remains well connected to the city centre, allowing many of Basildon’s residents to commute and work in London. If you’re looking at equity release in Basildon, it’s important you understand your options, which is why our specialist advisers are here to help you every step of the way.
Our specialist advisers offer home appointments so you can meet a friendly face that can answer your questions about equity release in Basildon. Many clients seek equity release mortgages primarily because they may not meet the eligibility criteria for traditional mortgages, often due to their retirement status or lack of full-time employment.
Equity release Chelmsford
Despite only receiving its city status in 2017, Chelmsford has a long history, observing Roman occupation in 60 AD through to the creation of the Palace of Beaulieu. When you begin to explore your options surrounding equity release in Chelmsford, it is important to understand the advantages and disadvantages, which is why our equity release advisers will provide you with a personalised illustration, often face to face, so you can find the best option to suit your circumstances and have all of your questions answered.
Our expert advisers are available to discuss various equity release plans with you, ensuring you receive tailored advice through your preferred communication method, whether it be phone, face-to-face meetings, or email.
Are you eligible for equity release in Essex?
Equity release has eligibility criteria including the age of the youngest person applying for equity release. If you own your home and are aged 55 or over, you could be eligible for equity release in Essex. Try out our free equity release calculator to check your eligibility.
Equity release work allows homeowners to access the cash value of their home without tax implications, providing a financial solution to unlock the equity built up in their property.
The pros and cons of equity release
Advantages of Equity Release
- You can remain in your home ‘rent-free’ until you pass away or move into long-term care
- You will have a ‘no-negative equity guarantee’ meaning you will never repay more than the value of your home
- Equity release allows you to release tax-free cash that you can use however you want
- There are a range of flexible plans, so you can find an equity release plan that suits your circumstances
Drawbacks of Equity Release
While equity release can offer many benefits, it’s important to be aware of the potential drawbacks:
- The value of your estate will be reduced, meaning the inheritance you leave to your estate will be decreased
- Your entitlement to state benefits may be affected
- Some lifetime mortgages are paid back with compounded interest, so the amount you owe could grow quickly
- Some lenders have a strict eligibility criteria surrounding the suitability of your home, this means you may not be eligible if your home does not meet the criteria
It is important to seek advice from a qualified equity release adviser so you can make an informed decision that aligns with your financial goals and personal circumstances.
Learn more about the pros and cons of equity release.
Speak to your local Essex equity release adviser
Offering whole of market advice, your local Essex equity release adviser is on hand to answer your questions and guide you through the equity release process. From discussing the equity release schemes available to you to discussing current interest rates, Ian Bigwood offers independent equity release advice to match your personal circumstances.
Request a callback to have a chat with Ian Bigwood, your local Essex equity release adviser, known for his excellent service and thorough assistance.
Proud member of the equity release council
At Bower Home Finance, we are proud members of the Equity Release Council, this means everything our advisers do not only adheres to the Equity Release Council’s Standards but promotes transparency and the safeguards in place for customers.
Find out more about the safeguards of equity release and how this is reflected in the plans we recommend.
Learn more about your local Essex Equity Release Advisor, Ian Bigwood
Based in Billericay, Essex, Ian is a highly experienced equity release and lifetime mortgage specialist. With a vast knowledge of Essex and surrounding areas, he is well placed to advise you on your equity release journey.
“I am a professionally qualified later life financial adviser, my knowledge and experience in caring for my customers has built up over 35 years’ in the financial services sector.
I really enjoy helping my clients overcome any financial challenges in their lives in order to provide them with long term financial security. I specialise in lifetime mortgages and will always recommend the best solution to meet my client’s needs from the “Whole of the Market”.
You will have the peace of mind of knowing that achieving my clients’ objectives, prioritizing their best interests, and making a positive change to their lives is my priority.” – Ian Bigwood, Essex Equity Release Adviser
Find out how much equity you could release
Get started today and find out how much equity you could release from your home using our free online equity release calculator below:
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Equity Release Advice
At Bower, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding.
Bower Home Finance provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
If you are considering equity release, we strongly recommend that you read our equity release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0800 411 8668, request a call back, email us, or join our live chat you’ll find on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
