At Bower, our knowledgeable, independent financial specialists provide impartial, whole of market advice to help customers release tax free cash tied up in their property.
We know that financial decisions such as these can be extremely daunting and at times overwhelming for customers worried about making the right choice. Our specialist team are dedicated to creating an unrivalled customer experience through open, transparent and unbiased advice on equity release, as well as the support and guidance to help them find the most suitable plan for their needs.
If you are looking to unlock some cash from your home, then Bowers Isle of Wight equity release services are here to discuss all of your options with you and answer any questions you may have.
Is Equity Release Right For Me?
Equity release is a way for homeowners to release some of the money tied up in their home, without having to sell up or move.
If you are over the age of 55, live in the UK and own your own property valued at over £70,000, then equity release can be a great way to get a tax free lump sum for you to enjoy and spend as you wish.
Maybe you want to make the most of your retirement, do some home improvements, clear debts, help out a loved one or take the holiday of a lifetime. Whatever it is, equity release can provide the financial freedom you need to fund the things you have always wanted to be able to do.
If you choose not to then you don’t even have to make any monthly repayments and the plan is repaid either when yourself or the last remaining borrower goes into long-term residential care or passes away.
One of the great things about equity release is that you can remain in your home for the plans entirety and are protected by security of tenure, guaranteeing you the right to live there for as long as you live or wish to stay. In addition to this, there are safeguards in place such as our no negative equity guarantee, which ensures that you will never owe more than the value of your property.
Equity release isn’t for everyone and you should always do your research and consider all options very carefully before making any financial decisions regarding your home.
Independent Home Finance Specialists
If you live in the Isle of Wight and are thinking of potentially unlocking some cash from your home then the award winning equity release advisors at Bower are on hand to provide free, no obligation advice you can trust.
As impartial experts, we can talk you through all of the options available to you from our whole of market comparison and discuss the best deals and most suitable products for your circumstances. Our team is here to support you through your journey and at every stage we work to ensure that all of your questions are answered and that you have a clear understanding of the process and what it entails.
If you would like to know more about our freeing some tax free cash from your property, then get in touch today for further information on Bowers equity release services Isle of Wight.
What is equity release?
Essentially, equity release is a way for older homeowners to access or release some of the value of their property, without having to sell up, downsize or move home. The money can be issued to you in one lump sum or in small instalments and it’s completely up to you what you spend it on.
There are two types of equity release available. The most popular is a lifetime mortgage which involves a long-term loan that is only repaid once you pass away or enter long term care and the lender receives their returns from the sale of your property. The other type is a home reversion plan that sells a percentage of your property and the lender gets their share of the proceeds from the sale of your home once you enter long term care or pass away.
What are the requirements to be able to release equity?
Equity release isn’t suitable for everyone but in order to be eligible you need to;
⦁ Be over 55 years of age (youngest applicant if you want to apply as a couple).
⦁ Live in the UK.
⦁ Are the owner of your property worth over £70,000.
⦁ The property must be your main residence.
The amount you are able to borrow will depend on various factors such as your age and property value but the minimum initial loan amount for most lenders tends to be around £10,000 although this can be greater on plans for higher value properties.
If you would like to find out how much equity you could potentially release from your home then try our free, no obligation equity release calculator.
Why choose Bower?
At Bower we have just one goal when it comes to our equity release services and that is to always provide the advice, support and guidance that is in the best interest of our customers.
As independent equity release specialists, we take our responsibility very seriously and work to ensure that you receive transparent, unbiased and honest advice with no hidden fees and no obligation to proceed at any stage.
We will always be honest about the features, benefits, costs and potential downfalls or risks associated with equity release and are here to offer guidance, advice and support from the very beginning to make sure that we find the right plan for you.
This is a lifetime mortgage or home reversion plan. To understand the full features and risks, please ask us for a personalised illustration.
Bower provides independent, impartial whole of market advice with an award winning customer service experience. Initial advice is free and without any obligation, only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,495 be payable.
To find out more about any of the Bower products and services mentioned here, please call us on freephone 0800 411 8668, request a call back, email us, or join in our live chats you’ll find on our website.
If you are considering equity release, we strongly recommend that you read our ‘Advantages and disadvantages of Equity Release’ page carefully and talk to one of our specialists before deciding if you wish to proceed.