At Bower Home Finance, our knowledgeable, independent equity release advisers provide whole of market advice to help customers in the Isle of Wight 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 having open and transparent conversations to ensure you’re receiving the right advice on equity release, as well as the support and guidance to help you find the most suitable option, whether it be an equity release plan or an alternative solution.
If you are looking to unlock tax free cash from your home, then our Isle of Wight equity release specialists are here to discuss all your options with you and your family, answering any questions you may have.
Understanding your equity release options in the Isle of Wight
Equity release is a financial solution that allows homeowners to release tax-free cash from their property, which is often available as a lump sum or in a drawdown facility to access at a later date to supplement their retirement income, or other financial needs. There are two main types of equity release products available: lifetime mortgages and home reversion plans.
Isle of Wight Lifetime mortgages
A lifetime mortgage involves borrowing money against the value of your property. You have the option to make monthly repayments towards the interest or let the interest accumulate over time. The loan is typically repaid when the property is sold, either after you pass away or move into long-term care.
Home reversion plans in the Isle of Wight
On the other hand, a home reversion plan involves selling a portion of your property to a lender. You can remain in the property rent-free for life, while the lender receives their share of the proceeds when the property is eventually sold after you pass away or move into long-term care.
Is Equity Release Right for Me?
Equity release can allow homeowners in the Isle of Wight to release some of the money tied up in their home without having to sell up or move, however it is important to consider if equity release is right for you.
From considering your eligibility, to evaluating the pros and cons of taking out an equity release plan on your home, equity release is something that should be considered carefully and discussed with an equity release specialist near you.
Am I eligible for equity release in the Isle of Wight?
Before planning how you will spend your equity release, you’ll first need to know if you meet the eligibility criteria for equity release in the Isle of Wight.
You will need to:
- Be aged 55+
- Live in the UK
- Own your own property valued at £70,000 or more
- The property must be your main residence
- The property must be in a good, habitable condition
The pros and cons of equity release
Once you have checked your eligibility for equity release, you’ll need to carefully consider the pros and cons, and how this might impact your personal circumstances.
The advantages
Equity release can be valuable for retirees, allowing them to remain in their own home and enjoy their retirement. One of the key benefits is the ability to access the funds as a lump sum or in a drawdown facility at a later date, providing financial flexibility for your circumstances.
Additionally, all plans we recommend are approved by the equity release council, meaning you’ll receive the same set of guarantees including a no negative equity guarantee, ensuring you will never owe more than the value of your property.
The drawbacks
However, there are important considerations to keep in mind. Releasing equity can impact your eligibility for means-tested benefits and the value of your estate will decrease, impacting any future inheritance you may wish to leave.
It’s crucial to understand the potential risks and benefits associated with equity release. Seeking qualified advice from a reputable provider is essential to ensure that equity release is the right choice for your individual circumstances.
Independent Isle of Wight Home Finance Specialists
If you live in the Isle of Wight and are thinking of unlocking cash from your home through an equity release plan, then the award-winning equity release advisors at Bower Home Finance are on hand to provide no obligation advice you can trust.
After evaluating your specific circumstances, discussing your goals and what equity release might look like for you, you can decide on how you wish to proceed.
Get started today and find out how much equity you could release from your home in the Isle of Wight with our free online equity release calculator.
Why choose Bower?
At Bower Home Finance 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, honest advice with no hidden fees and no obligation to proceed at any stage. We explain the potential financial implications of equity release plans, including how the debt can grow over time on a lifetime mortgage if no repayments are made.
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.
Whole of market advice
At Bower Home Finance, we offer whole of market advice. We’ll search across the whole of the market to find you the best products and deals if you choose to proceed with equity release.
We offer no obligation advice, which means we’ll chat through your options, what the equity release process looks like in the Isle of Wight, and the impact this will have on state benefits and any inheritance you wish to leave.
Proud members of the equity release council
Promoting safe equity release practices, the Equity Release Council is a trade body that sets industry standards for both equity release schemes and advisers.
At Bower Home Finance, we’re proud members of the equity release council and ensure we only recommend plans from members of the equity release council. This ensures any plans we recommend have guarantees in place for your benefit including a no-negative equity guarantee.
Learn more about the equity release safeguards.
At Bower Home Finance, 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.
Bower Home Finance provides independent, impartial whole of market equity release 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.
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. 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 use our live chat 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.
