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Equity Release Schemes: More Choice on the Horizon

In the past, equity release schemes were widely available through a number of lenders that included major building societies and banks. However, with the past few years being extremely turbulent in the financial and property sectors, the availability and choice of equity release schemes has diminished greatly. But there may be good news just around the corner for those keen to get the best equity release scheme available.

New confidence in the economy has meant that some lenders, such as More2Life, have begun to reoffer equity release schemes following years away from the sector. Equity release schemes enable those aged 55 and over who want to remain in their home to release some of its value in a lump cash sum, allowing for a more comfortable retirement.

Resurgence is Good News for Borrowers

Whilst major lenders such as Northern Rock and Prudential stopped lending during the credit crunch, the re-emergence of lenders such as More2Life is good news for potential borrowers, as the increase in lenders prepared to lend will mean an increase in competition, and therefore the chances of over 55s getting a good deal greatly improve.

Independent Financial Advice is Vital

With competition amongst lenders set to increase, the general public will need to seek professional advice from equity release professionals to get the best deal. In fact, research from the Equity Release Council, the equity release trade body, shows that 80 per cent of all schemes — whether a lifetime mortgage or a home reversion plan – are sold through advisers — absolutely vital in all cases.

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 Authorised and Regulated by the Financial Conduct Authority (FCA) and is an independent financial advice company that offers specialist advice on equity release throughout the UK.

For more information, please email [email protected] or call 0800 4118668.

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 £1,495 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 8668request a call backemail 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.