Freephone 0800 411 8668

Equity Release Surrey

Are you searching for equity release specialists in Surrey, the ceremonial county located in South East England? Here at Bower Home Finance, we can help you understand equity release money and how you can benefit from the value of your home! With a clear commitment to clarity, our Surrey equity release specialists will guide you through the process; please call our team to learn more about getting the most out of your current monthly mortgage payments in Surrey!

Are You Searching For Equity Release Advisers In Surrey?

If you seek advice on equity release in Surrey, visit Bower Home Finance first. Our Surrey-based equity release advisers have offered this service for several years, during which time we have brought a range of specialist knowledge to our clients about the property market in areas such as Guildford, Woking, Epsom, and Farnham, all of which are located in Surrey.

We recognise that your home is much more than a place to live; it is intertwined with Surrey’s scenic beauty and historical significance, from the serene slopes of Box Hill to the prestigious halls of Hampton Court Palace. Whether you want to learn about how much equity you have in your home versus how you can unlock money tied up in your home, we can help you!

Our approach is personalised, focusing on the specifics of each homeowner in Surrey. We are committed to building a relationship with our clients and supporting you through the complexities of equity release with transparent and honest advice. Our Surrey-based advisers are financial experts, empathetic listeners, and creative problem solvers dedicated to tailoring solutions that align with your life’s plan.

At Bower Home Finance, our team in Surrey offers you an exceptional chance to tap into the financial value of your property. This enables you to enjoy the finer things in life and prepare for future necessities while continuing to cherish your beloved home. If you want to learn more, please call and speak to our team today!

Equity Release – What Exactly Is It?

Equity release is a financial strategy designed for homeowners aged 55 and over. It offers a way to access the value tied up in your property without the need to move. Equity release schemes can vary, and a range of options suit you; this tax-free lump sum can be used to enjoy early retirement or something else!

In Surrey, equity release can be a practical option for those wishing to supplement their retirement income, fund home renovations, or support family members financially, all while enjoying the familiar surroundings of areas like the picturesque Surrey Hills or the historic settings of Richmond.

Professional equity release advice in Surrey ensures that homeowners make informed decisions, understanding both the benefits and implications of tapping into their home equity while continuing to live in the homes they love. If you want to learn more about equity release plans or lifetime mortgages, speak to our team today!

What Are The Two Main Equity Release Options In Surrey?

A lifetime mortgage: This is the most common type of equity release available to homeowners over 55. Essentially, it is a loan secured against your home that is usually repaid from the sale of your home when you pass away or move permanently into residential care. A lifetime mortgage is the most popular as it doesn’t involve selling your home.

A home reversion plan: This less common type of equity release is available to homeowners over 65. It requires you to sell all or part of your home; however, you can stay there without paying any rent until you pass away or move permanently into residential care.

Who Is The Equity Release Council?

The Equity Release Council plays one of the most critical roles in the equity release industry, particularly significant for homeowners in Surrey’s esteemed areas such as Guildford, Woking, and Epsom.

This authoritative body establishes the benchmarks for secure and ethical equity release practices, ensuring that all members offer clear, equitable advice and products.

The rigorous protections offered include the ‘no negative equity guarantee’, which guarantees homeowners that they never owe more than their home’s value. This reassures those in Surrey looking to access the capital in their valuable properties, enabling them to leverage their assets safely and responsibly.

At Bower Home Finance, all of our equity release advisers, including those in Surrey, follow all of the rules and guidance laid out by the equity release council; if you want to learn more, get in touch today!

Is Equity Release Suitable For Surrey-Based Properties?

Equity release can be an appealing option for Surrey-based properties, given the area’s generally high property values and desirable locations. Surrey offers an ideal location for a range of people: couples, families, singles, and even friendship groups. It is truly a diverse area!

Equity release offers homeowners in Surrey, from bustling market towns like Reigate and Dorking to the serene landscapes of the Surrey Hills Area of Outstanding Natural Beauty, a way to unlock their homes’ financial potential.

This financial strategy allows residents to maintain their lifestyle, manage expenses, or provide for their families without selling their cherished homes.

As always, seeking specialised advice from accredited equity release advisers in Surrey, such as ours at Bower Home Finance, who understand the local market dynamics and can offer guidance tailored to individual circumstances and goals, is crucial. Pick up the phone and speak to one of our advisers today; we can guide you on all your options regarding equity release, including your monthly repayments.

Is Equity Release With Your Surrey Property Safe?

Equity release with a Surrey property is considered safe through reputable advisers and in compliance with standards set by bodies like the Equity Release Council; here at Bower Home Finance, we would only let a client release equity if it was the right thing to do!

Surrey homeowners benefit from robust protections such as the ‘no negative equity guarantee’, which ensures that they will never owe more than the value of their home, regardless of how property values fluctuate.

Working with our advisers here at Bower Home Finance means receiving clear, honest advice and fair terms, which is especially important in high-value areas like Surrey.

This guarantees that releasing equity from your home provides financial relief, supports lifestyle aspirations, and secures peace of mind, making it a viable and safe option for many. If you are ready to investigate equity release, Surrey-based advisers are available here at Bower Home Finance.

What Are The Negatives Around Equity Release?

When considering equity release in Surrey, there are a handful of disadvantages to be aware of. Firstly, the value of your estate will decrease, leading to a smaller inheritance for your beneficiaries and or long-term care funding options. However, it is possible to safeguard a portion of your estate specifically for inheritance purposes.

Additionally, equity release can affect your eligibility for certain means tested benefits however it does not affect your state pension. Early repayment of the mortgage plan often incurs financial penalties, making it costly if you decide to settle the mortgage ahead of time.

Also, the amount owed on a lifetime mortgage can significantly increase over time due to compounded interest, leading to a much higher repayment sum in the long term. These factors combined can make equity release a less favourable option for some homeowners in Surrey. But if you want to discuss these further, why not speak to our equity release advisers in Surrey?

Who Is Eligible For Equity Release In Surrey?

To qualify for equity release in Surrey, you must meet specific age and property value criteria. Generally, homeowners over 55 with properties valued at approximately £70,000 or more are eligible, although these thresholds can vary by lender and specific equity release scheme.

Location, condition, and property type can also influence eligibility for equity release. It’s advisable to consult with an equity release specialist, such as the advisers at Bower Home Finance, to thoroughly understand the eligibility requirements tailored to Surrey’s property landscape. Our team is adept at navigating the nuances of Surrey’s varied property types and high-value areas.

Explore your options with our equity release calculator to get an estimate of the funds you could unlock from your Surrey property. This tool can provide a clearer picture of the financial potential available to you through equity release.

Is There A Maximum Amount You Borrow From Your Surrey Property?

The maximum amount you can borrow from your Surrey property through equity release typically depends on several factors, including age, the property’s value, and the specific terms set by the equity release provider. With a range of equity release products available, we always recommend speaking to an adviser before committing to anything!

Generally, the older you are and the more valuable your property, the larger the percentage of its value you can release. A substantial sum could be released in Surrey, where property values are high.

However, each lender has different maximum limits on how much can be borrowed, and these figures are calculated to ensure that the total debt never exceeds the home’s value, adhering to the ‘no negative equity guarantee’.

Are You Looking For Equity Release In Surrey? Speak To Bower Home Finance Today!

If you’re considering equity release in Surrey, contacting Bower Home Finance is a wise first step. Our expert advisers specialise in understanding the nuances of the Surrey property market and can provide tailored guidance based on your needs and circumstances.

With Bower Home Finance, you can explore various equity release options that allow you to unlock your home’s financial potential while ensuring that you benefit from safeguards like the ‘no negative equity guarantee.’

Whether you want to enhance your retirement income, fund a significant expense, or support family members, our knowledgeable advisers help you confidently navigate your choices.

Contact Bower Home Finance today to discover how to maximise the value of your Surrey property.