Why consider equity release?

Equity release advice from Bede Financial Group can allow you to access some of the money tied up in your house with absolutely no worries of having to give it up.

Many retired people find themselves 'asset rich and cash poor'.  Maybe your pension isn't as much as you had hoped for but you have seen your property value soar. Maybe you don't have enough money for the extras in life but do not wish to move house.

Equity Release provides the opportunity to access some of the capital tied up in your home.

People release equity for a number of reasons:

• Home Improvements
• Increasing income
• Repaying debts*
• Making a gift to a relative - with the growth of house prices, many first time buyers are struggling to get on the housing ladder. Some people also like the idea of making a 'living inheritance'
• Healthcare - some people prefer to have an operation more quickly and in greater comfort in the private sector. Equity Release could provide the funds to do this if a waiting list is long.
• Buying a car
• Holiday of a lifetime

If any of the above reasons sound like what you are looking for or to do then please contact us.

* PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

The importance of advice

• We believe specialist impartial advice is essential when considering Equity Release.
• As with all financial products, the costs of Equity Release vary.
• There is a wide range of options with a large number of different products available.
• The long term effect of the difference between the products can be substantial.
• Taking the wrong Equity Release could cost you or your family thousands of pounds.
• Many Equity Release providers do not accept business directly from clients, only via an adviser.
• We believe this demonstrates the importance of specialist impartial Equity Release advice.

Things to consider before taking equity release

Could you downsize?
That means selling your home and buying a cheaper one. You will need to consider the stress and cost of moving home. If you believe that house prices will rise, you would be reducing your investment in the property market.

Do you have savings or investments you could use?
Savings and investments you may have could be used as part of or instead of equity release.

Family
Equity Release will reduce the value of your estate so it is important to discuss your intentions with your family. We recommend that you consult your family about your decision and we are happy to speak to them about any concerns they may have, but ultimately it is your decision.

Could your family provide family assistance?
Financial support from family members could give an alternative to equity release.

Have you considered other ways of borrowing money?
This could be a conventional mortgage or loan. However, these involve monthly repayments so would be subject to affordability.

Will releasing equity affect your entitlements to state benefits?
If you are receiving Pensions Credit, Savings Credit or Council Tax benefit you should check that you are receiving the benefits to which you are entitled. We can advise you on how to minimise the impact Equity Release may have on your benefits.

Are you eligible for a local authority grant?
Assistance may be available for some essential home improvements and repairs.

Frequently asked questions about equity release

Is Equity Release Safe?
With EQUITY RELEASE COUNCIL approved schemes there are important legal guarantees in place. Please see here for more information.

How long does it take?
From the time of applying until you receive your funds usually takes approximately 6 weeks.

How much can I release?
The amount depends on age and varies between different providers. Please contact us for an indication for how much of your equity you could release.

Can I repay an equity release plan, for example if I want to sell up and downsize?
In most cases yes you can. This is an important matter to discuss when seeking advice as early repayment charges may apply. These charges vary between different equity release providers. Some providers, particularly home reversion companies, will not allow repayments.

Will it affect my state benefits?
Equity Release can affect means tested benefits such as Pension Credit, Savings Credit and Council Tax Credit. This doesn't mean you shouldn't take an Equity Release plan but it means it is important to understand the impact it may have. We can help you in this respect and it is often possible to take sensible measures to avoid losing any of your benefits. Your state pension is not affected.