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Business Focus Stay Home and Release Equity – is this a way forward?


The last few months have seen such immeasurable changes in every element of our lives and the Equity Release market has certainly adapted to try and cope with the ongoing demand for applications. Local adviser, Sarah Ferrell, has been speaking with an increased number of people who are concerned about their own finances but who are also looking at their properties as a means to helping their children financially as a result of the impact of the coronavirus.


How might Equity Release be a solution?


In the current climate there are two particular popular reasons why people may be considering Equity Release.


In order to be eligible for Equity Release you need to be 55. Many people who have been furloughed or whose businesses have taken a downturn are worried about how they are going to continue to


MORTGAGES


pay their mortgage. Whilst it is generally advisable not to consider Equity Release at too young an age, there are a number of routes available that will enable people to continue to service the loan. For those home owners over age 55 who are concerned about their ongoing mortgage and the affordability of this, Equity Release may be an option to consider.


Not only are people finding they need financial assistance for themselves but may retired people have seen their children struggle financially over the last few months and are looking at using the equity in their own homes to help their children.


Whatever the reason for considering Equity Release it isn’t right for everybody. Many schemes allow ongoing payment of interest and capital and the long-term figures do not have to


EQUITY RELEASE


be as “scary” as many people think. This said, in many situations Equity Release will have a longer-term impact on the equity remaining in a property and should only be considered after seeking full advice as to the variety of routes available.


Sarah says, “I have seen Equity Release do so much good for so many clients however I have also spoken to people who have entered into schemes without seeking appropriate advice and have been confused”.


In Sarah’s opinion somebody considering Equity Release needs advice, guidance and information that is relevant to their particular situation and with over 27 years’ experience in finance Sarah takes pride in the time and care she takes with her clients.


Sarah is happy to visit your home and she is not just available 9-5, but will offer flexible times to suit her clients.


For more information or a free initial consultation, please call Sarah on 01622 631372, 07789 007447 or e-mail her at sarah@ferrellfinancial.co.uk


RE-MORTGAGE BUY-TO-LET FIRST TIME BUYERS Equity Release can reduce the value of your estate and can affect your eligibility for means tested benefits.


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