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Equity release services - the good, the bad and the ugly...

Equity release services

 

Two types of company offer equity release services. Financial services companies and property companies.

 

Formal equity release products are offered by financial services companies to older consumers. The product being offered is typically a mortgage so it assumes you're staying put. These products are now regulated and can be a good "forever" solution if you qualify for them. Essentially these are low-risk from the consumer's perspective but the payout is often less than 65% of the value of your property.

 

 

With a property company you can sell and move or sell then rent back your home. These schemes allow you to release equity and are unregulated at present. Sell and rent back schemes are unlikely, if ever, to be offered as a permanent solution, and are frequently for a minimum or fixed term. These schemes are more high risk from the client's perspective but should provide a higher percentage of your property's value than a conventional equity release product.

 

 

Equity release products go by a variety of names. You might know them as "equity home release", "equity house release", "lifetime mortgage" or even "equity release mortgage". Generally these products are geared to the over 60s although some cater for the over 55s.

 

It is fair to say that equity release products are quite controversial. Not to mention complicated. As a result, your first step should be to find the best information you can on equity release services and products.

 

 

Can you release equity in other ways?

Of course!

Not everyone fits the criteria required by conventional equity release services. Usually it's because you are in the wrong age group or your house doesn't meet the valuation criteria.

Many homeowners release equity by refinancing their home. Of course this may leave with you with increased outgoings but if you don't need to raise significant capital, it could be ideal.

Releasing equity using a professional property buyer

One option available to you is to sell and down-size or move to a cheaper area. Here you have two options to choose from. Sell on the open market or calling on the services of some type of property company.

Selling your house by conventional methods through an estate agent is the path most people take. This can take time, but if you're not in a rush this will be your best option for getting the best possible price for your house.

Or perhaps you need to release equity and move but have a strong preference to work to a fixed timetable? In this case a property company might be the most suitable service provider to contact because they will guarantee to meet your timetable.

Release equity using sell and rent back

An alternative to the likes of home reversion plans for older homeowners is a "sell and rent back" arrangement with a house buying company / property investor. This will almost certainly be a cheaper option in real terms and allow you to remain in your house too. Equity release services with knobs on. Who should sell and rent back to release equity? There are many reasons people choose to sell and rent back to release equity. Take divorce or separation. It can happen at any stage in life.

 

Equity release services can be an ideal solution for some. But each of us has unique circumstances. It's for this reason that when we enter into discussions with a vendor about a sell and rent back arrangement we design a personal, one-off proposal entirely geared to their needs. 

You can find out more about our flexible sell and rent back arrangements here or our cash house sale services here. Alternatively call us on 0800 043 0669 or complete the form below.



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