Our Services
Equity Release
Equity Release is a way for homeowners aged 55 and above to release a portion of the equity tied up in their property without having to move out or sell their home. It’s a tax-free payment that can be used for any purpose and can include a drawdown facility for use later.
The version most often recommended is called a Lifetime Mortgage. Here’s a list of some of the advantages and disadvantages:
Advantages
• You will continue to own your home and have the right to live in it for the rest of your life, or until and unless you move into long-term care.
• The interest rate for Equity Release borrowing is fixed for life, though typically a little higher than for standard mortgages.
• Any further advances taken later are likely to be at a different interest rate, but can also be fixed for life.
• It is not necessary to make any repayments, but they can be monthly or ad hoc and for any amount you choose.
• There is a No Negative Equity Guarantee, so your beneficiaries will never inherit a debt.
• A Lifetime Mortgage can often be transferred to another property if you choose to move home.
• There is no fixed term, so it may last for the rest of your life, but it will need to be repaid if you move into long-term care.
Considerations
• Using Equity Release means the value of any inheritance you leave will be lower.
• If not paid by you, interest charged is added to the loan, so the debt compounds and increases over time. The debt may be much larger than the initial amount taken if there are no repayments.
• Releasing equity may impact on any means-tested state benefits you might otherwise qualify for If the new property is not eligible, the loan may need to be repaid and there may be an early repayment charge.
• There are some set-up costs, and we charge a fee for our recommendation, but all fees and charges are made clear before you reach a decision.
Equity Release is intended to be a lifetime commitment and not likely to be a suitable option for everyone, but we will step you through all the details and be happy to include any family member or trusted friend you choose to help you. If you would like to know more, please contact us.
Other Services
Mortgages: Whole of market research for the most cost-effective options. We also offer a mortgage review service.
Inheritance Tax Mitigation: Make Sure Your Wealth Is Passed on Tax Efficiently.
Investments and Savings: Saving tends to be for the short term, while investing is for the longer term.
Protection Policies: Flexible income protection that helps cover loss of earnings.
Group Protection Policies: You can protect your family and loved ones in the event of death, or critical illness.
Retirement Planning: It’s good to start retirement planning before you stop working.
Care Fees Funding: What options do you have if you are paying for your care?
Visit our Financial Advisor website for more information.
Contact us now for clear concise Equity Release Advice
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Lighthouse Platinum Wealth Management Ltd is an appointed representative of Sense Network Limited, which is authorised and regulated by the Financial Conduct Authority. Lighthouse Platinum Wealth Management Ltd is entered on the Financial Services register (www.fca.org.uk/register) under reference number 214128.
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