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Using Equity Release to purchase a property

Writer: Lyn PalmerLyn Palmer

I’ve just been to see some clients in their 70s who are using equity release to help them to purchase a property.

They’re moving to a different area where property prices are higher than where they currently live.

They are super excited to be moving to their new dream home which wouldn’t have been possible without taking out a lifetime mortgage to make up the difference.

People often don’t realise that you don’t already have to be living in the property to enable you to do equity release

As long as it will be your main residence from the start of the lifetime mortgage then that’s absolutely fine




 
 
 

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Email: Lyn@simplifiedequityrelease.co.uk

Phone: 07887 885182

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Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care.

 

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

With a lifetime mortgage, if you don't make repayments interest will roll up over time.  This will increase the size of the debt and will reduce the amount left that will be left to your beneficiaries when you're gone.

 

We provide initial advice for free and without obligation. Only if your case completes would our advice fee of £1,695 be payable. Other lender and solicitor fees may apply.

Simplified Equity Release is a trading name of Equity Release Associates Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 932793. Company registered in England and Wales number 12258392. VAT Registered Number 365 5888 43. Registered address, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB.


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