Uses of Equity Release
"We wanted to raise money for our daughter to buy a house. We appreciated the patience showed to us when making this decision, and making sure we understood the whole process. It was a big decision for us"
Mrs G. Newton Abbot
What are the main reasons for considering Equity Release?
Home improvements or adaptations. This can be for new kitchens, bathrooms, extensions or just to redecorate and refresh your property or garden. Alternatively, it could be used for adaptations of your property to help with mobility issues.
Paying off an existing Interest Only mortgage. Many people have a mortgage term that is coming to an end so need to find an alternative lender. Equity Release is not affordabilty checked so could be a really useful option for many.
Consolidating credit card and loan debts. Although this is not a recommended use or Equity Release, it is an alternative that, in the right circumstances could be the right advice.
Additional retirement income. This can be in the form of a liump sum, monthly income, or a drawdown facility where you can draw further funds as you need them.
Later life care at home. As an alternative to moving into a care home, Equity Reelase can be used to fund care in your home.
Helping family or friends get on the property ladder. This is increasingly popular, especially gifting to children who are First Time Buyers and need help with a deposit.
Moving Home. Equity Release can be used to fund a new purchase. Many people are unaware that they can release equity from the property they are buying to help fund the purchase.
A lifetime mortgage may impact your entitlement to means-tested benefits and the inheritance you may leave.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Ocean Equity Release is a trading style of Ocean Mortgages Ltd. Ocean Mortgages Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 841683.
Only if you choose to proceed and your case completes will Ocean Mortgages Ltd charge a fee. Our adviser will talk you through this and the setting up costs before you make any decision to proceed. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits.