Equity Release

If you are retired or approaching retirement it may be possible to release cash from the value of your home through equity release, allowing you to have cash to spend and you to stay in your property for life.

A fee of £495 will apply for equity release advice.

Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

This is a lifetime mortgage. To understand the features and risks,ask for a personalised illustration from our preferred specialist to discuss equity release. Neither Paul McDaid Financial Services nor PRIMIS Mortgage Network accept responsibility for the advice provided by this third party provider.

A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.

The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.

For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.

This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.

 

Contact us for more details.