We all like to think that, when the time comes, we’ll be in a financial position to help our children onto the property ladder. Unfortunately, with the low interest rates and the rising costs of living many of us find that we just don’t have the savings available to help with that all-important deposit. This can be even more frustrating if you have a large amount of capital tied up in your home but do not wish to move or downsize.
Equity release gives you the power to free up money locked away in your home while continuing to live in your property for as long as you wish. There is a wide selection of plans available with many giving you the option to take a large lump sum upfront. Most require no repayment until after the property is sold meaning it can be a great solution to enable you to help your children financially while continuing to live your life in your home as normal.
So far thousands of people across the UK have used the capital in their homes to help their children and to fund a more comfortable retirement. There are no restrictions on how the money is spent so, after helping your family, you may want to consider using some of the money released to treat yourself too!
As long as you are aged 55 years or over, own your property outright or have only a small mortgage then there is a very good chance you will be entitled to release equity from your home.
UK house prices continue to rise at an alarming rate with the average property now costing in excess of £200K. For many young people the idea of owning their own home now seems like a distant dream. To speak to an advisor about how you could use equity release to make your children’s home owning dream a reality call 0207 158 0881 and speak to one of our trusted advisors. You can also find out how much equity you could release from your home using our free equity release calculator.
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