Equity release is a financial option accessible in the UK, specifically designed for homeowners typically aged 55 and above. It enables them to unlock the value tied up in their property without needing to move out or sell their home.
With a lifetime mortgage, a homeowner borrows a lump sum or takes out a series of smaller loans secured against the value of their home. The loan, plus any interest that accrues, is repaid when the property is sold, usually after the homeowner has passed away or moved into long-term care.
Home Reversion
With a home reversion plan, a homeowner sells a portion of their property to a reversion company in exchange for a lump sum or regular payments. The homeowner retains the right to live in the property rent-free, but the reversion company owns a share of the property and will receive a share of the proceeds when the property is sold.
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I would highly recommend Brad at Absolute Financial Management. He carried out an assessment of our retirement savings and was extremely knowledgeable and thorough. He was very good at explaining complex financial information in simple terms that we understood. He clearly had a focus only on our best interests. I would definitely use Absolute Financial Management again in the future.
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Alexander Dowds
just when you think things cant get any better, you come across a company like this. from the first phone call you get vip service and a level of friendliness many other organisations have forgotten.
John, Yvette and Spencer but to name a few. thank you.
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Simon Aplin
An excellent service. Helped us sort out a new Mortgage and also helped with future planning with regards to pensions and savings. We will continue to use Absolute Financial Management
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Gemma Pass
Highly recommend Victoria Smith at Absolute Finance, she was amazing from start to finish, she knew her stuff, she was professional, and she kept us sane through the process which wasnt the easiest. We wouldn’t have been able to do it without her. She was a massive support and having a personal contact through the process made all the difference. Thank you!!
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Sarah Byrne
Couldn’t be happier with the fantastic service provided by Victoria Smith at Absolute Financial Management. Friendly, professional and extremely knowledgable. She has put my financial affairs in good order and given me great peace of mind. I wish I had used her services sooner. Highly recommend.
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Laurence Leyden
Victoria was exactly what we needed when assessing our financial position. She made it easy to understand some fairly complex issues and came up with short, medium and long term suggestions that fully met the brief. We now have a good idea of our short term actions and a viable plan for the future. Overall, Absolute were a pleasant change from the usual advisory firms. Victoria was efficient and responsive and we would have no hesitation in recommending her to anyone requiring financial advice.
Making an informed decision
Benefits
Considerations
You can get a tax-free lump sum and/or smaller, regular payments to supplement your income, and can continue to live in your home until you die or move into permanent residential care.
You may continue to benefit from any rise in the value of your property.
You can still move to a suitable alternative property in the future, as equity release is transferable. It will be subject to your new home meeting the property suitability criteria applicable at the time.
With a lifetime mortgage, you continue to live in and keep ownership of your home.
Lifetime mortgages reduce the value of your estate and the amount that will go to the people named as beneficiaries in your will. Your estate is everything you own, including money, property, possessions and investments.
With a home reversion plan, the reversion company owns all or a part-share of your home.
Getting a lump sum or taking extra cash to supplement your income may reduce your entitlement to means-tested benefits, now or in the future.
If you get care at home funded fully or partially by the local council, they may start charging you or ask you to pay more.
Important Information
It is important to understand the risk associated with any form of financial product as well as the fees involved.
Risk Warning
Your home may be repossessed if you do not keep up the repayments on your mortgage.
Fees
A fee of £795 when you apply for an equity release product, we will also be paid a commission from the lifetime mortgage lender / home reversion plan provider.
A fee of £145 when you apply for a mortgage product switch or mortgage transfer, we will also be paid a commission from the lender.
A fee of £395 when you apply for a mortgage purchase or re-mortgage, we will also be paid a commission from the lender.
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Absolute Financial Management is authorised and regulated by the Financial Conduct Authority, FCA Number 401135 / https://register.fca.org.uk/
Registered in England and Wales 05027747. Registered Office The Bull Yard, R/O 75 High Street, Ashford, Kent, United Kingdom, TN24 8SN.
Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR. Website: www.financial-ombudsman.org.uk.
