Equity Release in Basildon
Equity release is a growing trend for homeowners in Basildon who are 55 and older. It is a financial strategy that enables you to access your home’s value while continuing to reside there.
A lifetime mortgage or a home reversion plan, both subject to Financial Conduct Authority regulation, are required for the process.
A financial product known as equity release enables homeowners to access the equity held in their properties without making regular payments. Home reversion plans and lifetime mortgages are the two main types of equity release.
A lifetime mortgage is a loan secured by your house but in which you are the owner. On the other hand, a home reversion plan entails selling all or a portion of your property to the equity release provider.
The negative equity guarantee is one advantage of equity release. This guarantees that no matter how much interest accumulates over time, you will never owe more than the value of your property. Most lifetime mortgages provide this guarantee, giving homeowners peace of mind.
Your home’s equity release can be a significant financial choice. Therefore, consulting a licenced financial adviser for expert advice on equity release is crucial. This service is provided by some equity release companies in Basildon, including Stonebridge Mortgage Solutions Ltd.
Basildon has several equity release providers, both long-standing companies and recent competitors. These companies provide a selection of equity-release products with unique features and advantages.
The cost of your equity release will vary depending on the plan you select, the value of your home, and the amount of equity you wish to release.
Equilibrium financial advice can be provided by equity release advisors, such as those at Stonebridge Mortgage Solutions Limited, to help you navigate the process. They can assist you
in comprehending the various equity release product categories, potential risks, and effects on your tax situation and means-tested benefits.
It’s critical to compare different providers and get independent legal counsel before selecting an equity release product. This will guarantee that you make a choice that suits your financial situation and plans.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
If you take out a product from Age Partnership, we will receive a fee for introducing you to them. This helps support the site and for us to produce more content.
You must meet several requirements to be eligible for equity release in Basildon. You must be at least 55, though some providers may need more. The second requirement is that you must be the sole owner of a home in the UK.
There may be limitations on the type and condition of the property, and it must be of a specific value. You can still release equity even if your property already has a mortgage or secured loan.
However, the remaining loan balance must be paid off with money from equity release or another source. A financial advisor can offer helpful debt advice at this point to make sure you can afford the equity release plan.
The table below shows you some of the best equity release rates, as at December 2023, for lifetime mortgages, from some of the leading equity release providers in the UK.
These rates may have changed since this table was updated and should be taken as indicative only. There may also be other providers not listed on this table that could offer better deals. In addition, the providers and products noted below may not be right for your particular circumstances. Therefore, we strongly recommend that you speak to an equity release adviser, who will be able to provide you with information on the latest rates, that are applicable to you.
.
| Product Name | Interest Rate | Type of product | Offers |
|---|---|---|---|
| Just For You – J2.5 | 6.22% | Fixed | Free ValuationNo application fee |
| Just For You – J1 | 6.30% | Fixed | Free ValuationNo application fee |
| Premier Flexible Pearl | 6.43% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.43% | Fixed | Free Valuation |
| Horizon 240 Drawdown | 6.43% | Fixed | Free Valuation |
| Classic Drawdown Super Lite 2 | 6.47% | Fixed | Free Valuation |
| Horizon 260 Drawdown | 6.47% | Fixed | Free Valuation |
| Classic Elite Drawdown Super Lite 2 | 6.47% | Fixed | Free Valuation |
| Premier Flexible Pearl | 6.48% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.48% | Fixed | Free Valuation |
| Horizon 240 Drawdown Fee Free | 6.49% | Fixed | Free ValuationNo application fee |
| Classic Drawdown Super Lite 1 | 6.52% | Fixed | Free ValuationNo application fee |
| Premier Flexible Pearl | 6.52% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.52% | Fixed | Free Valuation |
| Classic Elite Drawdown Super Lite 1 | 6.52% | Fixed | Free ValuationNo application fee |
| Flexible Pearl | 6.53% | Fixed | Free Valuation |
| Optional Payment Pearl | 6.53% | Fixed | Free Valuation |
| Enhanced Lifestyle Flexible Option | 6.53% | Fixed | Free ValuationNo application fee |
| Horizon 260 Drawdown Fee Free | 6.55% | Fixed | Free ValuationNo application fee |
The equity release rates have been sourced from Equity Release Supermarket. These indicative rates and incentives may have changed since this article was last updated. Therefore, they should only be taken as a guide and we cannot guarantee their current accuracy. Please also note that we do not provide advice on or endorse any particular product listed here. The rate you are offered will depend on your individual circumstances and subject to lender approval. We recommend that you speak to an equity release advisor to see what the best options are for you.
If you take out a product with Age Partnership, we will receive a fee for introducing you to them. By contacting Age Partnership through us, the cost of any equity release product would be the same as if you had contacted them directly. The fee we received is used to help keep our site operational and to produce new content.
Lifetime mortgages and home reversion plans are the two main categories of equity release plans. Most equity releases take the form of lifetime mortgages.
It enables you to take out a loan against the value of your house, and when you sell it, you have to pay back the loan amount plus any rolled-up interest.
On the other hand, a home reversion plan entails selling all or a portion of your property to a provider of such a plan in exchange for a tax-free lump sum or ongoing payments.
You will no longer be the sole owner, even though you can continue to live there without paying rent for the rest of your life. Before making a choice, it is critical to get financial advice because both schemes have advantages and disadvantages.
An equity release adviser can assist you in determining the approach that best suits your situation, considering how it will affect your tax situation and any means-tested benefits you may be eligible for.
Considerations must be made for the costs and risks associated with equity release. The prices include legal fees, advice fees, and possibly expensive early repayment penalties.
Lifetime mortgage interest rates can be higher than standard residential mortgage interest rates, and the interest is frequently rolled up, increasing your overall debt over time.
The impact on your inheritance due to the diminished value of your estate is one of the risks of equity release. Negative equity is another risk which isn’t guaranteed in most plans.
Despite these dangers, equity release can significantly increase a homeowner’s financial situation later in life, allowing them to pay for home improvements, long-term care, or a more luxurious retirement.
The Financial Conduct Authority (FCA), which oversees equity release providers, ensures they abide by strict guidelines for customer protection. The industry trade group also establishes a code of conduct Equity Release Council for its members.
According to legal equity release regulations, all consumers must receive independent legal counsel before signing an agreement. Also required is a “no negative equity guarantee,” which ensures that you will never owe more on your mortgage than the value of your home.
Your eligibility for benefits subject to a means test may be impacted by equity release. Withdrawing a lump sum from your house might push your savings over the threshold for benefits like pension credits or council tax reductions.
However, you can manage your savings and still be eligible for these benefits if you take smaller amounts over time. Getting advice is necessary before making a choice.
Equity release might only sometimes be the best choice. There are other options, such as downsizing to a smaller home, renting out a room, or enlisting the assistance of family members.
Determining if you qualify for grants from your local government or state benefits is essential to assist with home improvements. Before choosing, consider getting professional advice from a financial adviser or debt advice service.
Family members may be affected by equity release. Before finalising any equity release agreement, discussing your plans with your loved ones is imperative. Your inheritance may be reduced if you release equity from your house.
However, some equity release plans let you ring-fence a portion of the value of your home as a guarantee for inheritance protection. Equity release may also limit your ability to pay long-term care expenses as you age.
The money you release may impact your ability to receive funding from the local authority. To stay in your home longer, you might use the equity release funds to make modifications for later life or to pay for in-home care.
Family members may feel more at ease if you involve them in your decision. They are welcome to attend any meetings with your financial advisor with you and ask questions about the potential future effects of equity release.
Knowing your home’s market value is essential when considering equity release. The companies offering equity release will set up a professional home appraisal. This will establish the maximum amount of equity you are permitted to release.
Your property’s size, condition, location, and any significant home improvements you’ve made will all impact its value. The amount of equity you can release might increase if Basildon home prices rise in the future.
On the other hand, a no-negative equity guarantee ensures that you won’t owe more on your home than it is worth if you have a lifetime mortgage and house prices decline.
However, it’s imperative to remember that a declining real estate market might impact the inheritance you can leave to your loved ones.
When thinking about equity release, it is imperative to seek professional advice. You can learn how much equity you can release and its potential effects on your financial situation from an equity release adviser.
They can offer professional equity release advice catered to your requirements and situation.
Financial advisors can describe the benefits and dangers of equity release products.
Additionally, they can assist you in comprehending the associated costs, such as any early repayment penalties, advice fees, and the interest rate charged on the equity-release mortgage.
Before releasing equity, it’s crucial to get independent legal counsel. You can get assistance from solicitors in understanding the legal ramifications and ensuring your rights are always upheld.
Essex, in the South East of England, is home to the thriving town of Basildon. It is a relatively new town founded in 1948 to handle the influx of people from London. Basildon’s phone area code of 01268 will be immediately recognisable for residents.
Postcodes beginning with SS13, SS14, SS15, and SS16 are used to deliver mail to the town. These postcodes encompass the town’s core and the nearby Laindon and Pitsea residential communities.
Basildon is well known for having a robust economy. Numerous national and international businesses call it home, providing its citizens with various employment opportunities.
The Towngate Theatre, which hosts a range of performances, including plays and concerts, contributes to the town’s vibrant cultural scene.
Basildon doesn’t fall short when it comes to leisure and entertainment. Numerous amenities exist, including the Festival Leisure Park called “Bas Vegas.” This entertainment centre has a movie theatre, dining options, nightclubs, and a bowling alley.
The community has a rich history. The region of Basildon has archaeological sites that date back to the Bronze Age despite its recent establishment, giving it a distinctive fusion of the old and the new.
Here is a list of local areas and boroughs where equity release services can be provided:
1) Laindon
2) Pitsea
3) Vange
4) Fryerns
5) Langdon Hills
6) Nevendon
7) Basildon
8) North Benfleet
9) South Benfleet
10) Thundersley
11) Wickford
12) Rawreth
13) Rayleigh
14) Hadleigh
15) Leigh-On-Sea
16) Canvey Island
17) Stanford-Le-Hope
18) Corringham
19) Grays
20) Brentwood
21) Billericay
22) Chelmsford
23) Southend-On-Sea
24) Rochford
25) Maldon.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
The adverts for Boon Brokers on this page have been signed off as a Financial Promotion by Boon Brokers Limited, to ensure that they are in compliance with Section 21 of FSMA. Boon Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
UK Care Guide is really proud to have been featured on some of the UK’s leading websites.
Meet the author
Jane is one of our primary content writers and specialises in elder care. She has a degree in English language and literature from Manchester University and has been writing and reviewing products for a number of years.
Looking for a Christmas Bargain?
Up to 60% off some items
on Amazon today
Have a look and see if you can find any deals
Unlike most equity release advisors, Boon Brokers do not charge any fees! Have a free consultation to see how they can help.
You can speak to Boon Brokers on the number below and discuss your options.
0333 567 1812
Use the equity release calculator and see how much money you could receive.
You can book a callback from an equity release specialist, who can call you when it's conveniant.
All equity release advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation. By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.
The fee we receive is used to help keep this site operational and to produce new content.
Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Get FEE-FREE Equity Release Advice