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philip maurice robinson
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equity

is there any members who have or who are considering taking monies out of their property through these well advertised Equity Release Schemes , if so what are the Pros and Cons.

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22/01/2012 13:59:10

Michael Potter
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Quoting: maurice robinson
is there any members who have or who are considering taking monies out of their property through these well advertised Equity Release Schemes , if so what are the Pros and Cons.

Although I am not considering Equity Release, I have read up on it, as I like to know what is available should the need ever arise.

You can obtain a free guide to Equity Release, if you have not already done so, by ringing 0800 531 6012, this guide is issued by Key Retirement Solutions, who in effect act as agents for the major providers,eg Aviva, and is done in conjunction with the Daily Mail, I found it very informative.
If you do request a copy , expect them to contact you, although I personnally did not experience any hard sell.

The advice always given, is to consult your family members and your Solicitor, before making any final decision.

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22/01/2012 18:42:04

Mike Foskett
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equity release

I did look into Equity release, It very much depends on your own personal circumstances ie how many dependants how much capital you want to raise.

The principle is, roughly, the company will value your house (free) there is a set up fee, usally 1.5% of the capital released, on release. The maximum capital released is 85%% of there valuation. On the positive side You can live in your house rent free for the rest of your life. The value of your "loan" will never exceed the value of your home.

A lot of companies will sent out a information pack, without sales men calling, I tried KEY retirement solutions This will give you an idea of whats best for you and your family.
Hope this helps

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22/01/2012 18:42:05

Colin Hall
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Maurice, it can be a good thing for some people, mainly the over-65 group, but READ The FINE PRINT!

Look at the loan according to what you need rather
than what you want � it is easy to be seduced by a big offer. Get some advice and a thorough investigation and research and taking financial and legal advice. There are places where you can get all of that free!

Having said that... there are no pockets in a shroud, and you can’t take the equity with you, so perhaps enjoying it while you can is the best option!

Our place is valued at around 300,000 pounds, but it is in a Trust fund with ourselves and the kids as Trustees, so they’ll realise the value eventually....just not yet!

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23/01/2012 05:01:20

Marie Drew
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If anyone is considering equity release then it is essential that independent and impartial advise is sought before taking such a step particularly in the present economic climate where house prices are falling and the equity in the property might not cover the amount borrowed in future years. Many companies offer ’advice’ but are also attached to perhaps an insurance company and they have their own agenda to follow which is not always in a client’s best interest.

The Citizen’s Advice Bureau gives impartial advice for financial and legal problems among other things and all information is never divulged to any other organisation or person and of course the advice is completely free. Some bureaux even have their own solicitors who will also give initial advice for legal problems on a free basis.

On another thread I noticed that pensions were an issue. Anyone who wishes to discover if their pension and benefit entitlements are correct then the bureau will check this for you. Many people these days are not claiming their full entitlements and are missing out. In fact, if you have any problem or issue about which you are uncertain the bureau will not only give advice but also negotiate on your behalf if you so wish.

So perhaps the first port of call should be your local branch which can be found in your telephone directory or these days on the internet. Their advice will be sound and it is completely free.

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23/01/2012 15:16:33

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