Best Financial Advisors in Poole

Equity release plans are not right for everyone and it is important that you fully consider your options and receive independent equity release advice before making a decision. It is also important that, if you do decide to use an equity release product, you choose one that meets your needs. Remember that taking an equity release plan is generally a long-term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future, an early repayment charge may apply. At Harbour Equity Release we can help you to choose the plan that is right for you.

If you take a lifetime mortgage you will not have to give up ownership of your home. A lifetime mortgage is a loan secured against your property so you will always retain ownership until you either die or move into permanent long-term care, after which time your property will be sold to repay the loan plus any accrued interest.

If you want to pay some money back into your property you are able to do so under most plans. Most lifetime mortgages allow for a 10% voluntary repayments without you incurring any early repayment charges. With some plans you can make monthly interest repayments, this way you can maintain the debt to the initial amount of the loan before interest. Lenders will need to check these payments are affordable to you. If you choose to make interest repayments, you still have the option to move to a roll up arrangement at a later date if you wish. There are even some lenders who can offer you the option to pay off some of the capital throughout the plan.

Taking equity release could result in your entitlement to means tested state benefits being reduced or removed. Local authorities and the government use your income and savings to decide if you qualify for means tested state benefits. If you release equity this can then be included as income or capital when your circumstances are tested for state benefits. Non-means tested benefits are not impacted.

We and the providers we recommend are regulated by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme, giving you protection and peace of mind.