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Equity Release:
The Best
Financial Plan
to realise
your Dreams

Equity release refers to a range of products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both. The money can be used to purchase a holiday home, or home improvements, maybe even to fund retirement or long term care.

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Why choose Capital Financial Services?

Experienced Advisors

Our experienced advisers will guide you through the process from start to finish and will explain the options available to you. We will work with you to ensure you and your family fully understand the implications of taking out an Equity Release product. We are also members of the Society of Later Life Advisers (SOLLA) and have many years’ experience in dealing with Equity Release plans.

Independent Service

Capital Financial Services is a long established firm of independent financial advisers based in Northwood Hills, Middlesex. We provide advice to both individuals and companies on all aspects of financial planning, through a long term approach of fully understanding our clients’ needs, wants and aspirations and then prioritising objectives.

As independent advisers, our clients benefit from our being able to offer advice on the broadest range of products and services. This ensures we match the best product or plan to meet your needs and circumstances.

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Trusted Service

We are one of the longest established financial advisers in the area and have built up a loyal base of clients over the years. Our business comes from referrals of satisfied clients who recommend us to help their friends and families with honest and impartial advice.

Client Testimonials

I have relied on Colin Baldock of Capital Financial Services for over 15 years now. In that time he has provided financial help and investment advice on a number of different aspects, including pensions and savings investments. One bit of advice saved my family a very significant amount of money compared to what we had been advised.”

Mr PT, Ruislip

I met with Colin Baldock recently to understand the mechanics, benefits and pitfalls of Equity Release. Not being very financially literate (or interested!) I needed everything presented in plain English, with no jargon. Colin did just that! Clearly explaining the options available and how they would fit with other aspects of my pension and portfolio. Colin’s words of wisdom were most reassuring and I would have no hesitation in recommending him for Equity Release or Financial advice.

Ms A D, Northwood

When we wanted to release some equity from our property to help our children and grandchildren we didn’t really know where to start. We had heard of Equity Release but were slightly nervous about how to approach it.

We were referred to Capital Financial Services by a friend of ours, who has been a client of Colin’s for many years. We cannot praise Colin and his team enough. They explained the whole process to us and our children – so we could all understand and make the decision together. They were attentive and we were kept informed every step of the way.

We are delighted, because releasing the equity, we have been able to help our children now rather than them having to wait for inheritance and we still get to live in the home we have loved for so many years.

What is equity release?

Equity release is typically available to people who are over the age of 55 and have their own home with a significant amount of equity, but don’t have enough money or income for their needs. By releasing equity in the form of a lifetime mortgage or home reversion plan, it enables the individual(s) to remain in their home and raise money for things such as:

equity

To generate a capital lump sum

To provide an additional income

To provide lifetime gifts to relatives

For home improvements

For holiday home purchase

To fund long term care

Where equity release is a suitable solution and you take out a lifetime mortgage or home reversion plan, the money does not usually need to be paid back or the home sold until the last remaining borrower dies or moves into care, although this may not be the case, for example if you make repayments to preserve as much of the inheritable estate as possible. For further information see below.

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Home Reversion

When considering a home reversion plan, you should check:

Whether or not you can release equity in several payments or in one lump sum.

The minimum age at which you can take out a home reversion plan.

Some home reversion providers insist that you’re at least 60 or 65 before you can apply.

The percentage of the market value you will receive. This will increase the older you are when you take out the plan but might vary from provider to provider.

You have the right to remain in your property for life or until you need to move to long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract. (Equity Release Council standard).

You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan (Equity Release Council standard).

The product has a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more (Equity Release Council standard).

What level of maintenance you’ll be expected to carry out and how often your property will be inspected (this could be every few years).

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plan

Lifetime Mortgages

The minimum age at which you can take out a lifetime mortgage is usually 55. The maximum percentage you can borrow is normally up to 60% of the value of your property. How much can be released is dependent on your age and the value of your property.

The percentage typically increases according to your age when you take out the lifetime mortgage, while some providers might offer larger sums to those with certain past or present medical conditions.

Interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan (Equity Release Council standard). You have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.

The product has a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more. You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan. Different lifetime mortgage providers might have slightly different thresholds.

If you can make repayments, the mortgage will be less costly. However, with a lifetime mortgage where you can make monthly payments, the amount you can repay might be based on your income. Providers will have to check that you can afford these regular payments. Whether you can withdraw the equity you’re releasing in small amounts as and when you need it or whether you have to take it as one lump sum. The advantage of being able to take money out in smaller amounts is that you only pay the interest on the amount you’ve withdrawn. If you can take smaller lump sums, make sure you check if there’s a minimum amount.

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Frequently asked questions

What is “equity”?

The ‘equity’ (or cash) in your home is its market value, minus any mortgage or debt you have against it.

Is equity release right for me?

An equity release expert adviser will assess your needs and help you decide whether equity release is right for you.

How much equity can I release?

Well, that depends on many factors, like the type and value of your home, and your age when you start your plan. It’s likely that the older you are, the more equity (or cash) you can release.

Can I still move home?

With many equity release schemes, the answer is yes. Just be aware that certain conditions may apply and there may be fees to pay.

Could I end up owing more than my home is worth?

Lifetime mortgages from an Equity Release Council member come with a ‘no negative equity guarantee’ to protect you – ensuring you never owe more than the value of your home.

Will I have to sell my home?

With a lifetime mortgage from an Equity Release Council member, you have the right to remain in your home until you die or move into permanent long-term residential care. Only then will your home be sold and the outstanding equity release loan be repaid.

Will I have to make monthly repayments?

No. Usually, equity release loans are repaid when you die or go into permanent long-term care and your home is sold. Any residual value will be available to pass on as an inheritance. Depending on your equity release plan, you may be allowed to make regular repayments of the interest on your loan.

Is equity release safe?

Yes. Equity release is regulated by the Financial Conduct Authority (FCA) – an independent regulatory body which ensures financial products are fair and meet strict standards.

What is the Equity Release Council?

The Equity Release Council (ERC/the Council), a not-for-profit organisation, is the industry body for the equity release sector. It aims to fully represent and facilitate the safe growth of the equity release market by helping to create the conditions which enable the market to develop effectively.

Arrange a face to face appointment with one of our advisors

If you are looking for expert equity release advice to enjoy retirement with peace of mind, talking to us could be the best move you make.

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