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The value of your home, minus current mortgage you may owe, could be described as your ‘equity’ Equity release entails accessing some of the funds you’ve worked hard and invested within your home.
The funds you release from your home is tax free and you choose what and how you spend it. You can spend it on almost anything you choose, such as, home improvements, holidays, improving your lifestyle and helping family on to the housing ladder.
A drawdown plan is a type of lifetime mortgage that has the facility to gain further funds in the future when you need them. You don’t pay interest on these funds in reserve until you drawdown some or all the funds as you wish. It’s at the point of drawing down that interest on the additional funds becomes applicable.
That depends on several factors, your home’s value, your age/ages at the time of any application, your health, and any outstanding mortgage balance you may have. Some plans may offer an enhanced amount of available funds based on your health and lifestyle.
You should consider any current mortgage and secured loans you may have, as it is a condition of equity release plans that you repay all existing mortgage and or loans secured on your main property.
No, you don’t have to make monthly payments but, if you wish to then yes you can. If you choose not to make monthly payments that’s fine, you just pay the amount you borrow, plus the interest when you both if it’s a joint plan, pass away or move into long-term care.
Yes, with a lifetime mortgage you still own all your own home
Yes, we have plans that allow you to move in the future and plans that are portable.
Yes, all equity release lenders are regulated by the Financial Conduct Authority (FCA)
All lenders that we at Zest deal with are members of the Equity Release Council and adhere To all principals within the council’s guidance.
Zest Later Life Financial are members of the Equity Release Council, as such we adhere to the principals and business standards laid down by the Council. Standards are at the heart of the Council’s reason for being. It is committed to ensuring robust Standards are in place to protect consumers as they seek to fund ever longer retirements in later life and to help ensure they receive the best possible outcomes
We do offer a free no-obligation face-to-face, zoom or phone meeting, to assess whether equity release is right for you.
For more detailed information on our services.
Always happy to chat through any questions you may have.
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