The Equity Release Council have helped the FCA see that as long as an interest-only mortgage can be converted into an equity release plan – there is no longer any need to has “proof of income”. With this change to the rules, it may become much easier for people over the age of 60 to explore what lifetime mortgages have to offer. However, it must be remembered that equity release offer more the older you are and so this really works best for people with smaller mortgages.
Smartening up your house before putting it on the market
Some people have become wise to the idea of using equity release to upgrade their current home before selling it and then switching the lifetime mortgage to their next property. Everyone knows that upgrading the bathroom and kitchen can make a considerable difference to the Sold price achieved. This additional uplift may well enable you to move to a much more desirable property. It’s worth considering working out how the “smartening up” of your property will enhance its saleable value.
First impressions really count!
Everyone agrees that having a landscape gardener quote you for turning your garden into your own version of the Chelsea Flower Show will enhance your property. Equity release can produce the financial outlay to create this to give an excellent first impression to visitors coming to inspect your property. And until you sell you will have the pleasure of having a really beautiful outlook, you may even decide with the improvements to stay put.
Get a copy of Life Planning for you by George Kinder
I am suggesting that everybody whose wants a life of their dreams will enjoy and benefit from reading this book. It’s available as a kindle or a paperback on amazon.co.uk. Maxlyte Financial combine Kinder Life Planning with Equity Release advice so you can really get the ideal future, they are possibly the only Registered Life Planners offering niche service in the UK.