Equity Release Information
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This site is full of impartial information about Equity Release schemes.
This article tells you lots of general Equity Release Information.
Find out information about how your children might be affected by Equity release.
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Find out more about how Equity Release Schemes work here. See all of the Dos and Don’t about Equity Release here which will mean you can sleep at night if you ever go ahead with Equity Release.
Lots of people have taken out Equity Release Plans over the last few years. Are they getting the best deal possible? Here is a crucial piece of information for any one with an existing Equity Release Plan.
Today’s interest rates are incredibly low. They are about as low as they are ever likely to get in all reality. Rates are unlikely to fall further even if base rates go down more because savers and investors need some sort of return to make it worth their while putting savings into accounts.
Now, there are more long term benefits than the obvious one. Sure it makes taking a new plan much more attractive. However, there could be very good news for existing plan holders, too. This is important Equity Release Information.
The majority of schemes work by charging a fixed rate of interest from the outset so you remain at the interest set from the start.
Choose a Home Reversion Scheme or Equity Release right now and you will be locking in at a low rate.
This is really is crucial Equity Release information because there really is very little scope for rates to fall further. Interest rates will go up again one day and there is no limit to how far they can go. This give pause for consideration.
To give an example, people who took out equity release a few years ago are might be much better off from these remarkable interest rates. This is due to the fact that they are so much cheaper than the existing schemes that they already have.
Around five years ago, you would have been paid something like 8%. It is likely that you could get a new scheme at around 6%. Such plan holders may be thousands of pounds better off over the long term even with the fairly substantial costs involved in making a switch. Perhaps, many, many thousands better off because of the way interest is charged on interest with these plans.
Another point to note is that the majority of people who buy a house do not ever imagine that the value of their home might go down. This differs from the stock market, where most people understand and accept the risk that stock prices might fluctuate either way.
House prices have fallen, and they may fall further, too, right around the globe. Research about Equity Release information and you find that you can only borrow a relatively small amount of the value of your home. Everything depends on your age, health, whether you are single or a couple and so on, but the percentage that you can use for Equity Release is a much less than that which you can borrow when you buy a home, for instance.
Falling house value and a low percentage of how much you can take out as Equity Release means that the total amount that you can obtain has and may continue to fall. So, you might be best considering having a very good look at things sooner rather than this option is of interest to you.
In the future, once you have taken out your scheme, falling house prices need not worry you too much because you will have a “no negative equity guarantee” as long as you choose an Equity Release Scheme who is a member of Safe Home Income Plans (SHIP).
Surprisingly, today’s very low interest rates may have been a source of upset for you up until now but they might actually benefit you should you have taken out or been considering an Equity Release scheme.
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