Equity Release

Releasing money from your home could be the answer to your current needs and future aspirations

If you are a UK Homeowner with a property worth £70,000 or more and you’re aged 55 and over, you could be eligible for a lifetime mortgage to unlock some money tied up in your home.

Many people over 55 are now funding their retirement with tax-free cash from their home. The money can be used for almost anything you like. You could gift money to family, pay for home improvements, book a bucket list trip, buy a car, fund care costs or redeem an interest only mortgage to name a few.

Equity Release is a specialist area and you should seek advice from a qualified adviser. Lifetime mortgages can come with no monthly repayments, a no negative equity guarantee and the right to remain in your own home. Coined as ‘Modern equity release’, the market is buoyant with a range of products and features to choose from such as voluntary repayments to slow down the rate of compound interest, overpayment facilities or fixed early repayment charges

At Flex Financial, we can work with you to establish whether equity release is the right solution for you.

Supporting you with equity release

Equity release allows individuals ages over 55 to release money tied up in their home without having to make any monthly repayments.

There are two types of equity release- Lifetime Mortgages and Home Reversion. Both of these are regulated by the Financial Conduct Authority. By utilising equity release, a home owner can access a lump sum or regular smaller sums from the value of their home. Equity release can play a crucial role in retirement funding and consumers can benefit from the flexibility and safeguards that are built into plans that complies with the Equity Release Council product standards enabling homeowners to access their tied up wealth without having to worry about monthly repayments.

Lifetime Mortgages

A lifetime mortgage involves taking a mortgage that does not require any form of monthly repayments, although clients can opt to make monthly interest repayments to slow down the roll up of interest. The amount you release is tax free.

With a lifetime mortgage, you will retain ownership of your home and the interest on the loan is rolled up (compound interest). The mortgage loan and interest is then repaid upon death or you enter long term care. If you are considering a lifetime mortgage as a couple, then repayment is not due until the last remaining person died or moves into long term care.

The amount you can release is subject to your age, property value and health.

Home Reversion

A Home reversion plan enables you to access all or part of the value of your property whilst retaining the right to remain in your property, rent free for the rest of your life.A home reversion provider will buy all or part of your home in exchange for a cash lump sum or regular payments. You will benefit from a lifetime lease which guarantees you the right to stay in your property rent free for the rest of your life.

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Modern Equity Release

Consumer protections

Equity Release is fully regulated by The Financial Conduct Authority

The Equity Release Council, set up in 1991 governs the market and drives standards up. Flex Financial is an approved member of the ERC and we only recommend lenders who are too.

The Equity Release Council provides certain safeguards

No negative equity guarantee

For lifetime mortgages, interest rates must be fixed or if they are variable there must be an upper limit which is fixed for the life of the loan

You have the right to remain in your property for life or until you need to move into long term care, providing the property is your main residence

You have the right to move to another property subject to the property being acceptable to the lender for continuing security

Applicants must also seek independent legal advice and the solicitor will confirm your understanding of the proposed transaction. You will need to obtain a signed certificate before you can proceed and complete an equity release transaction.

 

Flex Financial is an approved member of the Equity Release Council

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33, Henry Crescent,
Rochford, Essex, SS4 1GU

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020 8133 6698

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Jotsan Shrestha
Jotsan Shrestha
14:32 23 Apr 20
Stephen was our first mortgage advisor when we bought the house. We were first buyers that time so everything was new for us and it was almost nerve recking to do everything by ourselves considering... our hectic work schedule. From day one we met, Stephen was very professional, thorough with his advice and helped us to secure a nice deal which were merely possible doing it ourselves. Now, without any hesitation we contacted Stephen as our current deal were about to expire. Despite of the pandemic situation, Stephen helped us to secure a much better deal and extremely faster than we could imagine. There are no words to express gratitude to Stephen and anyone in the situation that we were two years ago should contact him for stress free life.read more
Suzanne Kay
Suzanne Kay
13:40 14 Dec 19
What can I say, Steve is very professional and went above and beyond what I thought a mortgage adviser would do, supporting me from start to finish with getting my mortgage. He Always explained... everything simply for me to understand. He listened to my needs, and got the best mortgage that suited my situation perfectly, always ready to answered any queries I had, and ready to reassure when I was nervous. He made what would have been a daunting experience simple, giving me complete confidence with him. I’d definitely recommend this company highly!read more
Andrew Miller
Andrew Miller
20:10 11 Dec 19
With my own business, I was concerned what options I’d have available for re-mortgaging. I’d heard horror stories about self-employed mortgages, but Steve was able to secure me 7 viable providers... that would probably accept me. Then bingo, we were accepted with our 1st application and went through in about a monthread more
Alfie M
Alfie M
17:34 11 Dec 19
My family have used Steve about remortgage options and possible future move. Steve gave us excellent advice in a clear manner and one which we could understand without the Jargon. We are now fully... aware of our options and what we would need to do in advance should we decide to move. Thanks 🙂read more
Hannah Louise
Hannah Louise
07:56 10 Dec 19
Following our mortgage, Steve at Flex Financial arranged our protection cover. He gave up his Friday night to arrange this as it was the only time I was available. He understood my priorities, fully... explained all my options, costings (including working to my budget) in a friendly and professional manner. Would 100% recommend to all my family and friends.read more
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Mortgages and Insurance

Flex Financial Ltd is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of Personal Touch Financial Services which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. Flex Financial FCA Number: 915575.

Flex Financial Ltd is a company registered in England & Wales (company number 11061765) whose registered office is Sutherland House, 1759 London Road, Leigh On Sea, Essex, SS9 2RZ. Registered Trading address: 33 Henry Crescent, Rochford, Essex, SS4 1GU.

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the EU’s General Data Protection Regulations (GDPR). You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone. By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

As with all insurance policies, conditions and exclusions will apply. Your property may be repossessed if you do not keep up repayments on your mortgage.

A lifetime mortgage will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. THIS IS A LIFETIME MORTGAGE. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.

There will be a fee for mortgage advice. The precise amount will depend upon your circumstances and the amount of work that needs to be done. Fees will range from £295 to £995. We may charge more for complex cases or adverse credit cases, and will always discuss this, and get your agreement, before proceeding.

For our equity release services, we will charge a fee of £199 on application (which is refunded if we are unable to secure you a mortgage) and £500 on completion.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. The Financial Conduct Authority does not regulate some forms of Buy to Let, Wills or Trusts.