• How can I use my Property to Supplement my Pension?

    By Equity Release Supermarket Team on

    Over the next ten years, it’s estimated that 7.7 million workers1 will retire. And while many will be anticipating a well-earned end to their working life, there will also be those left worrying about funding their golden years. One of the reasons for this is that the ‘pension mountain’2 has grown by three quarters since 2002, and the average earner now needs an extra £9,000 a year in private pension income to have a comfortable retirement. More worrying still, the implications could be even…

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  • Can I Use Equity Release to Buy a Second Home?

    By Equity Release Supermarket Team on

    Buying a second property is something many of us dream about. Whether it means family days by the beach or having another asset to leave to your children, having a second base is something many families aspire to. It’s perhaps for this reason that some people are using an equity release scheme to buy a second home. An equity release scheme allows those aged 55 and over to either borrow against their main residence, or they can use an equity release scheme to help part-fund the purchase their new second home property. As older people find it difficult to remortgage or…

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  • What is Compound Interest and how does it work with an Equity Release Plan?

    By Equity Release Supermarket Team on

    One of the many questions asked by those thinking of taking out a lifetime mortgage is how much will it ultimately cost? It’s a question we get asked a lot here at Equity Release Supermarket – so we thought it best to clear things up. Whilst calculating the maximum amount of money you can borrow from your property is relatively straight-forward, calculating what’s known as ’compound interest’ is slightly more complex. But don’t worry, this isn’t anywhere near as scary as it sounds. In this article, we’re going to explain how interest is calculated on a lifetime mortgage (the most popular…

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  • Equity Release and the Possible Impact on Benefits

    By Equity Release Supermarket Team on

    At Equity Release Supermarket, there is one question which crops up repeatedly: will equity release impact my eligibility for state benefits? Whilst this is difficult to answer without thoroughly assessing your circumstances, there is certain advice we can offer to help you decide on whether you should enter an equity release scheme. One of the first things to consider is whether your benefits are “means-tested” or not. Let’s firstly dig down into what means-tested benefits are and consider how and why these differ when applying for equity release. (more…)

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  • How to Fund a Round-the-World Trip with Equity Release

    By Equity Release Supermarket Team on

    Carpe diem – or ‘seize the day’ — may be an expression familiar to most people, but, for each, it can mean something completely different. For some people this might mean spending more time with the family, taking up new hobbies or revisiting old ones. For others, though, this can mean travelling to those ‘must-visit’ places or putting a few ticks on their bucket list. One of the commonalities between all these opportunities, however, is that money is almost always a necessity. A relaxing round-the-world cruise or embarking on an exciting African safari, for instance, is no easy feat when there…

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  • What Happens to my Equity Release Plan When I Die?

    By Equity Release Supermarket Team on

    At Equity Release Supermarket, we understand that when a loved one dies, dealing with their financial arrangements is probably the last thing on your mind. After all, this is a time to grieve without having to worry about trivial matters. That said, at some point in the future, you are likely to be in this situation. Perhaps you, a relative or loved one has already taken out an equity release plan. If this is the case, then it’s important that you know what happens to your plan when you die – and so we have developed this guide to answer…

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  • Equity Release Solicitors: What They Do and Why They’re Essential

    By Equity Release Supermarket Team on

    As you are reading this article, chances are you already know a thing or two about equity release and want to flesh out the finer details. If so, you’ve come to the right place. At Equity Release Supermarket, we are long-standing members of the Equity Release Council, or ERC (the industry’s governing body), which means that we meet the high standards the Council sets out and have vast experience in advising our clients on what they need to do during the equity release process. One of these standards is that you must have at least one face-to-face meeting with an independent…

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  • The Pros and Cons of Equity Release

    Our home is our sanctuary, our haven of safety, and, for many, our biggest asset. It’s perhaps for this reason that last year nearly 39,000 UK homeowners used their property to boost their finances*. By using equity release plans, (the most common of which are known as lifetime mortgages), older homeowners are able to fund home improvements, help their children out financially or improve their lifestyles by accessing the money they have tied up in their property. However, lifetime mortgages are not for everyone, and it is essential that you weigh up the pros and cons of equity release before you…

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  • Would you like greater flexibility?

    By Carrie Ann on

    Medical experts spend a lot of time telling us how important it is to be flexible in later life. The adage of ‘use it or lose it’ couldn’t be truer when it comes to staying mobile and active as we get older. Flexibility gives us options and choices. We can try to keep up with the grandchildren, go for long walks or continue to do simple things – like carry the shopping. For the more adventurous amongst us, we could tick something off the ‘bucket list’ – like swimming with dolphins? According to a recent survey in the Daily Mail, swimming…

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  • How Flexible are Lifetime Mortgages for Residential Interest-Only Customers Looking to Escape & Maintain Status Quo?

    By Simon Maher on

    There has been much publication around the subject of interest-only mortgages in the residential property market and later life lending. One option for people stuck with interest-only mortgages and looking for a solution to repay and maintain status quo, is a lifetime mortgage. Here I wish to explain how the many flexible features of lifetime mortgages can help people in such situations. Over the last few years lifetime mortgage lenders have become more creative and launched more products to satisfy the ever-increasing growing demands of Lifetime Mortgage customers. As an equity release specialist, I have been advising on this product…

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