Find out more about equity release and over 55 home loans in Pimlico, W1?
Release some tax-free cash from your property in Pimlico, Westminster, or Waterloo without moving out. You may have heard of equity release and want to find out more because the industry is growing as people are looking for ways to enjoy their retirements, whilst still living in their homes.
Equity release works by allowing you to access some of your home’s value tax-free. If you are a homeowner aged over 55 and looking for ways to release funds in your later life, so you can renovate your home, help family members, or fulfil your travelling dreams, equity release might be the right option for you. Read our blog on the Bank of Mum and Dad.
To find out more about releasing equity, please call now on 0333 443 9825.
Why choose our Pimlico equity release company?
Releasing equity from your property is a big decision. It is crucial that you find equity release advisors who will act in your best interests and whom you can trust. There are many equity release companies out there, but here are some reasons to choose us:
- Our equity release company is completely independent and impartial and has access to hundreds of equity release products, enabling us to research the whole of the market to find the right product for you.
- We are FCA-regulated. We adhere to their strict code of conduct that guarantees our standards and follow all their guidelines which include only recommending products with a no-negative equity guarantee, which means your beneficiaries will never end up paying back more than the value of your home.
- Our equity release experts offer honest and helpful advice and will always act in your best interests. We are completely transparent in everything we do and we encourage children, relatives or friends to join your appointments so we can answer your questions.
- We only specialise in equity release and therefore, we are up to date with changes across the equity release industry. We will always offer a personal service and get to know you and your circumstances so we can find a solution that is tailored to your needs.
- We will also speak clearly and not use technical jargon, so you understand what we are saying.
- Equity release is not always the right choice for everyone. We also have access to residential mortgages and retirement interest-only mortgages.
To book a consultation with our independent equity release brokers, please call now on 0203 840 5011.
Pimlico property and releasing equity
Pimlico is one of the world’s most expensive and desirable places to live. Based in the heart of the city, it still retains a village feel and attracts some of the world’s most discernible homeowners. With Oxford Street to the North, Piccadilly to the South, Hyde Park to the West and Soho and Marylebone to the East, you can access the capital’s best spots in a few short minutes. It is a shopper’s paradise and is packed with restaurants, including the three Michelin-starred Alain Ducasse at the Dorchester.
If you are curious about how much equity you could release from your property, please use our equity release calculator.
According to the property site Rightmove, in 2021 the majority of property sales were flats and made an average of just over £3.35m. Terraced houses sold for an average of £4.5m. The average price in the area was £3.4m.
W1J Equity release: What is a Lifetime Mortgage?
Lifetime Mortgages are the most popular type of equity release plan. These financial products work by giving homeowners access to some of the value or equity tied up in their property. Unlike a traditional mortgage, which runs for a fixed term, a Lifetime Mortgage is designed to run for the rest of your life.
During this time, the property remains 100 per cent in your name and you are free to live there until you die or move into long term care. Unlike traditional mortgages, no repayments are made on the mortgage until the death of the last surviving borrower or them moving into long term care.
Interest typically rolls up and increases over time. Any proceeds left after repaying the provider are then passed on to your estate and your beneficiaries. However, Lifetime Mortgages also offer a lot of flexibility and many plans now offer the choice to make monthly interest repayments to stop the interest from accruing.
There are also different ways to receive your payments, you can decide to take cash as a lump sum, or in several smaller amounts over time, known as a Drawdown Lifetime Mortgage. In both cases, the money you receive is tax-free and you are only ever charged on the interest on the amount you withdraw.
There are hundreds of different Lifetime Mortgage products available and we can search across the whole of the market to find the right one for you. Each product will have its own rules about how much it will release. The maximum Lifetime Mortgage facility tends to be based on the following criteria:
- Age of the youngest homeowner- minimum age is 55
- Valuation of the property – minimum value is £70,000
- Health and lifestyle of the homeowners
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Home reversion plans near Westminster
The other type of equity release plan is known as a Home Reversion Plan. This is a type of equity release scheme where part or all of the homeowner’s property is sold to the plan provider in exchange for a tax-free lump sum or regular payments. Our equity release brokers near Westminster, Pimlico, or Marylebone generally do not recommend these plans. See our FAQs.
Appointments can be arranged in the comfort of your own home with Martin in Pimlico and the surrounding local areas including:-
