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On this page you will find answers to many frequently asked questions about equity release, if you cannot find what your looking for please do not hesitate to contact us:-
SOME FREQUENTLY ASKED QUESTIONS ABOUT EQUITY RELEASE SCHEMES:
How much does Warwick Financial Solutions charge for arranging an equity release plan?
Unlike many equity release specialists, we do not charge large fees to the client. We charge a one off fee for advice and arrangement of your equity release scheme of just £200.00 (Plus a maximum fee of £500.00 payable on completion).
Will I ever owe more than the value of my home?
No, all our recommended equity release schemes have a no negative equity guarantee, and conform to the standards laid down by Safe Home Income Plans (SHIP) organisation.
How much can I borrow?
The amount you can borrow depends mainly on two factors, the value of your home and your age.
As a general rule, the older you are the more you can borrow as a percentage of your property.
Please contact us for your personal illustration.
Can I borrow money for any purposes?
Yes, money can be borrowed for any purpose you wish.
Can I sell my House?
Yes, you can sell at any time. You can transfer the loan to a new home or, if you are not buying another property, you can simply repay the outstanding mortgage plus the interest that has rolled up from the proceeds of the sale (Repayment penalties may apply depending on scheme and Lenders terms and conditions).
What happens if I die or move into residential care?
If you’ve taken out a Lifetime Mortgage (equity release) on your own, then it must be paid back when you die or move permanently into residential care. In the case of couples,the loan must be paid back on the death of the last surviving borrower, or if they move into residential care.
On death, the repayment of the Lifetime Mortgage is generally arranged by the borrower’s executors, who sell the property and pay the amount due to the lender from the proceeds of the sale.
The Lifetime Mortgage must be repaid within six tp tweleve months(depending on lenders terms and conditions) of the death of the last surviving borrower, or their permanent move into residential care. If it is not repaid within that time, the lender reserves the right to take possession of the property and within that time, the lender reserves the right to take possession of the property and sell it. The proceeds of the sale after selling costs and repaying the Lifetime Mortgage goes to the borrower’s estate
What type of property is eligible for equity release?
Equity Release mortgages are available for remortgage of your home, a new house purchase, a Buy to Let or even a Holiday home.
Please contact us for more details.
What areas of the country do you cover?
Our Advisers cover all areas of the UK, including regular visits to Birmingham, Coventry, all areas of Warwickshire, West Midlands, Worcestershire, Oxfordshire and Shropshire and across to Wales.
We have advisers who make frequent visits to London, Berkshire, Surrey, the Home Counties, East Anglia then down to the South Coast, and the West Country including Devon and Cornwall.
So wherever you are in the UK we are always prepared to deal with your Equity Release requirements.
More Questions???? please feel free to contact us with your questions...
Email: equityrelease@warwickfs.co.uk
Tel: 0800 9800033
We advise all kinds of people across the UK, why not contact us today............
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Warwick Financial Solutions Limited is authorised and regulated by The Financial Services Authority. Warwick Financial Solutions Limited is entered on the FSA register (www.fsa.gov.uk/register/) under reference 476454.