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Equity Select provide independent equity release advice in Burton on Trent.

When you’re heading towards or starting your retirement, you may find yourself wanting a little extra money for any number of reasons: people are living longer, you may have unexpected demands on your finances from family, or your pension(s) may not be living up to expectations.

This can feel as though you have no freedom to achieve any further life goals. It’s often forgotten that a large proportion of your wealth is locked up in your property.

Equity Select have been helping people throughout Burton understand more how equity release mortgages work and advising whether it’s the right option for them.

We truly believe that our passion to help you and our determination for you to succeed financially is what makes us different from others!

Additional Details

  • Equity Release Adviser Qualifications:Certificate in Regulated Equity Release (CeRER)
  • Typical Fee:£1,000
  • Financial Conduct Authority (FCA) Number:944444
  • My pronouns are:He/Him/His
  • Advice Methods:Face-to-Face (Office), Face-to-Face (Home), Face-to-Face (Public Place), Telephone
  • Languages Spoken:English
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    Q Will I be able to release equity even if I still have a mortgage?

    Yes, though you’ll have to use the funds released to repay your outstanding secured loans. Any money left over will be for you to spend as you wish

    Q Will I still own my own home?

    With a lifetime mortgage, yes, you’re in control and may live in your home as long as you want to. With a home reversion plan, the reversion company will own all or part of the property, although you may live in it for the rest of your life.

    Q Will I be able to move house?

    Subject to the lender’s criteria, you may transfer your existing plan to a new property.

    Q Will I ever fall into negative equity?

    No. The providers I work with offer a “no-negative-equity guarantee”.

    Q What about repairs and maintenance?

    You’ll be responsible for having both the relevant insurance policies in place for your property and for maintaining the property.

    Q Will I have to make monthly payments?

    Depending on the equity release product, you can either make monthly interest payments, ad hoc partial interest payments or no monthly payments at all. We’ll discuss this when deciding on the best plan for your needs.

    Q Will I be able to pay back released equity early?

    Yes, you may pay the equity back early, although this might be subject to early repayment charges. We’ll explain these in full at our initial meeting, as there are different options associated with each equity release product.

    Q Are there any restrictions on what I may do with the money?

    No, the equity release funds are tax free and may be spent in any way you wish.

    Q Will I be able to leave an inheritance for my family?

    Yes, there are plans that allow you to leave a percentage of your property’s value to your beneficiaries. In addition, any funds remaining after the plan has been paid in full will be left to your estate automatically.

    Q What happens if I go into long-term care?

    Whether you’re single or one of a couple, if you need care in your home, this isn’t likely to affect the terms of your plan. For couples, if one of you leaves to go into a care home, the other can continue to live in the property, and your plan is normally not affected. The plan will end if both of a couple or you as a single person have to move into a care home.

    Q What happens when I pass away?

    The property will be sold once the last surviving spouse of a couple or you as a single person have either moved into long-term care or have passed away. The sales proceeds are used to repay the equity, and any money left over forms part of your estate.

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