Equity release & lifetime mortgages can play a crucial role in retirement funding, helping other family members with a first-time purchase or perhaps pay for university tuition. Others use funds to purchase investment property.
There are many reasons you might consider equity release:
Just some of the providers we use...
Tap into your Collateral in a Safe Way
The flexibility and safeguards which are built into plans from Scott & Goose complies with the Equity Release Council product standards and have enabled thousands of homeowners every year to tap safely into their housing wealth without having to worry about making monthly repayments.
We Offer Personalised Financial Solutions
If you are thinking of taking out an equity release plan, then you need to find out as much as you can about your options. As only then can you weigh up the advantages and disadvantages of equity release. It has to be right for you, and everyone’s situation is unique.
This is why Scott & Goose have qualified financial advisers who will help you to understand the steps involved and talk you through your options, the effects this might have on state benefits, as well as tax (this including inheritance tax), as well as any other obligations.
Our advisers take care to explain all the benefits of equity release and show how, done correctly, that it should have no impact on an individual’s tax position or their state benefits.
However, each individual’s circumstances are different, which is why we take such care when discussing whether releasing equity in this manner is the best option.
Find out how much equity you could release
Many factors are taken into account by the lender, your age, health, and the value of your home. Use our Equity Release Calculator tool to see how much money you might be able to release from your property. It only takes a couple of minutes and you don’t have to provide any personal details if you don’t want to.
No personal information required, get instant results
There are many ways to borrow against your property
In the modern equity release market, there is a range of products to choose from, with new and innovative products being created regularly. This means that whatever your equity release needs, there is likely to be a plan available to meet them.
Part of the customer’s choice will be which type of plan is required, as unlike some other equity release advisers, we are also regulated to offer alternatives should a mortgage (or remortgage) be a better option.
What our customers think
Proud members of the Equity Release Council
Members work within the council’s guarantees as part of a commitment to ethical equity release.
• No Negative Equity Guarantee — you will never owe more than the value of your home.
• You will not lose your home and can remain there for as long as you wish providing it remains your main residence.
• You have freedom to move to another suitable property subject to the new property being acceptable to your product provider.
Dispelling Equity Release myths
For many homeowners over the age of 55, equity release could be a good option to borrow money as a lump sum or a drawdown facility to supplement their incomes, repay and consolidate debts, pay-off current mortgage or just to give them some free cash so that they can enjoy some of life’s luxuries or financially help loved ones.
A Lifetime mortgage involves taking a type of mortgage that does not require monthly repayments, although, with some plans rather than rolling up the interest, you can opt to make monthly repayments if you wish.
You retain ownership of your home, and the interest on the loan is rolled up (compounded). The loan and the ‘rolled up’ interest is repaid by your estate when you move to a smaller house (downsizing) when you die or when you move into long-term care.
If you are part of a couple, the repayment is not made until the last remaining person living in the home either dies or moves into care, meaning that both you and your partner are free to live in your home for the rest of your lives.
Interest rates range from 2.44%, which is substantially lower than mortgage standard variable rates.
There are no checks needed by a lender for this form of borrowing. There is no need for credit approval or a means test from the lenders, something that offers even more peace of mind and greater certainty.
Lifetime mortgages are the most popular type of equity release plan and can be taken out either as a single lump sum, a regular income, or via ‘drawdown.’ These systems are a great way of supplementing your pension, making life that little bit easier in a safe and controlled manner.
A lump sum may be right for you if you have a significant one-off expense, such as repaying an interest-only mortgage or making major home improvements, or helping loved ones with a deposit.
You, as the borrower and homeowner, can have a fixed rate or variable based on the value of the house. And, of course, you have the right to remain and continue to live in the property until you pass away or move into a care home.
However, as with any big decision, you may want to take legal advice before you start the loan application and sign up.
We can also guarantee you will never be in negative equity, so you can be sure you will still be able to offer an inheritance to your loved ones.
We also appreciate that taking out equity release is a big financial decision, and that’s why our patient and experienced advisers provide quality advice from the whole of the market and offer a full appraisal with no pressure, covering things like early repayment as well as a host of other issues.
If Equity Release is not appropriate, you can be sure that we will tell you.
We’ll explain all the benefits, pitfalls and offer alternatives if we feel they are appropriate.
If we don’t think equity release is right and a good option for you, we will say so. It’s that simple. You can be certain that you won’t be forced into making any decisions that aren’t right for you or your family.
We are sure you will be amazed at how much cash you can safely release from your property. The benefits can be simply amazing.
You can trust Scott & Goose
Scott and Goose is directly authorised and regulated by the Financial Conduct Authority under reference 661183.
Being a small independent company, we can offer a genuinely personal service with direct access to your adviser via mobile during the day, evenings and weekends.
Need more information?
The best way we can help you is to have a quick conversation to understand your situation and recommend appropriate products. Contact us today for a no-obligation discussion.