Equity Release as an Expat

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Many people wonder if they can still do equity release if they are an expat. While the answer is yes, you can; there are some things to bare in mind.

Equity Release

Equity release is the process of unlocking cash from your property without having to sell it. You can apply to do this as long as it is your primary property, meaning you must live there for at least half the year and are over 55. This is an appealing option for anyone looking to release funds to invest in a property abroad.

Increasing numbers of people choose equity release once they reach retirement age as there are many benefits. They can enjoy the money while still enjoying the property – whether it be as a home, rental, or investment.

Buy-To-Let Equity Release

Releasing equity from a buy-to-let property is another option, although these products are not as easy to find. You could find tougher criteria than regular equity release, but many people use this option to fund buying a property abroad. Consult an equity specialist, such as Equity Release Brokers, to ensure you have all the required information.

Landlords with multiple properties may wish to apply for equity release from more than one home. Discussing your plans with a professional adviser will give you a clear idea of the criteria and requirements so you can make an informed choice. There are many products, and different ones will suit different homeowners and situations. There is no one-size-fits-all approach to equity release.

Eligibility

So, what products are you eligible for? The primary product will be the rental equivalent of a lifetime mortgage as instalments or as one sum, with the maximum amount to be released standing at 44%.

You must also meet further criteria, being that you have tenants, have sufficient equity available and are over the age of 55 at the time of application.

Equity release as an expat is most certainly possible and a fantastic option for many people, particularly those wishing to retire and invest in property abroad. While this decision requires careful consideration, there are many benefits. However, you must be clued up and aware of the criteria, potential figures and potential stumbling blocks. The only way to ensure you are armed with the correct information to decide is to seek professional advice from an Equity release specialist.

Contact Equity Release Brokers on 01277 620083.

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