Over the course of the last decade it has become harder and harder to gain a proper foothold on the property ladder. For many people, the steady rise in house prices and stagnation with wages has led to a situation where many people are living at home with their parents for longer than in the past, or spending years on the rental market and having no means to save money for a deposit. At Equity Release Brokers we understand how important it is for you to be in a position to help your children and grandchildren however possible.
If you are one of these people, you might be able to help your children out, utilising the money that you have invested in your own home over the years – releasing it in order to help someone else have the funds with which to buy their first home.
There are more people living at home with their parents long into adulthood than ever before, with large numbers of people moving back home in order to save money for a deposit to put down when applying for a mortgage.
If there was a way of providing a substantial amount of money to go down as a deposit, this would help a person find it easier to get a mortgage, but where can you get that cash from if you wish to help your child?
What is Equity Release?
If you own a home and you are over the age of 55, equity release allows you to gain access to some of the financial investments you have made in your property over the years, and gift it to your children. This remains one of the main reasons why people over the age of 55 look towards equity release.
Equity release is a very simple process, with a Lifetime Mortgage taken out that allows you to release money from your home without moving. It is a loan secured against the property and can be taken out as either a lump sum or spread over a few years using a drawdown facility. There are different equity release packages to choose from, and our team will help you find the right one for your circumstances.
Gift Your Children through Equity Release
It is so hard to get on the property ladder for the first time these days, that if you are in a position where your children are struggling to find the deposit to buy their first property, and you have the chance to help them through an equity release plan, it is a no-brainer.
There are several equity release options open to you that offer the perfect way in which to help your children get on the property market. This could be equity release in a lump sum, or over a period of time in smaller payments. At Equity Release Brokers we have developed relationships with a wide network of providers, ensuring that our clients have access to the best equity release plans to suit their specific circumstances. To find out more you can speak to a friendly member of our team today by contacting us on 01277 620083 or info@equityreleasebrokers.com.
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