Rates have fallen on equity release: check your needs to find the best deal

Five-year fixed mortgage rates have plummeted over recent months and are now almost as cheap as two-year deals, prompting many borrowers to consider locking in for longer. The average two-year fixed.

Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. You can do this via a number of policies which let you access – or ‘release’ – the equity (cash) tied up in your home, if you’re 55+. You don’t need to have fully paid off your mortgage to do this.

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2) home reversion plan: You need to be at least 60 to get this, and here the equity release provider will buy a portion of your house (below the market value), and in exchange they give you a tax-free lump sum. You’ll still be able to live in your house rent-free until you die.

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Should I do equity release. best thing to do. It may affect your monthly income by reducing your savings but it will reduce the outstanding balance and the amount that you need to deal with -.

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However, some do so in order to release some of the equity they have built up in their property, which they can then put towards home improvements, repaying other debts or offering financial help to loved ones. This guide explains what you need to know about releasing equity from your home – from the pros and cons to how to do it.

Meanwhile, your outstanding mortgage has fallen to 170,000 as you’ve made your monthly payments. In this example, you have 130,000 equity in the property (300,000 minus 170,000). If you are simply looking to remortgage to find a cheaper rate, then the amount you would look to borrow would be 170,000.

Unfortunately, based on your details you wouldn’t be eligible for equity release from Aviva. Whilst our equity release might not be right for you, you could consider speaking with a financial adviser to explore other options. If you don’t currently have a financial adviser, you can visit www.unbiased.co.uk to find one in your local area.

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