Dorset's Only Equity Release Council Solicitors20th Jan 2015
New figures released today show that equity release lending across the UK last year hit a record level – £1.38 billion.
That figure smashed the previous record (£1.21 billion in 2007) by 14 per cent as more than 21,000 new customers used equity release to boost their income.
Coles Miller is one of only 15 law firms in the UK to be a member of the Equity Release Council – the only one in Dorset (and we’re happy to help you wherever you live).
Our solicitors have seen a high increase in demand for equity release as older homeowners (55+) seek to unlock value from their homes and turn it into cash.
Equity release is handled by our Wills, Tax and Trusts team which can also advise on care home funding and powers of attorney.
An equity release scheme is effectively a mortgage in reverse. You are borrowing money against a property that you already own.
It’s one way for senior citizens to top up their pensions. As Britain’s population demographic changes, more people are finding themselves in the position of being ‘house rich but cash poor’.
Equity Release Council loans are protected by the original Safe Home Income Plans (SHIP) standards and regulated by the Financial Conduct Authority.
So the loan would be written off if it were ever to exceed the value of the home against which it is secured.
Equity release offers you a good opportunity to make your retirement more comfortable but it pays to get expert advice from specialist solicitors because it is not for everyone.
Borrowing against the value of your home means there would a smaller inheritance for your loved ones.
There may be other options which would be better suited to your financial circumstances and we can advise you accordingly.
Want to know more about equity release and its alternatives? Contact Coles Miller Partner Anthony Weber, 01202 694891 for more information.