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How do I find the ‘best’ equity release plan for me?

Are you considering whether releasing equity in your home is the right thing for you? Then you may be wondering how to find the best equity release rate. But what does ‘the best’ actually mean?

Firstly, it’s worth remembering that equity release is not a case of ‘one size fits all’. The plan that’s ‘best’ for one person isn’t necessarily right for another. That’s why we recommend seeking advice from a qualified adviser. They will take your circumstances into consideration and search the widest range of plans, ensuring you find the optimum product to release equity from your home.

At 55Plus we will arrange for the release of equity from your home in the form of a tax⁠-⁠free lump sum or a series of withdrawals, walking you through how to release equity in your home and make sure you’re happy before you go ahead.

Our team of qualified advisers will help you decide whether equity release is the right option for you. If it is, they will search the market to find the most suitable plan for you and your situation.

Why we don’t recommend price comparison websites

Trying to find the right equity release plan for you is a complex process. It will need to take into consideration your personal circumstances and other factors to ensure that you’re going to get a solution that works for you. Although price comparison sites can offer a quick solution, they really don’t take into account enough variables to truly know what’s going to work for you as an individual.

When you think about it logically, would you really want a computer to inform you on a big financial decision? Probably not. Instead, you’re going to want to work with a person who can understand your unique circumstances, wants and needs and be able to devise a specific plan just for you. That’s why we never recommend equity release comparison sites – if you’re really after the right deal, speak to an adviser directly.

Is equity release right for you?

Equity release can help you achieve your goals, but it isn’t going to be right in every single case. Unlike many of our competitors, we’ll never recommend you take out a product if we don’t feel that you’re actually going to benefit from it. In fact, we’ll point you in a different direction if we think you’re better placed to use a different method. For us, the customer always comes first, and we’ll never sacrifice our values for the sake of profit.

For many people equity release is a viable option to help them achieve their goals, be that for remortgaging their home, moving house, paying for home care or helping friends and family. If our expert advisers feel like you could benefit from releasing some equity from your property, then they’ll partner with you to devise a plan that truly works for you.

What to consider when releasing equity

Our advisers will be able to take into a range of different variables when they’re devising your specific equity release plan, but some of the common things we look for are:

What property you own: The type of property you own is a very important factor for lenders when they’re considering whether to lend to you. For example, some lenders won’t consider properties when they’re listed or have very large gardens, this doesn’t mean that you’re not going to be able to find the right product for you, it just means you’ll need a specialist on hand who understands the requirements from different lenders.

Why you’re releasing equity: Our advisers also consider why it is that you’re releasing equity in the first place. For example, some plans enable you to pay off the loan early without being penalised, if this is something you’re likely to be doing then you’ll want this option to be available to you.

Whether you’re going to pay off your interest: Some plans allow you to pay off the interest on your loan as you go, reducing the amount that will have to be repaid when your house is sold. It’s also important to consider whether you’re going to be able to keep up with these repayments, again, our advisers can work with you to help you understand what’s realistic for you.

Flexible terms: Some plans are a lot more flexible than others, if you’re uncertain about what the future is going to hold this type of plan could be great for you, for example, some allow you to switch from repaying interest to not.

Specialist equity release advisers to get the right plan for you

Our expert advisers will be able to consider all these factors to get a shortlist of different options available to you, from here, they’ll also be able to signpost the most competitive ones, taking into consideration the terms of the agreement and the interest rates. Again, we never allow our customers to take out a product unless they’re 100 per cent satisfied that they’re doing the right thing, that’s why we encourage you to bring along family members to your discussions with us, to make sure that everyone’s on board with the idea.

If you want help finding the right equity release product for you, please get in touch.