Many customers have contacted us to see how they can financially help their children, grandchildren and others in their family through these difficult financial times. As the stock markets have dropped so significantly, accessing any investments held to release funds to help can mean crystallising loses. Additionally, savings we all hold are precious to help many of us cushion the financial impact of the crisis, and we want to keep hold of them.
So how can you help? – I have been sharing ideas with some of my clients on how accessing the value within their properties could be an option to help loved ones. We are in difficult and unprecedented times so I wanted to share these thoughts with as many customers and indeed their extended families, friends and networks as I can. We all need to pull together with thoughts and ideas, on how we can help those close to us through these uncertain times.
Later Life Lending – for those over 55 years of age, releasing money from their property could be an option. There are different options available from a “Retirement Interest Only mortgage”, where you make monthly interest payments like a traditional mortgage but won’t owe more than the initial amount borrowed. A “lifetime mortgage”, sometimes referred to as equity release is where you’re able to take a tax-free lump sum, from the value of your property, that is secured as a loan against your home, typically without monthly repayments. Through, either way, you won’t need to pay back the money until you die or move into long-term care.
A mortgage or re-mortgaging – releasing new or additional capital from your property. A simple straightforward way to use your property value to release a percentage into cash. The Bank of England has cut the base rate to 0.1% in an emergency response to the “economic shock” of the coronavirus outbreak. This makes the interest rate the lowest ever in the Banks 325-year history, so borrowing money against your property value can be a cost-effective option now.
Our homes are precious to us, and an in-depth financial review needs to be undertaken to understand your own personal circumstances, the options, the risks and the benefits.
Please contact us today for “Free Financial Recovery Review”. We can talk you through these and other ways we can help you navigate the options and choices in the post-COVID 19 world we are all adapting too.