Equity Release can help Loved Ones get on the Property Ladder
Getting onto the property ladder is becoming something of an impossibility for many younger would-be borrowers. Mortgage lenders demand a minimum 10% deposit rising to 25% if a lower interest rate is desired. But there could be a way of raising this money, says Geoff Charles, Managing Director of Bower Retirement Services, and it could well get the property market moving.
The solution to the deposit dilemma could well lie with their parents or grandparents, people who, more than likely, would be only too pleased to help their children or grandchildren onto the property ladder given the chance. But how?
If these older family members own their own property, it is likely they have cash locked up in it that could be released via an Equity Release plan and used as a deposit.
Geoff Charles, Equity Release specialist and Managing Director of Bower Retirement Services (http://www.brsequity.co.uk), says: “One of the major uses of Equity Release is to provide financial help to friends and family and ‘giving an early inheritance’
Geoff Charles stresses the importance of taking specialist independent financial advice when considering equity release. “Equity release is not always the right option, but by taking a high level of in-depth, independent advice from an Equity Release specialist, homeowners can rest assured they will be going down a safe avenue that is right for them, their family and their particular circumstances because every other option will have been considered.”
Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist whole of market advice on equity release throughout the south of England. For more information e-mail info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a free, no obligation initial consultation to homeowners considering Equity Release.
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