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Equity Release ScotlandEquity Release Scotland
For homeowners who are over the age of 55 and have a home valued at over £100,000 (or £150,000 if it’s an ex-council house), you are able to release cash from your home with one of the most respected financial institutions in the UK.
Legal and General appreciate that giving up equity in a home is a big decision and that this kind of mortgage is not for everyone. Similar to our advice at Equity Release Scotland, L&G often suggest that you seek independent advice before you pursue a lifetime mortgage, because it is a long term commitment. However, if you’ve done your homework, or you feel that you want to take advantage of the equity in your home, then deciding to go with Legal & General has a host of benefits.
Their equity release product offers a lot of flexibility. You can take a lump sum out in one go, or it can be taken out in smaller amounts over a period of time. If you take it out in smaller amounts, the interest rate for that amount will be dependent on the interest rates at the time the amount was taken out.
The whole concept of equity release is positive. At no point should you find yourself in the situation where you might have to pay back more than the property is worth? Legal & General guarantee that can’t happen, you’ll never have negative equity in your property.
Many people look at equity release to ease up some financial pressure in the short term, but they’d still like to leave some equity in their home for inheritance. Legal & General have allowed for that, you have self-imposed limitations set on the amount you can borrow.
For those property owners who might be interested in making some repayments for the equity released, you’re able to repay somewhere up to 10% of the loan each year, without suffering from any early repayment charges.
There are not many limitations which makes it accessible to most people looking at Equity Release in Scotland in 2017. There is an age restriction. You need to be over 55-years old.
The property needs to be of standard construction and have a minimum value of £100,000 or £150,000 if the property is an ex-local authority property.
The interest is determined at the time the mortgage is taken out. If you take out the mortgage in one lump, then it’s simply the interest rate that’s offered at the time. Legal & General offer very competitive rates.
If you decide to have the equity released in smaller lumps, then each sum will have its own interest rate, connected to the interest rate on offer at the time the money is released.
When you take out equity from your home, then you will naturally reduce your inheritance value of the property. However, it’s something you are able to plan ahead for, and set limitations on how much equity you are able to take out. You get the best of both worlds.
L&G has been providing financial services since 1836. They’ve been in this business a long time and they’ve built a solid reputation for being dependable, which is always important with assurance and mortgage type products.
But it’s not just their longevity which is important, they’re also very successful. They make a net profit of almost £2 billion every year. That’s a serious business who are good at what they do.
When you’re looking at releasing equity in your home, it’s stressful. Your home is possible your last remaining asset and you’d want to protect it, possibly have it as inheritance for your family.
If you’re making the decision to release equity, you really need to be working with the most reputable companies to give you that peace of mind. Legal & General have been offering these services for almost 200 years. They are the type of company you should be looking to speak to.
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