Tip number 1: use a professional advisor, anyone providing advice has to be authorised and regulated by the Financial conduct Authority.

Tip number 2: Take your time there’s no rush, it’s an important decision, make sure you understand your options and don’t be afraid to consider taking advice from one or two different advisors and discuss your plans with the family before you decide to proceed. We encourage our customers to do research and ensure you understand all the options before committing.

Tip number 3: If you don’t need the maximum amount don’t take it, the higher the initial release of funds, generally…… the higher the interest rate. Not many customers are aware that the advising company receives a higher commission the more you release! Our customers know this because we tell them!! ……… often, it’s not in your best interest to take the higher amounts. Perhaps take a small amount and have a reserve facility that you can dip into in the future if and when you need it. You don’t pay for the facility and you ONLY start paying interest on the loan or the loan only starts accumulating interest when you take further funds.

Tip number 4: If you just want an idea of what you ‘might’ be able to borrow enquire online with a company that gives you a calculator but DOESN’T capture your personal data!! They do this just to be able to continuously market to you! There’s nothing worse than putting your personal details onto an online platform only to get call after call or; emails galore when all you wanted was an idea of what you ‘might’ be able to borrow…….. our equity release calculator (click link) does just that! No Name, No Phone Number, No email address required. It just asks what’s the value of your home and what’s your age? The system will then give you a very basic idea of what you can borrow. ‘IF’ and only if you want further information you can then go on and put your details in.

Finally, Tip number 5: Don’t rush! (I know I’ve already said that) but it’s worthy of doubling down on. There are so many factors that need considered; property type, it’s construction….. where it is, some markets have unique property types, corrugated iron roofs on the West Coast of Scotland aren’t uncommon, Ex-Local Authority – Cottage Flats, four to a black as they are known, eco-self-build we can go on and on. Your personal circumstances are so important, are you getting any benefits? Using and Equity Release product could affect these. What are your future plans? Getting into an Equity Release – Lifetime Mortgage is one thing but what if I need to get out o it? …. to sell and move or need to go into long-term care what happens then…?

Don’t rush take your time and if you want professional, tailored advice in Scotland consider our services we are Scotland’s fully independent choice for ‘best advice’.