Equity Release is attracting a lot more attention these days as a means to relieve the financial pressure. Most parents want to leave their children some financial legacy when they pass on but many feel the priority is to help now not later. Never has ‘financial security’ for families been a bigger priority.

With the right Equity Release product, you could free up stored wealth in your property and help a family member with some much-needed financial support. For example: one of our clients recently (*April 2019) borrowed £20K to help their daughter purchase a larger family home to increase their living space providing a good work-from-home environment. The interest rate secured (fixed for life) was 2.32% on the Equity Release product. The client wanted to service the interest to prevent the loan increasing over time and the daughter agreed to meet the monthly cost of servicing the interest. Including all costs the total loan was £22,500 and the monthly payment required to service the interest was £43.50 per month. Since then, various geo-political and cost of living crises have forced up lending rates across all platforms with Equity Release rates now anywhere between 6.5-9.85% depending upon age, value of property and sum borrowed.

Equity release is not right for everyone, but some important family needs could be met with careful, focused planning combined with competent, professional advice. Equity Release Scotland will provide you with a free, no-obligation consultation to discuss your options with no commitment to proceed. During this friendly chat, we can look at your situation, objectives and perhaps make some recommendations.