16th May 2018
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The buy-to-let market in the UK is estimated to be worth over £250 billion, and a recent announcement means that landlords may now release money from their portfolio, whilst leaving it intact. There are also products allowing equity release for owners of second homes.
Buy-to-let owners can secure equity release on any property in England, Scotland or Wales, worth from £70,000 to £6 million (with more expensive properties reviewed on a case-by-case basis), without undergoing an affordability check.
There are three options: the first provides a lump sum upfront, with interest rolling up for the duration of the loan; the second allows the landlord to service some or all of the interest; and the third enables them to make contributions of up to 10% of the initial sum every year without incurring an early repayment penalty.
In addition, products aimed at the owners of second homes are also available, also for properties from £70,000 to £6 million, with more expensive properties being reviewed on a case-by-case basis. The property has to be for the owner’s sole occupancy, and they must be in residence for at least four weeks each year.
I welcome these new products - they are yet another sign of the health and buoyancy of the equity release market, and the desire of providers to think ahead, to innovate and to bring out new products in the interests of their clients.
These certainly are exciting times for equity release. As always, if you have any questions at all about this issue, or indeed any other equity release matter, please do not hesitate to contact me in any of the ways detailed on this site.
Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back
We will be in touch as soon as possible to arrange a convenient time for a meeting, which is completely free of charge and without obligation.
I'll be in touch as soon as possible. If you'd rather call me in the meantime, please feel free to give me a call on 01489 45 45 45