Pros and cons of the downsizing alternative to equity release
4th January 2016
Home owners considering downsizing should certainly be aware of stamp duty, legal, removal and estate agency fees, as well as the emotional cost of moving away from the family home, neighbours, friends and familiar local services.
Keep in touch!
Sign up for emails on the latest news, updates and offers on our growing range of products and services.
Equity release customers are accessing some of the funds from their property wealth without having to tackle the financial and emotional issues involved in moving home.
Cost is an important factor for many homeowners who choose to stay and improve their home rather than downsize.
Stamp duty, legal and removal fees and the cost of turning their next house into a home make downsizing an expensive option for many.
The risk of losing touch with friends and family and local services, including healthcare, can also impact negatively on the decision to move.
Downsizing is logical and sensible and should work in theory for many, but turning the theory into practice is tougher than it seems and the theory overlooks a wide range of issues that are important to retired homeowners.
If you have any questions about the subject matter of this blog, or would like more information on any equity release related point, please do not hesitate to call me on 01489 45 45 45, or to contact in any of the ways highlighted on this website.
Why not get in touch and see how we can help?
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
Providers include
Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.
Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.
A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.
