If you’re dreaming of a holiday home in the sun equity release is one option that could help you fund the purchase.
‘According to the Equity Release Council, older homeowners unlocked a record £971m from their homes in the second quarter of 2018. More people than ever are using their property wealth to fulfil their retirement ambitions, including buying properties overseas.’
The most popular type of equity-release plan is called a lifetime mortgage. You can either unlock a lump sum from your home or withdraw capital in stages to an agreed limit.
You must stay living in the UK for at least 6 months of the year, remain a UK tax payer and make sure your property is taken care of.
Equity release, although helpful, should not be entered into lightly and we highly recommend discussing your options with an expert before making an decisions.