Wealden Times | WT265 | June 2024 | Education Supplement inside

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Equity Release - Things to Consider
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W
ith an increasing number of
schemes available there is
more choice and flexibility
than there has been in the past.
Local expert, Sarah Ferrell, is a great
advocate of Equity Release, however
as she says, “It is a transaction that will
“last a lifetime” so careful consideration
and good advice are needed”
Sarah gives us her top tips when
considering Equity Release:
1. Get advice
This is a lifetime financial decision. There
are so many different plans available, so
finding the right combination of features
to suit your circumstances (both now and
later in life) is of paramount importance.
It is the role of the adviser to make sure
you understand all the costs, key points
and restrictions that may affect you.
2. Carefully calculate how much
you need and when you need it
Any release comes with a cost and it
is important not to release more than
necessary. I recommend my clients write
a “shopping list” to accurately note
how much they require and how soon
they need the money. If, for example, a
proportion of the funds is needed for a
project in 12-18 months’ time, I might
recommend an initial release with a
future drawdown facility to reduce
the effect of interest longer term.
3. Consider alternatives
I have seen Equity release do a
huge amount of good, however it is
not right for everyone. I encourage
my clients to consider other ways
of raising the funds, to make sure
this is the right route for them.
4. Involve a friend or family member
If you have children/beneficiaries
it is very likely that, at some point,
your family will need to deal with the
lifetime mortgage. If appropriate, I
would recommend a conversation
with family and would always welcome
multi-generational meetings
5. Consider making payments of interest
If you have the means to pay, even a
proportion of the interest during your
lifetime I would more often than not
recommend this as it protects the equity
in your home – not just for those you
leave behind but, more importantly,
for your own benefit should you need
more financial options later in life.
ADVERTISEMENT FEATURE
Call Sarah on
01622 631372 or 07789 007447
or e-mail her at
sarah@ferrellfinancial.co.uk
You may find answers to
some of your questions at
www.ferrellfinancial.co.uk
Ferrell Financial Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your
needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances.
Ferrell Financial Limited is authorised and regulated by the Financial Conduct Authority. Registration number: 678768
lifetime I
home –
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