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Equity Release

MG Financial Solutions is one of only 700 qualified practitioners in the UK to offer advice and deliver the Equity Release service.  Managing Director, Martin Graham recently said:

“The equity release market is growing now it is fully regulated by the FCA and it is being used to meet mortgage holders needs in a responsible manner.”

“Equity release is available to people over the age of 55 in the UK, whose circumstances suit this type of mortgage product.  Equity can be released by the lender and the loan is paid back when the borrower dies or moves into care and the property is sold.  The practice is now regulated by the FCA, with only specialists allowed to advise and deliver this service.”

“There are choices available in the Equity Release market that free up capital from your existing property that can be put to another use, for example to improve the property, to gif to family to get them on the property ladder or to consolidate debts and reduce outgoings.  Our main advice is that whatever you choose to do with the capital be upfront and transparent with your family and loved ones.”

“As more parents help their children get on the property ladder, equity release is becoming more popular.  The decision to do this, or to pass on funds now rather than wait until the inheritance time, has to be a very open family matter and we would always advise ensuring that all parties are consulted.”

“Other reasons to for following the equity release route are emerging, with people not wanting to downsize to accommodate the “boomerang generation” or it could be they are still working in later life or they want to enjoy their retirement by travelling more and looking into the equity release option can help people benefit for all of these reasons.”

“Whatever your reason, there are a number of steps you should take to safeguard yourself, your property and your finances.”

“Firstly, make sure you are talking to an adviser of an FCA regulated firm and don’t be afraid to ask for proof they have the relevant qualifications.  Under current rules, all firms offering equity release products must offer free initial advice.  The adviser must make sure equity release is the right option for you and if it is, only recommends a product that is suitable to your circumstances.”

“You also need to bear in mind that you may have to show evidence of your current and future income, including outgoings, bank statements and pension statements.  We will need to know all debts, household bills and living costs.  It’s a bare all process and can be complex so we always recommend independent legal advice and can introduce clients to a number of expert solicitors in the area.”

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