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Equity release - a good idea?

What are the merits, and downsides, of releasing equity from your property?

Alan Innes,

Partner at Pagan Osborne, responds to a letter on the matter:

I was interested to read the recent piece on the rise of homeowners turning to equity release in Wednesday’s paper (Finding the key to a happier retirement).

The same picture is reflected here in Fife as we have clients who are actively looking into the possibility of releasing funds from property. People can, in certain circumstances, use their home as a means to generate an increase in cash flow for a variety of reasons, such as retirement,  or to help pay for renovations to their homes or gardens.

Whilst it can be an effective way to free-up cash, it is really important that people are aware of the risks involved as well.

By turning to equity release, this means re-mortgaging a property which will undoubtedly create a financial implication later on whether for yourself or those who you wish to leave your estate to in a Will.

If anyone was considering using this method to help fund a trip away, a new kitchen or to perhaps pay for the grandchildren’s school fees, my advice would be to make sure they seek advice from a trusted financial advisor who is trained and qualified in this niche area of finance.”

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Want to work with a local, friendly company? Then find your nearest Pagan Osborne office to you below. However, we also work with clients throughout the UK so you can call any of our numbers and our helpful reception staff will be happy to forward on your call to the most appropriate expert to suit your needs.

Edinburgh
Clarendon House
116 George Street
Edinburgh
EH2 4LH Call Us
Tel: 0131 624 6820
Fax: 0131 220 1612
2 Comiston Road
Morningside
Edinburgh
EH10 5QE Call Us
Tel: 0131 539 3333
Fax: 0131 538 7204
St Andrews
106 South Street
St Andrews
Fife
KY16 9QD Call Us
Tel: 01334 475001
Fax: 01334 476322
Cupar
12 St Catherine Street
Cupar
Fife
KY15 4HH Call Us
Tel: 01334 653777
Fax: 01334 655063
1 Crossgate
Cupar
Fife
KY15 5HA Call Us
Tel: 01334 656525
Fax: 01334 654119
Anstruther
Pagan Osborne
5a Shore Street
Anstruther
Fife
KY10 3EA Call Us
Tel: 01333 310703
Fax: 01333 311918

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