Existing Equity Release maxed out and need to move home

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Hi
My wife and I own our home and have maxed out on our Equity release
I have recently been diagnosed with terminal advanced prostate cancer
Because of this we I need to move to a better suited home with downstairs toilet and bathroom.
This process is proving to be expensive
Our current Equity release company says we can't raise more money
Just wondering if anyone has any advice or experience?
Especially if there are any other Equity Release companies who are more 'friendly' in this situation

Many thanks

Andrew

  • Dear Andrew

    Thanks for getting in touch. I’m sorry to hear that you are struggling to find a suitable equity release option. The amount of money you can access through equity release is dependent on several factors including the type of equity release product and the amount of equity you have left in your home.

    I understand that you are looking to release further equity from your home with the view of moving into a new property with more suitable facilities. Another option might be to check whether there are other ways financial needs can be met. For example, by:

    • Checking if there are any benefit entitlements
    • Checking to see if the local authority can help to pay for essential home improvements
    • Tracing any lost pensions using the Pension Tracing Service at www.gov.uk/find-lost-pension or by using the Gretel service www.gretel.co.uk
    • Consider using savings or sell investments (always think about getting professional financial advice before doing so)
    • Explore whether a Retirement Interest Only mortgage might be available (see below)
    • Sell up and buy somewhere smaller and cheaper (downsize)

     

    In the meantime, I have included some information below which you might find useful in finding more information of Equity Release options and where you might access further support.

     

    The link below from MoneyHelper also has some useful information on equity release.

     

    What is equity release? | MoneyHelper

     

    Independent Financial Advice

     

    Before making any decisions about equity release and retirement interest only mortgages, speak to an independent financial adviser who specialises in this area. Please speak to family and friends to see if they can recommend an independent financial adviser, or alternatively visit http://www.thepfs.org/yourmoney/find-an-adviser/ who will give you the details of advisers in your area.

     

    When choosing a financial adviser, you should also always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA) to provide financial advice.

     

    You can check individuals and companies on the FCA register;

     

    Home (fca.org.uk)

     

     

    If you would rather speak to the FCA directly, they can be contacted on 0800 111 6768 from 8am to 6pm, Monday to Friday (except public holidays), and from 9am to 1pm Saturdays.

     

    Legal Advice

     

    As part of the Equity Release Councils consumer protections, there is a requirement that anyone taking equity release obtains legal advice.

     

    Please see below for further information;

     

    https://www.equityreleasecouncil.com/find-a-member/solicitors/

     

    https://societyoflaterlifeadvisers.co.uk/

     

     

    Finding a solicitor

     

    To find a solicitor, talk to family and friends for a personal recommendation. Or visit the Law Society of England & Wales website:

     

    http://solicitors.lawsociety.org.uk/

    Or call the Law Society of England & Wales on 020 7320 5650

     

    To find a solicitor based in Scotland, visit the Law Society of Scotland website:

    https://www.lawscot.org.uk/find-a-solicitor

    Or call the Law Society of Scotland on 0131 226 7411.

     

    If based in Northern Ireland, contact the Law Society of Northern Ireland:

    https://www.lawsoc-ni.org/solicitors

    Or call the Law Society of Northern Ireland on 028 9023 1614

    Best Wishes 

    Melanie 

    Financial Guide