Drawdown plans are a form of equity release which allows you more freedom to release your money when you like. As you only pay interest on the money you have drawn down, you can save a considerable amount in interest over the lifetime of the plan.
But what is equity release? Equity release allows its customers to unlock some of the cash from their property without having to relocate or downsize.
“Many retirees have more wealth tied up in property than anywhere else, so it is only logical that this forms part of their plan to enjoy a comfortable retirement,” commented Nigel Waterson, Chairman of the Equity Release Council, “There is a danger that people’s pension pot will be ‘here today, gone tomorrow’-but housing wealth is one constant that many in this generation can rely on for support” Is Equity Release is the right option for you? >>>
Will you qualify for equity release?
There are a few things you need to take in to consideration when applying for equity release. Here are a few of the things that will help you see if you’ll qualify:
Aged under 55 – Equity release is only available to those who are over the age of 55
Live in Isle of Man or the Channel Islands – Equity release is currently not available for properties in the Isle of Man or the Channel Islands.
Have under 50% equity – This means if your house is valued at £70,000, you have paid off less than 50% (£35,000)
Over 60 years old – Although equity release is available to those aged over 55, most successful applicants are aged 60+
House value of over £70,000 – The current value of your home must be more than £70,000
Willing to speak to an advisor – Equity release is not something you can get an online quote for, you’ll need to arrange a no-obligation appointment with a qualified advisers in the comfort of your own home.
Book a FREE no-obligation consultation in your own home today and find out more if Equity Release is the right option for you.
One of our trusted advisors will be calling you to provide you with accurate quotes.
We only require 10 minutes of your time (we can't do this online or by email unfortunately).
You'll receive quotes from all of the UK's top window providers including: Anglian Homes, Everest, Safestyle UK and more...
Our service is 100% free to use and you are under no obligation to accept any of the quotes you receive.