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Protea Financial Services


8 Deneside

East Dean

BN20 0HU

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+44 333 3556295 (local call rate)+44 333 3556295 (local call rate)

 

 

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Equity Release

There are two types of equity release; Lifetime Mortgages and Home Reversion plans. Both of these are regulated by the Financial Conduct Authority. By using an equity release product, a home owner can draw a lump sum or regular smaller sums from the value of their home, while remaining in their home.

 

Equity release can play a crucial role in retirement funding and the flexibility and safeguards which are built into plans that complies with the Equity Release Council product standards enable thousands of home owners every year to tap safely in to their housing wealth without having to worry about making monthly repayments.

 

If you are thinking of taking out an equity release plan then you need to find out as much as you can about your options and weigh up the advantages and disadvantages fully before you decide if equity release is right for you. A fully qualified financial adviser should help you to understand the steps involved and talk you through your options, the effects this might have on state benefits and tax and your obligations. And of course they can also explain the full benefits of equity release. Done correctly, equity release should have no impact on an individual’s tax position or their state benefits; however each individual’s circumstances need to be assessed.

 

Part of a customer’s choice will be over the type of plan required. In the modern equity release market there are a range of products to choose from, with new and innovative products being created regularly.  This means that whatever your equity release needs, there is likely to be an equity release plan available to meet them.

This very specialist area of advice is available to homeowners aged 55 and over. The FCA now regulates all Lifetime Mortgages and the advice relating to these. Jacques Pienaar is our Lifetime Mortgage adviser and he can help you with fully regulated, bespoke advice.

 

Typical reasons why people consider using a Lifetime Mortgage include:

  • Paying off an Interest-Only Mortgage
  • Gifting money to mitigate IHT
  • Income in later life (even if you have a pension in place)
  • Gifting money for love (and seeing our beneficiaries enjoy the gift DURING your lifetime)
  • Home improvements
  • Holiday of a lifetime
  • Divorce settlements
  • Paying for care
  • Paying legal fees
  • Purchasing another property
  • Buying a new home to live in whilst in later life

Jacques is a member of the Equity Release Council.

 

The Equity Release Council is a voluntary body which aims to ensure that its members are highly professional and act with integrity and transparency in offering high-quality products and services to customers. The Standards Board is incorporated as part of the Equity Release Council and exists to ensure that equity release products are safe and reliable for consumers.

 

It sets the standards and principles for members of the Equity Release Council that are set out within this document. Through these standards, members can guarantee their customers that they offer products and services which conform to the best practices of the sector, ensuring customers are fully informed and properly protected.

 

You do not need to prove your income in order to qualify for these mortgages. Your age and your home (or new home) are what the lenders consider when determining what you may borrow. Please contact us for a chat if you would like more information. Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.

 

Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.

The Financial Conduct Authority do not regulate certain types of Buy To Let / Commercial Mortgages.

All loans are subject to a credit search, valuation and in some cases status enquiries by the lender.

A Protection plan will have no cash in value at any time, and will cease at the end of the term.

If premiums are not maintained, then cover will lapse and you may not be covered if a claim is made.

The information contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Information contained on the website does not constitute advice and decisions should not be made based solely on the information on the website. Individual advice should be sought.

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Protea Financial Services (South East) Limited is authorised and regulated by the Financial Conduct Authority, Registration number 954035, in respect of mortgage and insurance mediation activities only. Details of which can be found by visiting www.fca.gov.uk. Protea Financial Services (South East) Limited is registered in England and Wales, company number 09393797. © Jacques Pienaar.