Close to a third of people who opt for equity release do so in order to relieve their debt burden, showing that you could have a solution if you still owe money and are now retired or even still working but over 55 years old.
The Equity Release Council (ERC) has indicated that wages not increasing as quickly as prices has led to people putting more onto credit cards and overdrafts, so debt is a harder to pay off during working life and hangs over into the start of retirement.
Nigel Waterson is the ERC`s chairman, and he advises that "for those who are retiring or find themselves in debt beyond the age of 55, using equity release can help to plan ahead, provide a regular income, still protect some of the value of your property and offer far lower interest rates".
At First Choice we offer advice on releasing equity through a lifetime mortgage, f you would like more information on our products and services please visit firstchoicefinance.co.uk alternatively call 0800 298 3000 from a landline or 0333 003 1505 from your mobile.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
First Choice Finance helping people find loans for any purpose with loan plans for home owners and tenents and for all credit profiles good fair and poor apply online and receive a no obligation free loan quote.