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First Choice Finance - Mortgage BrokerCompare Home Owner Loans


Equity release lending hits new highs

Equity release lending hits new highs

 



Video transcript

Older homeowners are getting right behind the concept of equity release, with lending levels in the first quarter of the year 2014 coming in at the highest ever.

The Equity Release Council (ERC) has indicated that £315.5 million was released between January and March this year, the first time Q1 has seen a figure surpass £300 million since records began in 2007. It also marks a ginormous 35 per cent up-turn compared to the same period in 2013.

Nigel Waterson, the chairman of the ERC, remarks that `for a generation who have huge amounts of wealth tied up in property but a shortage of savings to support their retirement, equity release is providing financial stability to a growing number of older homeowners`.

Drawdown mortgages remain the most popular form of equity released, with £182.5 million lent in the first quarter of this year. However, the lump sum option is growing in popularity too, rising from £87.8 million in the first three months of 2013 to £131.8 million this year.

Mr Waterson concludes that homeowners are generally withdrawing a quarter of their property`s value, giving them `a substantial sum to help boost their income, clear existing debts, take on home improvement projects or pursue new activities and interests in later life, while still allowing many to preserve an inheritance to leave behind`.

If you would like more information on releasing equity through a lifetime mortgage call us and we will scour our lenders to find the most suitable option and any quotations to you will be on a no-obligation basis. Discover more at firstchoicefinance.co.uk or telephone 0333 003 1505 on your mobile or 0800 298 3000 on your landline.

Remortgage Buy To Let Release Equity

If you are an owner of a second property that you rent out, you are could also use the equity in this property for any purpose, by remortgaging your buy to let property you could get borrow money for home improvements, building an extension, buying a car or even expanding your portfolio of rental properties with a deposit for another buy to let property.

Here at First Choice finance we have a long history of offering mortgage advice to buy to let property owners, with an extensive panel of lenders we can help find remortgage deals for property portfolio`s large and small. For a no obligation free quote please complete our simple online enquiry form and we can start the process of remortgaging to release equity from your property.

The amount of money you are able to borrow from either your buy to let property or your home residence will depend on a number of factors, one key factor is your loan to value ratio.

How Do You Calculate LTV (Loan To Value)

Your loan to value is a key component of any mortgage or remortgage application, this is calculated by taking the amount of equity you have in your property, you take the current mortgage balance and divide it by the value of the property. The lower the loan to value the greater the chance of getting approve for your mortgage or remortgage, you may also achieve a lower interest rate on the money that you are borrowing. Even if your loan to value is high there may still be remortgage deals available with plans offered for LTV`s up to 95%.

Mortgage Plans

When you enquire online to First Choice Finance you will receive a first class service from beginning to end, your application will be passed to a qualified mortgage adviser who has had many years` experience sourcing mortgages and remortgages. They will examine your enquiry and details you have given us to find a mortgage plan best suited to your individual needs and circumstances, you will receive a no obligation mortgage quote, that you will be under no obligation to accept and proceed with, if you are happy with the mortgage quote then the mortgage adviser will proceed in arranging the paper work and ensuring the mortgage completes with the minimal amount of fuss and hassle, your advisor will be at hand throughout the process happy to answer any questions or problems that may arise.

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
4.5% APRC
Representative Example: 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.
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 immovable property.



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.


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