You may well have been dreaming of moving home lately, perhaps to be closer to your family so that you can see your grandchildren more often or take care of them whilst your children are working, or because you quite simply want to move to a different area or a bigger house. But are your dreams being held back because you think you cannot afford to move?
The cost of moving is indeed high and a 2008 survey by Propertyfinder.com reported that the average cost of moving home in the UK has more than tripled since 1998 to almost £9,500.
Legal, estate agents' and surveyors' fees; Stamp Duty; searches; removal and storage costs; mail re-direction and any repairs needed to the house you are buying or selling all add up to a considerable amount.
And what if the property you want to move to is of higher value than the one you live in now? Finding the cash to bridge the gap between your current property value and the higher value of the new one is also going to be an issue.
However, there is a solution. Providing you are over 55, you could raise cash to cover your moving expenses and any deficit between current and new properties by releasing equity from your home. By taking out an equity release plan you can use the value that you've built up in your home over the years to obtain a tax-free cash sum which will allow you to make the home move that you've been dreaming of. Whether you are releasing cash to cover moving expenses or to allow you to upsize, in both cases you may opt for interest only or even no monthly repayments and the cash release is not relative to income or credit status.
It is worth pointing out that releasing cash from your home is safe, providing you take independent advice from a specialist equity release adviser who is regulated by the Financial Services Authority (FSA) and who only recommends products endorsed by Safe Home Income Plans (SHIP), the equity release consumer protection body. Why SHIP? Because their plans guarantee staying in your home for life; never owing more than the value of your home and leaving no debt to your family.
If you have been dreaming of moving home, for whatever reason, and thought you couldn't afford it, it's time to think again. Equity Release could well be the solution that gets you that new dream home nearer to your family, the seaside, the countryside or wherever you want to be!
The cost of moving is indeed high and a 2008 survey by Propertyfinder.com reported that the average cost of moving home in the UK has more than tripled since 1998 to almost £9,500.
Legal, estate agents' and surveyors' fees; Stamp Duty; searches; removal and storage costs; mail re-direction and any repairs needed to the house you are buying or selling all add up to a considerable amount.
And what if the property you want to move to is of higher value than the one you live in now? Finding the cash to bridge the gap between your current property value and the higher value of the new one is also going to be an issue.
However, there is a solution. Providing you are over 55, you could raise cash to cover your moving expenses and any deficit between current and new properties by releasing equity from your home. By taking out an equity release plan you can use the value that you've built up in your home over the years to obtain a tax-free cash sum which will allow you to make the home move that you've been dreaming of. Whether you are releasing cash to cover moving expenses or to allow you to upsize, in both cases you may opt for interest only or even no monthly repayments and the cash release is not relative to income or credit status.
It is worth pointing out that releasing cash from your home is safe, providing you take independent advice from a specialist equity release adviser who is regulated by the Financial Services Authority (FSA) and who only recommends products endorsed by Safe Home Income Plans (SHIP), the equity release consumer protection body. Why SHIP? Because their plans guarantee staying in your home for life; never owing more than the value of your home and leaving no debt to your family.
If you have been dreaming of moving home, for whatever reason, and thought you couldn't afford it, it's time to think again. Equity Release could well be the solution that gets you that new dream home nearer to your family, the seaside, the countryside or wherever you want to be!
Geoff Charles is the Managing Director of Bower Retirement Services, an Essex-based FSA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England and free on-going, lifelong customer support. For more information visit http://www.brsequity.co.uk, telephone 01277 262724 or e-mail info@brsequity.co.uk.
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