What are the alternatives to equity release?
Equity Release can be an effective way for you to meet your objectives. However, there many times where it may not be the right option for you. It could be that there are alternate options available which you may not have realise. Or possibly the timing for equity release is not quite right when assessing your current situation. We will always be upfront and honest and let you know if now is not the right time for you to proceed with equity release.
Some of the alternative options are:
- Downsizing to a smaller/less expensive property to free up the extra funds that you require
- Using existing savings. The interest rate you may be charged for borrowing the funds is more than likely higher than the interest received on your savings
- Unsecured Borrowing may provide you with the necessary funds you require without the need to secure the debt to your property
- Checking whether you are eligible to receive certain means tested benefits. This may provide you with the additional income you require.
- When was the last time you review your outgoings? This could be a way of finding that extra disposable income.
- Family can sometimes provide financial support in times of need. Maybe speaking to your family to see if they are able to help is a good place to start.
Whatever your circumstances, here at John Lamb, we offer an initial consultation completely free of charge. We can discuss your situation and will be able to advise, with complete honesty and transparency, whether equity release could be the right route for you.