According to the latest Nationwide House Price Index report, there has been the "fastest annual house price growth in two years" with the average London property being valued at £524,865 and outer lying areas £424,325.
Quarterly Regional House Price Statistics - Q3 2024:
House price growth can lead to an increase in the equity in your home. (Equity being the difference between how much your home is worth now and the amount still owing on your mortgage).
This equity is a valuable asset for many retired people and in the right circumstances can be “unlocked” via a specialist mortgage product, such as a Lifetime Mortgage, in order to enhance your lifestyle, make intergenerational gifts or replace an existing conventional mortgage with something more flexible.
These specialist mortgages are often referred to “equity release” mortgages. Expert advice is essential, as equity release mortgages are complex and other, more standard, mortgage products may be available that can be much cheaper and more suitable for your specific needs.
Penn Financial offers a bespoke service, seeing clients face to face, tailoring a plan to meet your actual needs and handling the process from initial enquiry through to completion, as well as being there to support clients through the whole term of the plan.
If you would like to learn more, please contact us today!
Paul Smith
0333 34 44 34 8
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.