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Four-year negative equity warning

Key Points To Consider

Pacific Financial Services (North West) believe that advice is only of value when it's independent. Equity release can offer you financial freedom in retirement but it's not always the right option for everyone.

Pacific Financial Services (North West) advisers will consider your individual circumstances to help you decide whether an equity release plan would be the most suitable option for your needs. It is also important to consider the following points when thinking about whether to release equity from your home.

1. All equity release plans will reduce the value of your estate, so we believe it's important to involve your family and discuss your ideas with them. Members of your family are welcome to attend any of your appointments.
2. Equity release could affect your entitlement to some state benefits, may affect your tax position and age allowance. Your adviser will take this into account when discussing your options.
3. Releasing cash from your home is a lifetime commitment and the loan is only expected to be repaid upon your death or entry into long term care. Early repayment charges may apply on some plans if you want to repay the loan early.
4. You could sell your home and move somewhere cheaper
5. You could ask your family for financial assistance
6. You could consider other forms of borrowing, such as loans or traditional mortgages (subject to affordability)
7. You could use other money you may have access to such as savings or investments
8. Pacific Financial Services (North West) offer a full advice and recommendation service. There will be a fee for Equity Release advice, equal to 1% of the amount of cash released. For example, if you release £25,000 on receipt of funds you will pay a fee of £25,000 x 1% = £250. You have the option to pay us a fee and receive any commission which we are paid by the lender/company that buys your home. If you choose this option, we estimate that the fee will be £750. We do offer a free of charge, no-obligation, initial consultation with an independent adviser so that you can find out how much cash you could release and whether a plan would be suitable for you. If you choose not to proceed no fee will be charged.
9. An equity release scheme will reduce the value of the borrower's estate and may leave nothing to pass on as an inheritance.

Our independent advisers are qualified in equity release and will apply their wealth of experience and expertise to help you to consider all of the above points, as will as talking you through the advantages and disadvantages of the various lifetime mortgages and home reversion plans available.