Which Equity Release Schemes Can Help Purchase an Eco Friendly Home?
If you are looking to buy one of today’s eco friendly homes, then an equity release scheme could help with the purchase. There are many equity release schemes to choose from and a suggestion would be to check first whether the build type would be eligible for an equity release application. Build types such as the German Meisterstuck Haus & Huff Haus are now being imported & erected in the UK. Lenders therefore need to be educated as to their presence & the fact there are going to be more popular moving forward. Companies such as www.CompareEquityRelease.com have experience & expertise in this area.
The next difficult part is trying to find the best equity release to suit the eco friendly house. To get help in finding an equity release scheme, again go to CompareEquityRelease.com. They have a unique sourcing tool, which helps narrow down and filter your equity release options. This can lead to sourcing the most suitable equity release schemes available such as interest-only lifetime mortgage, roll-up lifetime mortgage, drawdown, or home reversion.
By sourcing the best equity release schemes can help identify plans available under each scheme category. This sourcing wizard narrows down your options by asking a series of questions; unique & original in the field of equity release research.
However, this does not provide the ultimate answer, but acts as a guide to educate & assist those who wish to carry out their own initial research. Nevertheless, the final discussion should be with an independent financial adviser who can explain the pros & cons of each scheme. An independent adviser will help you in choosing the best equity release plan.
When it comes to choosing a lifetime mortgage plan, you should decide how much of the property you want to leave your beneficiaries once you pass away. With some of today’s advanced equity release schemes, you can leave a portion or all of the property to a loved one, such as a home reversion and interest-only lifetime mortgage. With both of the equity release plans, you can continue to live in the home until you pass away or go into a nursing care unit. With the advent of inheritance protection options now built into roll-up schemes, it is possible to still leave a portion of the property to your family with these types of mortgages. So take advice.
Another aspect you may want to consider is if you are willing to make monthly payments while living in the home. Most people are on a fixed income and do not have the extra money to make monthly payments. If you decide to get an interest-only lifetime mortgage, you can opt to pay towards the interest each month. Such schemes are offered by Stonehaven & can be tailored to your own personal requirements. When you obtain an equity release plan, you do not necessarily have to borrow the full amount on your home. You can just borrow what you need at the time. This is what a roll-up lifetime mortgage is.
Whichever equity release plan you decide to choose, it should be one that you will benefit from, not just initially, but also over the longer term.
Call Compare Equity Release.com today on freephone 0800 678 5169 if any of the points or issues mentioned earlier are of relevance to you.