{"id":135562,"date":"2023-03-20T14:00:01","date_gmt":"2023-03-20T07:00:01","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-have-little-spare-cash-so-should-i-consider-equity-release-my-flat-is-worth-230000\/"},"modified":"2023-03-20T14:25:07","modified_gmt":"2023-03-20T07:25:07","slug":"i-have-little-spare-cash-so-should-i-consider-equity-release-my-flat-is-worth-230000","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-have-little-spare-cash-so-should-i-consider-equity-release-my-flat-is-worth-230000\/","title":{"rendered":"I have little spare cash, so should I consider equity release? My flat is worth \u00a3230,000"},"content":{"rendered":"


\nI am 73, have an annual income after tax of \u00a323,000 and my housing costs have soaredQ I am 73 years old with an annual income after tax of \u00a323,000. My housing costs have soared, partly because of a cladding issue, so I do not have as much spare cash for holidays, theatre, art exhibitions, concerts and so on. I realise this is a luxury problem compared with other\u2019s worries. My four children all own properties, partly financed by my pension lump sum. I have also been diagnosed with a degenerative eye condition, which means my trips to galleries will be truncated. Would releasing some cash via equity release be a good idea? I own my own flat, which is worth about \u00a3230,000.RNA I can\u2019t say if equity release is right for you but I can say that it is an option. Because you are over 55 and your flat is worth more than \u00a370,000, you are able to release cash from your home with an equity release mortgage. How much cash you can release depends on your age and the value of your home. According to Andy Vickery, a qualified equity release and mortgage adviser at Money Release who specialises in over-55s finance, at 55, for example, you can take 21.5% of the value of your property; at 70, 37.1%, going up to 50% if you are over 80. Continue reading…
\n
\nSource : theguardian.com
\nRead more…I have little spare cash, so should I consider equity release? My flat is worth \u00a3230,000<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I am 73, have an annual income after tax of \u00a323,000 and my housing costs...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-135562","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zgu","jetpack-related-posts":[{"id":131565,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-mortgages-could-equity-release-help-with-rising-costs\/","url_meta":{"origin":135562,"position":0},"title":"UK mortgages: could equity release help with rising costs?","date":"November 12, 2022","format":false,"excerpt":"\r Record numbers of older people are freeing up money from their homes \u2013 but doing so does have its drawbacksAn increasing number of older people are considering dipping into the value stored in their homes to help with the UK\u2019s cost of living crisis.Some want cash to upgrade their\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10156,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-equity-release-the-only-way-to-raise-cash-for-our-travelling-lifestyle\/","url_meta":{"origin":135562,"position":1},"title":"Is equity release the only way to raise cash for our travelling lifestyle?","date":"April 7, 2016","format":false,"excerpt":"\r We are considering raising money from our home at some point in the future, but I know equity release has its downsidesQ: I am a fit 77-year-old and my wife is 72. We have a house which is worth about \u00a3325,000. We also have around \u00a370,000 in premium bonds\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114938,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-wife-and-i-still-work-what-mortgage-should-we-get\/","url_meta":{"origin":135562,"position":2},"title":"My wife and I still work \u2013 what mortgage should we get?","date":"March 16, 2020","format":false,"excerpt":"\r I already receive two pensions and am due a third and we\u2019re thinking of going for a lifetime mortgageQ I\u2019m a 64-year-old man in full-time employment earning around \u00a355,000 a year. My wife is 59 years old and a self-employed beauty therapist, earning around \u00a37,000 a year. I already\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2621,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/equity-release-levels-hit-record-high-among-over-55s\/","url_meta":{"origin":135562,"position":3},"title":"Equity release levels hit record high among over-55s","date":"January 25, 2016","format":false,"excerpt":"\r More than 22,500 deals were agreed in 2015, showing a growing reliance on housing wealth as a key pillar of later-life financial planning A record amount of housing wealth was unlocked by homeowners aged 55 and over in 2015, with \u00a31.61bn withdrawn through specialist equity release plans.Lending was up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mps-want-government-to-review-means-testing-criteria-for-financial-aid\/","url_meta":{"origin":135562,"position":4},"title":"MPs want government to review means-testing criteria for financial aid","date":"September 10, 2020","format":false,"excerpt":"\r Christopher de Souza (Holland-Bukit Timah GRC) said eligibility for SIRS should be based on homeownership and not on the type and value of residence. Three MPs on Monday (31 August) have urged the government to review the criteria of support schemes for Singaporeans who may not qualify for financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/so-is-equity-release-really-that-bad\/","url_meta":{"origin":135562,"position":5},"title":"So is equity release really that bad?","date":"June 4, 2006","format":false,"excerpt":"\r Maybe not, says Jon Robins, but it pays to think carefully before unlocking the money in your homeAt a time of overstretched pensions and low interest rates, it is hardly surprising that many older homeowners are planning to cash in some of the equity in their homes to make\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/135562"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=135562"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/135562\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=135562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=135562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=135562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}