Martin Lewis, the Money Saving Expert thinks equity release may be right for some homeowners over 55 who want to access extra cash, but only after all the alternative options have been ruled out as equity release may have long term implications.
Martin Lewis takes care to explain how to release equity from your home with either a lifetime mortgage or a home reversion plan, highlighting how important it is to consider the alternatives to equity release, the impact releasing equity can have on any inheritance you leave and the recent rises in interest rates. He also gives some helpful tips on equity release, which I cover later, but in summary:
- It's best start small and take more cash when you need it
- You should only choose a plan from an Equity Release Council member
- You must speak to a qualified financial adviser first
- Be aware that releasing equity could affect your benefits
- Ensure you are getting the best deal
- Don't make this decision alone - make sure your loved ones are involved
The MSE has also published a comprehensive guide to switching lifetime mortgage to help existing equity release mortgage customers save money. I'm pleased to see that this guide has also been fact-checked by the Equity Release Council and updated in April 2023.
*Content reviewed and updated 23rd January 2024
Who is Martin Lewis, the Money Saving Expert?
Martin Lewis CBE is the founder of the Money Saving Expert and is now Chairman of the board. MSE is the UK's biggest consumer website with over 16 million users. In September 2012, the site joined the MoneySupermarket Group but firmly maintained its independence and ethical stance of putting the consumer first.
Through his stewardship of the Money Saving Expert, his consumer journalism, primetime show on ITV -The Martin Lewis Money Show , one of the most watched current affairs programmes in the UK - and frequent appearances on the news, Martin Lewis is well known for putting people before big business and this has won him a loyal following. In 2023 Martin Lewis became a regular host of ITV's Good Morning Britain.
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