Equity Release

The Cambridge is committed to offering its members a wide range of services to support our main areas of savings, mortgage and insurance products. That’s why we’ve teamed up with retirement specialists Just Retirement Solutions Limited; to add equity release advice to our list of services. As one of the UK’s leading advice experts in this specialism, they could help find the right solution for you.

What is equity release?

Equity release offers a convenient and straightforward way to unlock some of the value held within your home, without you having to move house. Equity release works by releasing part of the value of your property into a tax-free cash lump sum.

Why Just Retirement Solutions?

Just Retirement Solutions is dedicated to providing advice that helps make retirement an enjoyable and fulfilling time by making the most of existing assets and maximising income. They have a team of advisers who will support you through the process, specialising in providing solutions tailored to your individual needs.

Why would I need equity release?

Equity release is not for everyone: using savings may be a better solution. But for some it can provide the perfect way to help make the most of retirement.

You’ve no doubt planned your finances to allow for a certain level of income throughout your retirement, but what if it doesn't stretch far enough or, over time, you simply want more? With equity release you can spend the money in any way you choose – whether you’d simply like some cash to help you maintain your lifestyle, or you are looking for another source of regular payments, the funds released from your home are yours to use how you want.

Uses of equity release

Many people who take out equity release do so, so they can enjoy their retirement. Below are some of the most common uses:

  • Home improvements – allowing you to make your home more comfortable and remain independent
  • Gifts to family members – many people like to see their family enjoy their hard earned cash and some even help family members to get onto the property ladder
  • Re-mortgaging – if you still have a mortgage but do not want to continue making monthly payments
  • Clear any existing borrowing such as loans or credit cards
  • Emergency fund – many people use any savings they may have had initially and then need to top up their bank account to cover any unexpected expenses
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Think carefully before securing other debts against your home.

Would I qualify for equity release?

If you can answer ‘yes’ to the following questions, then you may well qualify for equity release:

  • Are you aged 60 or over?
  • Are you a home owner in the UK?
  • Is your property worth over £70,000?

Your branch of The Cambridge can put you in touch with a Just Retirement Solutions adviser who will assess your circumstances and requirements to find out whether equity release could be right for you. The adviser will discuss your hopes and aspirations now, and for the future, in order to help you decide whether it’s right for you. If appropriate, they’ll recommend the most suitable plan for your circumstances from a selected range of plans.

Things to consider

Taking equity release may affect your entitlement to state benefits and will reduce the value of your estate. Your adviser will tell you what your entitlements are, give you a full state benefit check to find out whether you’re receiving everything you’re entitled to, and explain how equity release may affect these entitlements. All the equity release products recommended by Just Retirement Solutions include a ‘no negative equity’ guarantee which means that a debt will never be left with your estate.

What do I do next?

Equity release is a big decision and is not right for everyone, but if you feel it could be the answer for you, and would like to know more, simply call us on 0845 601 3344 and we’ll be happy to help.

Alternatively you can call Just Retirement Solutions on 01737 233 414 (lines open 9am to 5pm, Monday to Friday). Calls may be monitored and recorded for training purposes. Advice is given without obligation and an administration fee of £749 will only be charged if you take out a plan.

Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.

© 2012 The Cambridge Building Society. The Cambridge Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority. It is entered on the FSA Register; registration number 157223. This site is intended for UK residents only. Communications with us may be monitored/recorded to improve the quality of our service and for your protection and security. Calls to The Cambridge Building Society’s 0845 number will be charged at local rate. Prices can be checked with your phone provider. Mobile calls usually cost more.

Cambridge Building Society is an Introducer of Just Retirement Solutions Limited. Just Retirement Solutions Limited is registered at address: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU, registered in England No: 5125701, and is authorised and regulated by the Financial Services Authority.