29 Apr A new way to release equity with Platinum Skies
We are rapidly learning that so-called ‘easy-one-step’ solutions for a trouble-free retirement turn out to be quite the opposite. Many retirees are stuck in homes they can’t afford to maintain, searching for ways to generate capital from their biggest asset, their home.
Equity release is increasing its UK market share year-on-year with £2bn withdrawn through equity release in 2016. Equity release produces an average of £46,000 payout for pensioners choosing this route (source: Equity Release Council), often far from adequate funds to underpin a couple’s pension income for the rest of their life in the family home.
Downsizing to a smaller, cheaper home is not always the best option either, showing an average net sum of £60,000 generated (source McCarthy and Stone), after stamp duty and moving expenses are taken into account.
Key Stats To Consider
The Pensions Advisory Service has recently said (April 2017) that people wanting to take out their pension as a pot of cash has led to more and more people wanting to release equity from their homes.
This trend has been recognised by The Equity Release Council, which said in a recent report entitled: ‘Equity release rebooted: the future of housing equity as retirement income’, that lifetime mortgage customers are now growing more rapidly than any other mortgage market settlement.
A new way
With a new financial mechanism that is going to open up the market, Platinum Skies offer brand new homes to part-buy part-rent, allowing retirees to access more capital. Once moving costs and stamp duty are taken into account when buying into a Platinum Skies home, a typical equity sum received has been calculated as £100,000 – £200,000 – far higher than any comparative product.
Some of the key benefits of this unique offering include: getting a brand new lower maintenance home for a fraction of the actual market cost, getting a large tax-free lump sum from selling your own home, and still benefiting from the appreciation of your property – just a few positives to ponder.
Find Out More
If you want to speak to us about our new way to buy a new home and release equity, get in touch with Platinum Skies today and we can see how we can help you, contact us on: 01202 471761 (Tues – Sat, 10am – 5pm) or firstname.lastname@example.org.
Equity release advice is also at-hand with the Equity Release Council. It has all the information you could ever need on releasing money from your property, on the products available to you and any related advice before you make a decision. Visit its website: www.equityreleasecouncil.com.
Platinum Skies Living Ltd is a Registered Social Landlord.