Make sure you benefit financially.
The costs of buying and selling property can be substantial.
For example, estate agents fees on the sale of a £500,000 property could be £5,000 – £10,000…stamp duty on a £300,000 house is £5,000. And there can be other expenses too from removal costs to furniture clearance.
Don't over do it.
Although the children have probably left home, you may want any grandchildren to stay from time to time, so you’ll need extra bedrooms. You may also have furniture that you want to keep or other items of sentimental value that you don’t want to get rid of. It’s always worth ensuring you are clear how much space you’ll need and there’s enough room in any property you’re looking at.
There may be other savings.
With a smaller house there’ll be less cost. Lower heating bills, for example. If you buy a newly built home, there should be lower maintenance costs.
Will you still need any cleaners or gardeners you use now?
Can you still access everything you need to?
Chances are that you’re have lived in your current property for some time, and may have access to shops, healthcare and other public services that you need and are used to using.
When you move, you’ll need to check that you still have access to the services you need.
Equity Release Council
Legal & General Home Finance Ltd is a member of the Equity Release Council, a trade body setting standards for providers. Take a look at their consumer brochure for more details.
Contact us about a later life mortgage
To discuss our later life mortgages, and whether they're right for you.
Call us on:
0808 115 8129
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Get independent advice
You can't take out an equity release product unless you have taken financial advice. Find out how to access independent legal and financial advice.