Should you be aged 55+ and fortunate enough to and own a holiday home in the UK which you use at least 4 weeks a year, it is now possible to get a holiday home equity release scheme which will allow you to release some of your second home’s equity without having to make any monthly repayments.
We have already helped a number of families to release some equity on their second or holiday homes and in doing so have built up considerable knowledge of lenders who will consider holiday homes.
So depending on:-
- Your holiday home’s location which must be in UK
- Its value
- Its construction type – unfortunately we cannot help with log cabins, park homes or static caravans
- Whether or not you let the property and if so for how many weeks a year?
we may also be able to help, but please note; whilst you can informally let the property to family of friends for up to 4 weeks at a time, you can’t advertise it or let it via a letting agency
Equity release schemes will reduce the value of your estate and may affect your entitlement to means tested benefits. Before releasing any equity, it is important to understand the costs, features and risks and to request a personalised illustration.
HOW MUCH EQUITY WILL YOU BE ABLE TO RELEASE ON A HOLIDAY HOME?
As these are still a Lifetime Equity Release Mortgages the amount you can release is based simply of your holiday home’s value and yours or the youngest owner’s age.
As such you can get an immediate idea by using our FREE holiday home equity release calculator, or call us on FREEPHONE 0800 180 4883 and have an informal discussion. We will then be able to give you an opinion as to whether your holiday home would be suitable and if so, how much you might be able to release.