Can I Sell My House If I Have Equity Release?
As this loan is attached to the value of your property, you may wonder if you can sell your house if you have equity release? We’re revealing all in this guide.
Can I sell my house if I have equity release?
The answer is not a simple yes or no.
You can sell your house, but if you’re hoping to transfer your equity release to a new home, your lender will have to approve first. Why?
Equity release is secured against the value of your property – this is how you will pay off the loan with a lifetime mortgage. Therefore, your lender will want to be satisfied that the value of the new property is a good match for your current abode.
Before looking to move house, if you already have equity release, we recommend speaking to a professional mortgage advisor to see what type of house is suitable. The last thing you want is to spend months finding an ideal property to find that you can’t purchase it under the terms of your equity release plan.
You should also be prepared for property surveys initiated by your mortgage lender to check that the property is worth the asking price.
Can I downsize?
There are downsize protection products available that can help you pay off your equity release plan in full without early repayment charges. This is helpful should you want to downsize as many lenders wouldn’t allow you to transfer your current equity release plan to a cheaper property or retirement home.
Can I sell my house at any time to pay off the equity release?
If you want the option to pay off your equity release sooner, one way to do this is to sell your property and pay off the loan and any interest accrued once the sale is complete. Just bear in mind that there may be an early repayment charge.
If you want professional advice on equity release, speak to a mortgage advisor today. Speak to Agentis today to arrange your free initial consultation and have all your equity release questions answered. As ‘Whole of Market’ mortgage brokers,we can find the best equity release packages for your unique circumstances.