As people of all ages review their finances, working from home for at least one or two days a week remains on the agenda for many office-based businesses, offering greater flexibility, especially for those with caring responsibilities, whether for children or elderly parents.
It also offers first time buyers the opportunity to swap expensive rental accommodation in busy towns close to transport links for more space and home ownership if they have sufficient funds for a mortgage deposit. Developers continue to offer a range of deals, tailored to individual requirements, with the added benefit of incorporating energy saving measures to reduce running costs.
To encourage buyers, 5% deposits are likely to be available, with some developers even offering a substantial financial cash bonus to the ‘bank of mum and dad’ for helping! Members of the Armed Services and key workers may also enjoy discounts.
Developers are not, however, only interested in attracting the young. Individuals on the move, whether upsizing or downsizing can enjoy part exchange, often receiving 5% above market valuation, avoiding months of stress finding a buyer who commits. Some developers are even paying mortgages for the first six or 10 months of ownership.
Despite such benefits, not everyone is ready to leave their present home because they have happy memories, devoting years to personalising the accommodation and creating delightful gardens.
The pandemic meant that something like 5 million middle aged people dropped out of the workforce, unable or unwilling to cope with the pressures forced on them. Many are now keen to return to work, but on a more flexible basis, in order to recover social interaction, as well as to increase their income to cope with rising costs, pay for holidays and other treats.
Not ready for retirement, the over-55’s may be unaware that equity release is not just for retirees, and could be a way of paying off or reducing, their mortgages, whilst retaining ownership of their property. It could be the solution to affording to work part time whilst retaining an active lifestyle – there’s a whole host of uses for equity release.
Talk to our team at Premier Equity Release, who have long experience of identifying the most appropriate measures to meet individual circumstances. Contact us today on 0808 1691979 and let us help you.