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They are can testify to our great workmanship

Kian Bailey
Club Wholesale

My swimming pool used to be just plain and I got pretty much bored with its ordinary look. I am glad I called on you guys because all my neighbours now envy me and I look forward to taking a dip everyday after work.

Jessica Ford
The Flying Hippo

I pretty much own the bragging rights of having the best swimming pool around my neighbourhood. I got my designer pool constructed at a cost that was slightly below my budget and the outcome was just amazing! I certainly would never ask for more. Highly recommended.

Ethan Stevens
ConstantApproval.com

These guys are the best at what they do. My compound is pretty small and so fixing an amazing designer swimming pool was nowhere near my dreams. A friend convinced me to give you guys a try and it is one of the best decisions I have ever made. The swimming pool not only fitted, but it has also greatly enhanced the aesthetics of my home! 

Plan Ahead for Your Retirement with a Halifax Equity Release Scheme

Many people don’t plan for the future when it comes to their retirement. They subsequently find they are short of money to live life to the standard they have become accustomed to. An equity release from Halifax might be the answer to their problems. The aptly named Halifax Retirement Home Plan is becoming quite popular due to the following benefits it offers including the potential of gifting money to one's beneficiaries.

 

What you should know about the Halifax Retirement Home Plan

The Halifax Retirement Home Plan is simply an interest only mortgage lifetime mortgage for retired individuals. This is a great equity release plan for those people who have a lot of equity tied up in their property. The money received can then be used for a number of reasons, ranging from anything like paying off credit card debts to supporting a certain lifestyle or even financially gifting money to the children.

The minimum age required for an individual to opt for this Halifax equity release scheme is 65 years. There are however provisions that can let a person apply for this scheme, even if they are below 65 years of age. Retirement income must be in place, as evidence of such will be required as proof upon application.

 

Acceptable proofs of income & the amount that Halifax allocates would be: -

  • State pension - 100%
  • Company & private pensions - 100%
  • Pension credit - 100%
  • Rental income - 60%
  • Disability Living Allowance (DLA) - 60%
  • Industrial injuries - 100%
  • Attendance allowance - 60%
  • Investment income - 0%

 

These can always be at the discretion of the Halifax underwriter; however, with guidance from the Halifax affordability calculator these are the assumptions usually made and form the basis of the maximum amount that can be borrowed.

Thus, it is always better to choose a financial advisor who can give you all the details about this scheme. Being appropriately licensed in the field of lifetime mortgages, they can income assess your potential application and advise on what can be borrowed quite accurately, but as always this figure is subject to the individua’s credit record.

Before you consider if the Halifax retirement plan is right for you it is best to consider all the advantages and disadvantages of such loans. There are always going to be negatives when it comes to financial products. It is whether you can live with these potential worries that make the decision for you.

 

Advantages of Halifax Retirement Home Plans

You are able to obtain the loan at a fairly young age allowing you to enjoy retirement. Since it is an interest only loan you definitely pay off the interest amount that accrues saving you from paying it in the end. You will still have to pay back the lump sum amount borrowed at the end of the mortgage. There are several ways for you to do this, but often a savings plan is the best choice that you have. It would save you or your remaining family from having to sell the house to pay the mortgage.

 

Disadvantages of Retirement Plans

It is a loan, which means there is repayment needed. Like you have options for paying it off, it also means that some of these options are not appealing like the sale of the house you worked your life to buy.

Luckily for us most of these homes are fairly new purchases. This means it is not a family home that you have had for generations. Instead, it is something you bought to raise the family or after your children grew up. In many situations your children already have a house with a mortgage, although there are quite a few children of retirement age couples that are still letting property.

The point is, you may have fewer qualms about selling the house when you pass on than trying to keep it. This can alleviate the issue of selling your home to pay for the retirement equity release from Halifax.

 

Gifting Money to your Children

The money is tax free when you receive it and use it. If you take money out and gift it to your children they will still need to pay capital gains tax. If you have the desire for gifting money it is far better that you only use the money you require for your comfortable retirement rather than gifting it to your children. Once you are gone you can gift whatever remains to your children without worry of it disappearing because of the sizable loan you took out on your home.