Friday, 9 June 2017

New nationwide service helps retirement plans

Homeowners looking to boost their finances in readiness for their retirement can now find professional and effective advice right here in Shropshire.

Experts at Martin-Kaye Solicitors, in Telford, have launched their own nationwide service – www.equishield.co.uk – to offer advice on equity release to help property owners raise much-needed capital.

Simon Wagner is a Partner at Martin-Kaye and has been instrumental in creating and setting up the new service.

“Many ‘baby boomers’ who are now approaching retirement are finding their pension plans are not what they had hoped for. But they are at the time in their lives where they will also probably have a significant amount of equity in their home which can be released to provide additional cash and income.

“Equity release has deservedly had some bad press in the past, but the introduction of a code of conduct – combined with more competitive interest rates and innovative mortgage products – has made it a far more attractive, mainstream product which is growing increasingly popular.

“We have worked with carefully-selected regional firms of solicitors to create a new national network – every firm has agreed to subscribe to the new code of conduct, and they all have vast experience and knowledge of this specialised subject.”

Mr Wagner said: “Retirement should be something to look forward to, but more and more people are retiring with debts they are struggling to repay, or a pension that won’t allow them to maintain their living standards.

“If all other options have been exhausted, equity release can help homeowners to reduce their monthly outgoings by taking out a loan against their property – they then have the option to repay the interest or allow it to roll up and only be repaid when the house is sold.

"But equity release is not the answer for everyone, and homeowners need to be sure it’s right for their individual circumstances – that’s where our Equishield service comes in.”

Mr Wagner said equity release was a specialised area and anyone considering taking this option should seek professional financial advice and independent legal support.

“Through Equishield, we have specialists here at Martin-Kaye who deal purely with equity release cases, so our clients can be assured they will always be seen by an in-house expert and their claim will not be passed on to an agency or sub-contracted out.

“Making the decision to free up finances from the value of your home is a big decision that should not be taken lightly as property owners will need to consider how it will affect the estate they leave behind. But with the right support and expert knowledge, it can be a real solution to making retirement a little more comfortable.”

Pic: Simon Wagner launches the new Equishield service at Martin-Kaye Solicitors