Free Consultation

You can have a free initial consultation, with a financial adviser/advisor. There's no fee, no catch and no obligation on your part.  We can call you to arrange a time that suits you. No pressure, no problems!

It takes time to provide quality investment advice, so Millhaven, (Reading), gives plenty of time to gather all the necessary information, to provide the required investment advice, that you require and deserve.

Please feel free to call Millhaven on, (Reading), 0118 958 6562

E Mail Millhaven on:- stuart@slawes.fsnet.co.uk

Or click on NEXT below for direct message service.

And remember Millhaven, (Reading), offers:

Mortgage solutions, remortgaging strategies, pension planning, investment advice, protection plans, retirement options, drawdown, pension transferrs, and finanial planning for private clients and for corporate clients.

Some of the areas Millhaven cover:-

Reading, Wokingham, Newbury, Windsor, Eton, Ascot, Maidenhead, Henely On Thames, Marlow, Oxford, Bracknell, Slough, Cookham, High Wycombe, Wallingford, Hungerford, Swindon, Basingstoke, Camberley, Berkshire, South of England, London.

 

Economic Situation For:-

March  2011  (released 12/04/11)

Economic Cycle: Coming from recession into slow upswing.

Inflation (annual):

CPI (index used across Europe)   4.0%

RPI (all index)                                    5.3%

RPI (excluding mortgages)            5.4%

GDP (country's income) up 1 yr     1.8% 

GDP for the last 3 months up         0.5%

Average pay (2009 figs)               £25,948

Unemployment rate, Dec/ Feb 2011   7.8%,

Average house price Dec 2010 £162,763 (over 6 times average earnings - high). Too high for first time buyers. House prices expected to drop by up to 10% during the first part of 2011 according to commentators. Market semtiment - rather gloomy, with increases in fuel duty, VAT, and national insurance coming up early in 2011.

 

 

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Types of equity release

Selecting the right scheme depends on many factors, such as your age, the type of property you own and how much capital you need to release. Feeling confident in your choice is vital, so ask us to research your options and source the best scheme for you.

There are two main types of equity release plans.

Home reversion plans

With this scheme, you sell your home – or more usually a part of it to a ‘reversion company.’ You won’t, however, receive the full market value when compared to selling it privately on the open market. Instead, the reversion company gives you the right to live in your home rent-free for the rest of your life.

Depending on factors such as your age and the value of your property, you may only receive 35% or even less of the market value of your home and you will rarely receive over 60%. When your home is sold, the reversion company receives a pro-rata share of the proceeds from the sale. For example, if you sold a 50% share of your home to the reversion company, it would receive 50% of the proceeds. These plans are generally only available to people over 65.

Lifetime mortgages

With a lifetime mortgage, you take out a loan against the value of your home. The lender gives you either a lump sum, a monthly income or a combination of the two.

Commonly, you don’t make any payments until the property is sold. Instead, the interest on the loan is added to the total owing. Because interest is rolled up in this way, the amount you will need to pay back when the property is sold can grow very quickly.
 
Of course, the value of your property could go up even faster than the amount you owe. This could reduce or even eliminate the effect of rolled up interest on the amount of equity you have in your property in the future. On the other hand, if property values fall, there might be a shortfall. Consequently, interest owed will erode your equity in the property much more quickly. Don’t forget, there is no guarantee property values will continue rising in the future.

Alternatively, there are schemes that give you the choice to make interest payments over the term. A financial adviser can help find the right scheme for you.

If you live in your property for some time after the plan is taken out, or if property values fall, it is possible that you will have no equity left in your home, and therefore nothing for your beneficiaries to inherit. Therefore it is a good idea to discuss your intentions with family members.

This advert refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

For equity release advice we act as introducers to Sesame Solutions Ltd.

Sesame Solutions can be paid for their advice by commission or by fee which is 1.25% of the total amount released, subject to a minimum of £1450.

 

 

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