Founder:
Expert VerifiedKey Takeaways
- Martin Lewis recommends considering downsizing before opting for equity release.
- He also stresses the importance of independent financial advice to help you understand the implications of equity release.
- Lewis offers a number of general tips to help those considering equity release.
Martin Lewis, renowned financial expert and founder of MoneySavingExpert, has shared his insights on equity release, a financial product that allows homeowners to unlock the value of their property.
This article explores Martin Lewis’s perspective to help you make an informed decision about whether equity release is right for you.
This article explores the following topics, drawing on our expertise in the field:
COMMENT: TimeBank.org.uk is an independent third-party data provider, and the information shared here reflects their views alone, not necessarily those of Martin Lewis. This article is for informational purposes only and should not be considered financial advice or a recommendation to engage with any products offered by Martin Lewis.
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- Who offers the LOWEST rates available on the market.
- Who offers the HIGHEST release amount.
- If you qualify for equity release.
Who Is Martin Lewis?
Recognised for his expertise in the realm of financial advice, Martin Lewis has become "one of the most trusted voices on financial matters and money-saving" in the UK, according to The i Paper.1
Through his platforms MoneySavingExpert and The Martin Lewis Money Show Live, he offers valuable insights and recommendations to help people make informed decisions about their finances.
Does Martin Lewis Recommend Equity Release?
Martin Lewis recommends that prospective borrowers consider equity release alternatives before committing to a lifetime mortgage.2
In his online guide on equity release, Martin Lewis specifically mentions downsizing as a potential alternative.
Points raised include:
- Downsizing to a smaller, more manageable property may be very beneficial as you age.
- Don't put off downsizing too long.
- If downsizing, you may have to move to a different area, so consider the potential emotional and social upheaval this may cause.
- Selling up and moving comes with costs, so make sure you know what to expect.
Martin Lewis's Equity Release Tips
Martin Lewis's equity release tips include pointers to keep in mind if you do decide to apply for an equity release plan.
These tips are:
- Borrow only what you need.
- Remember you'll need professional advice.
- Only consider providers that belong to the Equity Release Council (ERC).
- Talk to your family.
- Weigh up how your benefits may be affected.
Does Martin Lewis Offer Equity Release Advice?
Martin Lewis does not offer equity release advice in a way a certified equity release advisor might; instead, he provides his thoughts on what kind of borrower might benefit from this kind of product.
Common Questions
What are some potential considerations and risks to be aware of before deciding on equity release?
How does Martin Lewis suggest finding the best equity release provider?
Why does Martin Lewis recommend consulting a qualified advisor before proceeding with equity release?
According to Martin Lewis, what are the potential benefits of downsizing compared to opting for an equity release scheme?
Conclusion
Martin Lewis provides valuable insight and information on equity release options for homeowners looking to access funds from their property.
His thorough research and expertise in personal finance make him a trusted source for individuals considering this financial decision.
By highlighting the potential risks involved, Lewis helps consumers make informed choices that align with their financial goals and needs.
Overall, Martin Lewis's take on equity release can be very useful when it comes to educating and empowering consumers.
