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- Self
Employed Help Index
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But-To-Let
As A Retirement Plan ! Many people nowadays rent out a
second property as a way of saving for retirement. When a
person needs to they will either sell the property for a lump
sum or use the rent as a top up to their pension. Many
mortgage finance companies now offer specialist interest only
buy to let packages that make entering the property market
easier than ever.
© Copyright 2007 www.Self Employed Help .co.uk ~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Self employed releasing equity tips !
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These days many people
choose to release the equity within their homes in order
to give themselves a better quality of life. However, as
with everything if you are self employed then releasing
the equity within your home may be a struggle. So just
how do you go about releasing the equity in your home if
you are self employed?
What is Equity?
Before you can release equity within your home you need
to first understand what it actually is.
Basically equity is the difference between your home
value and how much outstanding mortgage you have left.
For example, if your home is worth £250,000 and your
mortgage left was £200,000, your equity would be
£50,000. You can spend the money on basically anything
that you want to and you can even choose to have it sent
to you in instalments for the rest of your life or you
could have it in one lump sum; the choice is yours.
The only downside is that you are giving away a part of
your home and although you can live within the home for
as long as you want to, afterwards it will be sold on.
So you will need to have professional advice before
deciding upon whether this is the option for you or not.
Self Employment and Equity
Luckily with self employment and equity, it is not as
hard to release the equity in your home as it is to get
a mortgage in the first place. The only time that you
may find a problem, is if you have not been self
employed very long and if you cannot prove your income
and you will not have that much equity built up either.
Overall there are specially designed schemes for the
self employed and it is better to look around to find
one to suit you. It is something that requires a great
deal of thought as if you have any dependants then
basically it is their inheritance that you are spending
when you take out the equity in your home. So check that
the rest of the family is OK with your decision before
you go ahead and do it anyway.Mortgages
For The Self Employed
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