Get behind the wheel of your dream car
Can't wait to find out how much you could release? Use our handy calculator now.
Gone are the days when expensive cars and motorcycles were the preserve of film stars or industry magnates. With so many luxury models available such as brand new Porsches, Bentley’s and Jaguars or vintage models from sought after brands such as Aston Martin and Alpha Romeo, sitting behind the wheel of a classic vehicle is a dream many have.
Luxury vehicles are often good investments. According to the Knight Frank Luxury Investment Index, for the first quarter of 2017, classic and luxury cars saw rubber-burning price growth of 404 percent over the past 10 years, with Ferraris and Mercedes Benz numbers seeing the greatest growth in the last twelve months.
Sports cars are not for everyone—families with young children in particular need have different needs and therefore need different vehicles. But many relish the opportunity to trade up their station wagons for luxury models in retirement, or after the children have left home.
Alternatively, many are simply seeking the opportunity to upgrade their current vehicle for something more modern, that is cheaper to run and kinder on the environment. Of course, finding the down payment for an expensive automobile trade can be tricky, but the so-called ‘empty nesters’ or ‘platinum pensioners’ who tend to be home-owners have the option of unlocking some of the wealth in their property to buy their desired car.
Unlock cash from your home
Retirement for most people means their budget gets smaller and the decision to make large expenditures can become daunting - especially when it comes to luxuries. But thanks to the increase in property values across the UK, it is likely that your home may have increased in value faster than any other financial asset you have. Why not use this asset to help boost your later life income and make your dreams a reality?
By releasing some of the equity in your home with a lifetime mortgage, the most popular form of equity release, you could use the value of your property to get your dreams on the road.
Who is eligible to use equity release?
Releasing equity with a Lifetime Mortgage is an option available to UK homeowners, aged 55 or over. They are a safe way of getting cash from the value of your home without having to move. An equity release scheme could be suitable for you “if you need to release cash as a lump sum or to top up your income” advises Andrew Johnson, Money Expert for the Money Advice Service.
Releasing equity could be the best way for you to make the most of your golden years. By using an equity release scheme to finance your dreams, you can make sure that your home and asset which you worked so hard to pay for, now works for you.
Or you can contact us on 0800 029 1233 to discuss your needs with a view to arranging a face-to-face home visit with one of our financial advisers.
Reader's Digest Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205. In using this website I give express consent to Responsible Life Limited to contact me on the details provided from time to time. Calls may be recorded for training and quality purposes. This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a personalised illustration. Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.