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Can I use equity release to purchase a property?
Yes, this is an often-overlooked option! Your adviser will be able to guide you through this process. It is a way of potentially purchasing a higher value property, but you should also bear in mind the possible restrictions that providers may have about property type before you purchase.
Customers should be aware that purchasing a property and using Equity Release in this way can take longer than simply raising a standalone Equity Release mortgage. This could mean that rates change during the application process (or even that an offer may run out, necessitating a new offer). New rates could be higher or lower than the rate originally recommended.