The budget last year didn’t exactly bring joy to the land, particularly to those with homes valued at over £2million, many of whom are based in London, as the officially named High Value Council Tax Surcharge was announced.
It is likely to affect many older people who are living in a high value asset but don’t actually have a big income. A SOLLA accredited financial adviser can assist with equity release, but the other option might be to downsize to a smaller property. This will have the added advantage that you don’t need to worry any more about repairs and maintenance to a large home or paying for bills to heat rooms that you don’t need and don’t use. A win-win all round.
If the idea of downsizing sounds daunting, don’t worry, we are here to help and happy to have a conversation about how.