Equity Release Advice

What can you do in 2020?

Even though New Year 2020 is now well and truly over, it's still early enough in the year to spend some time thinking about how you want or need to spend the remaining months of it

Even though New Year 2020 is now well and truly over, it's still early enough in the year to spend some time thinking about how you want or need to spend the remaining months of it. Hopefully, you will be able to focus more on wants than needs but with Brexit now a reality, some people at least may need to take a long, hard think about their finances and what the exit from the EU could mean for them.

With that in mind here's some thought about what you could do in 2020 and what it could mean for your finances.

Start a new business

You could be retired from the daily grind, but still very much working in some capacity and preferably on your terms. If you're concerned about making ends meet after Brexit, then you might want to think about starting some kind of business, even if only as a “side-hustle”. Obviously, you would need to check the tax implications of this.

If you're planning on working from home, you would also need to think about both the formalities and the practicalities of doing so. For example, you may have to inform your mortgage-lender, your home insurer and your local council. Even if you're good to go with all of the above, you might want to think about whether your home will provide the right environment for your work. For example, if you need quiet, will you get it.

Learn a new skill you could monetize if you wanted to

Even if you're not sure you want to start a business right now (or ever), it might be reassuring to know that you could if you wanted to. You might think (or be quite sure) that you have sufficient skills already, but learning something new can help to keep your mind active and possibly let you meet new people as well as bringing new strings to your bow.

As always what you choose depends entirely on you, your situation and your preferences, but you might want to think about areas where you already have some existing knowledge or at least interest, which you could develop further. For example, if you've always been a keen reader, then you could look at learning to teach English as a foreign language.

Learn more about the internet

You could make 2020 the year you finally get to grips with the internet and how it really works. This is actually a pretty big topic, so you might want to start by breaking it down into smaller pieces depending on your interest. For example, you might want to learn about the infrastructure behind the internet or find out more about its key applications such as cloud computing or social media.

In fact, if you wanted to get really hands on, you could try building up a following on a social-media site or even starting up your own website, perhaps to run a blog. Either of these could be monetized at a later date if you wanted to.

Pay down debts

If you're still carrying debt, then you might want to look at prioritizing paying it down in case interest rates go up after Brexit and make it more expensive. Even if you can't afford to pay any extra, it could be worth checking to see if you can get more affordable finance. In particular, you might want to look at whether or not equity release would be a good option for you. Equity release could give you the money you need to free yourself from debts in the present without having to worry about how to make future repayments.

Equity release refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.