Equity Release Specialist
We’re proud to offer later life lending advice alongside our residential mortgage services. Steve Dale is our specialist in equity release and later life borrowing, with 40 years’ experience in financial services.
About Steve Dale
I’m Steve Dale, an Equity Release Specialist at MB Associates. I began my career in banking as a manager and underwriter at Lloyds Bank. I have worked in financial services for 40 years, with 26 of those years specialising in mortgages and protection. Today, I focus on equity release and later life borrowing, helping people explore ways to feel more financially secure in retirement.
Over the years, I’ve seen that people’s needs and priorities in later life can vary enormously. Some want to make their retirement income go further, while others hope to adapt their home, repay existing borrowing or help children and grandchildren with a deposit. My role is to understand what matters to each client, explain the options clearly and help them decide whether borrowing against their home is right for them.
Lifetime Mortgages
while continuing to live there. The plans I advise on are Lifetime Mortgages: loans secured against a home that the borrower continues to own. Depending on the plan, there may be no requirement to make monthly repayments, although some plans allow borrowers to pay some or all of the interest. Any interest that is not paid is added to the loan, so the amount owed can grow over time and reduce the value of the estate.
It’s a significant decision, and equity release will not suit everyone. I take time to talk through how a plan could affect a client’s finances, family and future plans, including the inheritance they may wish to leave. We can also consider alternatives, such as downsizing or other forms of borrowing, so that clients can compare their choices with a clear understanding of the trade-offs.
Reassuring safeguards
I’m proud to be a member of the Equity Release Council. Its standards include safeguards such as the no-negative-equity guarantee on qualifying plans, which means the borrower or their estate will not owe more than the property’s sale proceeds. Modern Lifetime Mortgages can also offer features and flexibility that were not always available in the past.
I’m often asked about common concerns, such as whether someone can move home, whether monthly payments are compulsory or whether they will still own their property. The answers depend on the plan and the circumstances, so I explain the relevant terms carefully rather than assuming one solution fits everyone. I often encounter myths about equity release, which I am keen to clarify. You can read more about the commonly held misbeliefs here.
I also speak with clients who would like to support family members financially, perhaps by helping a child or grandchild buy their first home. A gifted deposit may be one option, but it’s important to consider how giving money away could affect the person’s own long-term security. These conversations are part of looking at the whole picture, not just the property or the loan.
Comprehensive advice
I believe good advice should be comprehensive, balanced and personal. My aim is to make a potentially complex subject easier to understand, answer questions honestly and give clients the time and information they need to make a decision that feels right for them.
Please get in touch with me to arrange a no-obligation conversation about later life borrowing or equity release. I see all of my prospective clients face to face at their home and I’m happy for other family members to be present.
Call Steve on 020 8652 5240 or 07384 686 223 or email him at steve@mbassociates.net
More Information
You can also download our free guide to equity release.
Watch this short video about equity release.