Equity is the difference between what you owe on a mortgage balance and the value of your property. If you are a homeowner with a property that is worth at least £70,000 and are aged 55 or over, Equity Release allows you to release additional funds from your home, free of tax, without the need to even move home. This type of mortgage can be the key to controlling your finances as you go further into later life, helping you to securely use some of the equity that has built up in your property over time. You can spend your funds however you see fit, as it is a tax-free income booster. You may choose to repay your mortgage, create a lavish retirement for yourself, help out a family member, fund a wedding - The possibilities are endless, and they're all yours to play with.Get Started
Generally speaking, you will find that equity release is most commonly encountered as a lifetime mortgage. This type of mortgage allows you to secured a loan against your biggest asset (your home), without necessarily paying back the balance per month. Some will still keep on top of payments per month, whereas many will simply let the interest stack up until you either pass away or have to move into long-term care. Once one of the latter instances has occurred, your home will typically be sold, with the money made from the sale covering the loan repayment. With some equity release plans, you may be able to set a limit that stops you owing more than your home is worth. Conversely to this, if there is any equity remaining within your home once you have passed away, this could be passed down to your family as an inheritance. Equity release is a fantastic option for later life homeowners and has helped thousands to control their finances as they reach the later stages of their life.Book Online
Am I eligible for equity release?
You may be eligible for taking out an equity release mortgage, so long as you are over the age of 55 and have a property that is worth at least £70,000.
Is equity release regulated?
Yes, it is. Equity release, much like UK Moneyman as a company, is regulated by the Financial Conduct Authority (FCA). The FCA exists as a means of protecting consumers and ensuring they get a fair chance.
How much equity could I release?
The amount of equity that you have access to can vary, depending on factors such as your age, health and lifestyle choices, as well as how much your property is worth. According to research from Equity Release Supermarket in 2021*, their customers released an average of £113,000 worth of equity. (*Source: Equity Release Supermarket) You will need to release at least £10,000 worth of equity, with the total amount being dependant on the factors listed above. The older you or your partner are, the more money you could have access to from your equity release.
How much does equity release cost?
The costs of equity release will vary depending on a selection of different factors. These include the amount of equity you're looking to release, how old you are, how long you would like your plan to last, the interest rates attached to the plan and the ways in which you would like to personalise your equity release plan. Much like a regular mortgage, you will still have to factor in additional costs such as a surveyor's fee, solicitor's fee and a mortgage broker fee, set at the discretion of your mortgage advisor.
Can I move home if I have an equity release plan in place?
Depending on the equity release plan you have in place, you may be able to move home. If you released your equity via a lifetime mortgage, you may have the option of porting your equity release mortgage onto your new home.
What are the benefits of lifetime mortgages?
There are lots of benefits to taking out a lifetime mortgage. One of the main benefits to this, is that whilst you do have the option to make monthly mortgage payments if you would like to, you have the option of letting the interest roll up, leaving you without any monthly payments. Once you have passed away or moved into long-term care, your property is sold to pay off the mortgage balance.
What are the different types of lifetime mortgages?
Lifetime mortgages can either come as a lump sum lifetime mortgage or a drawdown lifetime mortgage. A lump sum lifetime mortgage works as the name suggests, allowing for you to release your funds, tax-free, into one big lump sum. This allows you to retain complete ownership of your home, without the need to make monthly repayments, and no restrictions on what you can use it for. A drawdown lifetime mortgage works similarly, but instead only releases part of the equity in your property, giving you the option to draw additional equity from the property as and when you need it. This actually reduces the overall cost of your mortgage, as interest is only charged on the amounts you draw out, which could save you a lot of money! The criteria to qualify for each of these types of lifetime mortgage is the same as one another.
We work to a time that suits you. You can put your personal life first, attending your free equity release mortgage appointment at a time convenient to you.
During your free equity release mortgage appointment, we can go over your options with you. This includes lifetime mortgages.
Your case manager will support you every step of the way!
We will be open and honest at all times; finding you a deal that suits your personal and financial situation.
We'll recommend the most suitable insurance products to protect you and your family, should you become seriously ill or unable to work.
We will compare different equity release mortgage deals across the market. We have a large panel of mortgage lenders to choose from.
We have been in the mortgage industry now for over two decades. If you need help with equity release, get in touch!
We will be there for you throughout your whole mortgage process, recommending the best equity release deal for your situation.
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