Equity Release in Leicester

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How does Equity Release in Leicester work?

Over time, the longer you have lived in the property the more equity you’ve built up in your property. Equity release is a way of turning the value of your property and releasing it into a lump sum of cash.


This lump sum can be spent on anything you want. Some homeowners choose to use the money to pay off unsecured debt, fund home improvements, go on holiday or purchase a new car. Before taking any money out of your property, it’s always best to speak to an Equity Release specialist Mortgage Advisors in Leicester.

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Lifetime Mortgages Leicester

We tend to find with older applicants that equity release comes in the form of a Lifetime Mortgage. To qualify for a Lifetime Mortgage, you will have to be over the age of 55 years old.


Usually, people pay off their Lifetime Mortgage whilst living inside the property, in long-term care, or letting the loan amount build up with interest. You’ll be making the decision to decide which route is best to take. Depending on your circumstances, you may plan to use the equity in a completely different way to someone else. It’s entirely up to you how you use the money.

Things to Remember with Equity Release

Before applying for a Lifetime Mortgage, check your eligibility and check to see if you meet the requirements. Two of the main factors are your age and the value of your property. The loan only becomes repayable once you are dead or have moved on into long-term care, unable to live independently.


We would strongly recommend booking your free mortgage appointment to speak with our expert team of Equity Advisors in Leicester. They will be able to see whether you qualify or not for Equity Release and whether it is possible in your personal and financial situation.


To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.


A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.


A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

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Popular Options For Equity Release in Leicester

As Mortgage Broker in Leicester, we have come across all different types of Equity Release situations. The most common include and not limited to:

  • Mortgage repayments
  • Paying off unsecured debts
  • To fund home improvements, modifications, or alterations
  • Additional purchases

Don’t worry, if your situation is not listed below, feel free to book your free mortgage appointment today to speak with one of our Equity Release experts today.

Equity Release to Pay Off a Mortgage

In some cases, even if you’ve not paid off your mortgage in full. You may be able to take out a Lifetime Mortgage to help you to pay these off. However, Lifetime Mortgages might impact your affordability. This is because you already have a substantial outgoing, so the lender may be warier of how much they are lending to you.

Equity Release to Pay Off Unsecured Debts

Secured debts are debts that are valued against an asset (such as your mortgage valued against your house). Unsecured debt examples include personal loans, credit cards, and this debt is not secured against any particular asset.

Equity Release for Home Improvements, Modifications or Alterations

You may be able to release equity inside of your home to fund home improvements. This is made possible by Remortgaging to Release Equity. After remortgaging, you’ll likely be put on a Repayment Mortgage, whereas a regular Equity Release will put you on a Lifetime Mortgage. Popular home improvements include:

  • New kitchen
  • Garden extension
  • Home offices
  • conversions
  • New / additional garage


Equity Release for Additional Purchases

Some people may want to release equity from their home for something such as a new vehicle, or a holiday, to fund a family member’s wedding. You can spend it how you like!


If you have any questions regarding Equity Release and how it works, feel free to get in touch. Our amazing team would be more than happy to help you!

I have Equity to Release, can you help?

Looking into Equity Release Mortgage Advice in Leicester has never been easier, our team can check whether you are eligible to release equity from your property after you have booked your free mortgage appointment with a member of our team members. Subject to availability you can choose a date and time that suits you!

Can you help me Remortgage to Release Equity?

Of course, we are able to look at your options to release equity, and see how much you may be able to take out of your property. You may need to take out a new mortgage whilst releasing equity, and therefore we will try our best to find you the most suitable deal to suit your personal and financial situation.

Why Should I use Leicestermoneyman for my Remortgage?

As an expert Mortgage Broker in Leicester, we have access to a vast panel of lenders, some with specialist products. We can search through 1000’s of deals to find one tailored for you. If we encounter any hurdles along the way, we will try and overcome them together.


Our experienced mortgage advisors in Leicester are even able to help with various other services when applicable for us to do so, such as referring you to a trusted conveyancing solicitor.


We have worked in this industry for over 20 years, our team is dedicated and responsive and want you to receive the best service possible during your dealings with us. We can’t wait to hear from you!

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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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