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.
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.
We search 1000s of mortgage deals across a large number of lenders, including:
- Popular Options
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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!
5.00 Rating18 Reviews
Andrea
The service was really good and want to say a big thank you to Leo and Wendy for all there help and guidance 😊
4 months ago
Ryan
Leo who help deal with all of our mortgage was brilliant, professional always there to guide us and explain every step, fully recommend him, We also spoke with Wendy and once again she was very friendly polite and there to help with anything...
5 months ago
Mohit
Really good service by Malcolm and the team. Fast and made sure to understand my needs regarding the mortgage I wanted and to meet them. Would recommend
5 months ago
Nicole
Could not recommend Matt and Megan enough! Being a first time buyer, I did not know what the buying process would entail. Thankfully, Matt and Megan explained everything as we went along. Matt went above and beyond to answer my calls when we...
1 month ago
Liam
Really good service and friendly too
1 month ago
Angela
Very pleased with the the service. Dan was very helpful and explained everything as the process went along in a clear way. All options were looked to see which would be the best option for myself. This made doing the product transfer hassle free.
2 months ago
Anonymous
Buying a home can be a confusing process, especially if you are a first time buyer. Lyndsey and Ryan made the whole process really easy for us, helping us every step of the way ensuring that we were clear at all times. We now have a mortgage...
10 months ago
Darren
Anna was brilliant from first contact to the end of the process was just a few days and I didn’t have any stress at all Will definitely recommend
3 months ago
Chris
Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and...
4 months ago
Matthew
Just want to thank Charlie and Molly for being so helpful, they really helped and reassured us a lot through our mortgage process! They always had time for a chat to us and help me and my partner! Great service!
11 months ago
Oliver
Wayne and Meghan were great and everything was sorted without issue or effort. Great advice and got the product I needed. Great service.
5 months ago
James
I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
5 months ago
Gemma
Very helpful and professional
6 months ago
Laura
Very helpful. Reply to emails quickly and clearly. Would definitely recommend
6 months ago
bethany
Very much recommend! BMM are great to work with - efficient, dependable and knowledgeable.
6 months ago
Anonymous
Me and my partner have recently got a mortgage with UK Moneyman and the process was so easy and helpful. I cannot thank Joe and Anna enough for all of their hard work on our case. An excellent experience I will be recommending to anyone I know....
8 months ago
Amanda
I would fully recommend Leicester Moneyman to anyone who is looking for a mortgage. They are a very professional company, they handled my recent re-mortgage very efficiently and promptly. When I am ready to change my mortgage again they will be my...
1 year ago
Anonymous
Great customer service and friendly team
1 year ago
Anonymous
Efficient and informative, great experience so far.
1 year ago
Amreen
Excellent service provided by this team, especially kerry and Tom, they are an asset to the team. Thank you so much for everything.
1 year ago
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