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Equity Release in Middlesbrough

Equity Release & Lifetime Mortgage Advice in Middlesbrough

How does Equity Release in Middlesbrough work?

If you have been living in/owned a property for the last  10+ years, it is very likely that you have built up a lot of equity. The equity in your home is the difference between your property value and the amount remaining on your mortgage.

 

For example, if you have paid off 50% of your mortgage on a property valued at £200,000, the total equity inside of the property is £100,000. With the power of equity release, you could take some of this money back out of your home to create a lump sum of cash.

 

This lump sum can be spent on whatever you want. After all, it is just the money that you have previously put into the property. As a mortgage broker in Middlesbrough, we have seen people use this money to pay off unsecured debt, fund home improvements, go on holiday or purchase a new car.

 

Equity release is a complex subject and you should get Mortgage Advice in Middlesbrough before taking equity from your home.

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Lifetime Mortgages Middlesbrough

Rather than remortgaging to release equity, if you are 55+ and have a property value above £70,000, you may be able to release equity through a lifetime mortgage.

 

With a lifetime mortgage, you will receive repayments without needing to move out of the property. On the other hand, you can take out a lifetime mortgage and move into long-term care or let the loan amount build up with interest.

 

Each person’s situation is unique, therefore, you may end up using the equity in a completely different way from someone else.

Things to Remember with Equity Release

As mentioned above, you should find out more about equity release and how it works prior to remortgaging or taking out a lifetime mortgage. The main things that can affect your application are age, property value and how much equity you have inside of your property.

 

We would strongly recommend that you get in touch with one of our expert equity release advisors in Middlesbrough. They will be more than happy to help and take a look at your situation.

 

To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion. 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.

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Options For Equity Release in Middlesbrough

As Mortgage Broker in Middlesbrough, we have come across all different kinds of equity release situations. The most common include:

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

These are the most common reasons why people release equity. If your situation is not listed above, don’t worry, we may be able to help you still! Simply reach out to one of our team members and tell them your situation.

Equity Release to Pay Off a Mortgage

If you take out a lifetime mortgage, you can release the equity in your property as a tax-free lump sum and use it to pay off the rest of your existing mortgage. Most often just let the interest rate build up over time.

 

Lifetime mortgages can impact your affordability. This is because you already have a substantial outgoing (your current mortgage), so a 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 debts are personal loans, credit cards, etc. This debt is not secured against any particular asset.

 

If this is something that you would like to look at doing, make sure to get in touch with our team.

Equity Release for Home Improvements, Modifications or Alterations

If you feel like your property could benefit from a makeover such as a conversion or extension, you may be able to release equity to fund these improvements.

 

When remortgaging to release equity, you can take out a lump sum of cash and invest it back into your property. You will also be placed onto a new mortgage deal, likely a repayment mortgage.

 

Home improvement suggestions include a new kitchen, garden extension, home office, loft conversion or a new garage – it’s completely up to you!

Equity Release for Additional Purchases

Similarly to releasing equity to fund home improvements, you could release equity to fund a holiday, your own/a family member’s wedding, etc. Remember that it is your money, therefore, you can spend it how you like!

 

If you have any questions and want to speak to an equity release mortgage advisor in Middlesbrough, feel free to get in touch. We would love to try and help!

I have Equity to Release, can you help?

Getting equity release mortgage advice in Middlesbrough is made simple with Middlesbroughmoneyman! We have been working in the industry for over 20 years now and have managed to help many customers looking to release equity from their property.

Can you help me Remortgage to Release Equity?

Follow our remortgage journey on our book online form to speak with a remortgage to release equity mortgage advisor in Middlesbrough.

 

They will work with you and see how much you may be able to take out of your property. They will also compare your remortgage options as you will need to take out a new mortgage after releasing equity. The advisors will make sure that you are on a deal that is suited to your personal and financial situation.

Why Should I use Middlesbroughmoneyman for my Remortgage?

We are able to search through 1000s of deals when finding you a remortgage deal. As mentioned above, we will try and find you a deal most suited to your individual circumstances.

 

With our experience and knowledge in the sector, we are able to help in almost every mortgage situation. Equity release is a complex subject and we will try our hardest to get things right the first time!

 

Our team are available 7 days a week; early in the morning until late at night. Book an appointment that suits your personal and working life online today.

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