Equity Release Advice Middlesbrough

Equity release is a form of later life mortgage, aimed at homeowners who are over the age of 55 and have a property worth at least £70,000.

To understand the features and risks, ask a qualified later life mortgage advisor in Middlesbrough for a personalised illustration.

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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.

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.

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Equity Release Advice Middlesbrough

Lifetime Mortgages Middlesbrough

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.

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Equity Release FAQs

What is equity release in Middlesbrough?

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Equity release in Middlesbrough is a variation of a later life mortgage that is available to eligible homeowners in Middlesbrough, aged 55+ and who have a property that is valued at least £70,000.

The most frequently encountered type of equity release in Middlesbrough is the lifetime mortgage. With a lifetime mortgage in Middlesbrough, you can release money as a loan that will be secured against the value of your home.

You will keep ownership of your home, just as you would if you had a conventional mortgage. Your later life mortgage lender needs to be repaid, typically from the sale of your home, after you have either died or move into long-term care.

Is equity release in Middlesbrough right for me?

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It could be. It is the job of a qualified later life mortgage advisor in Middlesbrough to get to know you and your plans, as well as what is is you are looking to get out of your home in later life.

Your later life mortgage advisor will take a look through all of the alternatives that could be available to you, looking at what may be the highest value solution for your long term needs. We always encourage members of your family to be included in these talks, though this is always up to you.

Worry not that if equity release in Middlesbrough is not right for you, your later life mortgage advisor in Middlesbrough will be transparent and let you know this, either helping you to find an alternative solution, or referring you to someone else who can do this.

Do I still own my home if I take out equity release in Middlesbrough?

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When you take out equity release in Middlesbrough, you will retain 100% home ownership. This means that when you either die or move on into long-term care, the balance of equity that remains will be repaid from the sale of the property and anything that is left, will either go to you or your estate.

What are the benefits of a lifetime mortgage in Middlesbrough?

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There is a lot that you could benefit from if you take out a lifetime mortgage, such as being able to choose what happens to your monthly mortgage repayments. Whilst you technically owe a balance, many choose to let the interest roll up so that they don't have to make those monthly payments.

It is important to note, however, that your home is sold after you die or move into long-term care, in order to pay off the remaining mortgage balance. This means that if you do not make those monthly payments, there may not be anything left afterwards for inheritance, if that was something you were looking to do.

Is there anything else I need to do for equity release in Middlesbrough?

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Aside from talking with a later life mortgage advisor about whether equity release in Middlesbrough is the right step for you to take, it is also worth your time considering any other arrangements you may need to make for the future.

We would highly recommend speaking with your family about equity release in Middlesbrough, ensuring that your will is up to date and that you also arrange any lasting powers of attorney.

These are all important things to sort out as, often, it will be your family as beneficiaries (after your death) or attorneys (if you have an impaired mental capacity) who will be needing to sell your home in order to repay the lifetime mortgage in Middlesbrough that you took out.

Much like everything else, making appropriate plans now will likely make it easier and most probably cheaper, later on.

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Our Simple Process

Free 45-Minute Chat About Your Future

Speak with a qualified later life mortgage expert about what it is you would like to achieve in later life.

During this appointment, your later life mortgage advisor will discuss your goals and inheritance plans.

Alternatives to Equity Release

Equity release and lifetime mortgages are the last options we will look at for you, as an alternative may be better suited for you.

From retirement mortgages to possible charity involvement, we will look at the best options for you before you release any equity from your home.

Discuss With Family / Trusted Parties

Due to the significance of later life mortgages, we actively encourage customers to involve family or trusted parties to be a part of discussions.

We will make sure to go over all your options, plans and any further information you need to know in detail, so that you are aware of what you are agreeing to.

Tailored Lifetime Mortgage Recommendation

If equity release is not right for you, your later life mortgage advisor in Middlesbrough will refer you on to the appropriate services for your plans.

That said, if equity release is right for you, your advisor will make a tailored lifetime mortgage recommendation, factoring in any inheritance plans you have.

I have Equity to Release, can you help?

Free Mortgage Appointment

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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.

1000's of Deals

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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 Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Middlesbrough

Finding you the Right Equity Release Deal in Middlesbrough

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Popular Options For Equity Release in Middlesbrough

Common Equity Release Situations

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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 and 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

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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

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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

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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

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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!

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Middlesbroughmoneyman.com & Middlesbroughmoneyman 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.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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