What is equity release in Middlesbrough?

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?

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?

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?

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?

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.

Equity Release Advice in Middlesbrough (Aged 55+)

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.

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.

Free Initial Mortgage Appointment in Middlesbrough

Within the process, your dedicated Later Life mortgage advisor in Middlesbrough will be there to provide you with the suitable help and support you need.

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.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.

You should always think carefully before securing a loan against your property.

A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.

Equity Release FAQs

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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 most suitable 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 Initial Mortgage Appointment

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

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

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.

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Equity Release Advice Middlesbrough

Equity Release Advice Middlesbrough

Why are you looking to remortgage?

What is your main source of income?

Do you live in the property you're looking to remortgage?

Can you let us know your age group?

What best describes what you are looking to achieve?

Please tell us more about your current situation and what you're looking to achieve

Which stage are you currently at?

How much deposit do you have available?

What percentage deposit do you have available?

What is your main source of income?

Are you an existing buy to let property owner?

Do you own a residential property?

Can you evidence a minimum income of £25,000 p/a?

Can you tell us more about the deposit you have available?

Please tell us more about your current situation and what you're looking to achieve

What best describes what you are looking to achieve?

Please tell us what you are looking to achieve

Do you have at least 30% deposit or equity available?

Please tell us about your current situation and why it's complicated

Are you a property owner?

Are you currently?

Do you have an offer of a job that is due to start in the next 90 days?

Is all of your income currently from state benefits?

Which type of insurance are you looking to take out?

Please tell us what age bracket you fall into?

Please tell us a little bit more about your situation which would support your application

How can we help?

What are you looking to achieve?

What type of property are you buying?

Please tell us about your current situation and why it's complicated

What stage are you currently at?

How much deposit do you have available?

What type of property are you looking to purchase?

Is the house a new build or part of a shared ownership scheme?

How would you describe your credit history?

Would you be able to give us an overview of your credit history?

What is your main source of income?

What is your total household earned income p/a?

Kindly provide your contact details below

Kindly provide your contact details below

Kindly provide your contact details below

How long have you been self employed?

What are you looking to achieve?

Kindly provide your contact details below

Congratulations! You qualify for an appointment.

Congratulations! You qualify for a specialist appointment.

Congratulations! You qualify for an equity release appointment.

Congratulations! You qualify for a bridging loan appointment.

Congratulations! You qualify for a protection review.

Congratulations! You qualify for a secured loan appointment.

Thank you!

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Brilliant! Thank You For Your Enquiry

How does Equity Release in Middlesbrough work?

Lifetime Mortgages Middlesbrough

Free Initial Mortgage Appointment in Middlesbrough

Important information

Equity Release FAQs

What is equity release in Middlesbrough?

Is equity release in Middlesbrough right for me?

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

What are the benefits of a lifetime mortgage in Middlesbrough?

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

Our Simple Process

Free 45-Minute Chat About Your Future

Alternatives to Equity Release