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If you’re 55 or older and own a home valued at £70,000 or more, with or without a mortgage, you may qualify for an equity release plan. With this plan, homeowners can choose to release a portion of their home’s value either as a tax-free lump sum or in smaller payments over a specified period.
Grimsbymoneyman specialises in offering a comprehensive service, providing expert mortgage advice in Grimsby. Our service is supported by an efficient team of case managers dedicated to swiftly and efficiently implementing your equity release plan, keeping you informed at every step of the way.
Your later life mortgage advisor in Grimsby can explore the entire market to find the most suitable product for your current and future needs, In some cases, the traditional route may not be right for you, another later life product may be your best option.
In Grimsby, there are two main types of equity release: the lifetime mortgage, available to homeowners aged 55 and above, and the home reversion plan, involving selling all or part of your home.
Your trusted later life mortgage advisor in Grimsby will conduct a thorough analysis of your current and past circumstances, along with your future plans and goals. This enables them to determine whether equity release in Grimsby is the right fit for you or if an alternative approach might be more appropriate.
Whether you’re raising funds for your children or grandchildren, settling existing mortgages and debts, making home improvements, or boosting your retirement income to tackle rising living costs, our fast and friendly later life mortgage advisors are here to assist.
A lifetime mortgage in Grimsby enables you to release money from your home’s value tax-free while retaining 100% ownership and the right to stay there for as long as you live.
Generally, the repayment of a lifetime mortgage in Grimsby occurs from the sale of your home after your passing or permanent move to care (applies to the last survivor with two borrowers).
In recent times, lifetime mortgages in Grimsby have become more flexible, allowing homeowners to make voluntary payments, opt for monthly interest payments, and even port the mortgage to another property.
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.
If you’re considering an equity release plan, understanding all the options, alternatives, and potential pros and cons is crucial.
Book a free mortgage appointment with one of our trusted later life mortgage advisors in Grimsby, and they’ll guide you through your case. They’ll help you understand the process, explore your options, and discuss how a lifetime mortgage in Grimsby might impact state benefits, taxes, and the equity in your home over time.
We encourage involving family or trusted individuals to support you through each step of the later life mortgage process, attending every meeting.
Additionally, we’re happy to collaborate with your existing financial advisors, accountants, or solicitors involved in your financial planning decisions.
When taking out a lifetime mortgage in Grimsby, any existing mortgages or secured loans on your property must be repaid.
Accrued interest during your lifetime mortgage needs to be settled, along with the released amount, either upon death or if you move into long-term care.
It’s important to note that a lifetime mortgage in Grimsby is likely to decrease the available equity in your property. This means there might be less for inheritance or for covering care fees later in life, should that become necessary.
If your mortgage is set up the right way, equity release in Grimsby shouldn’t impact your tax position or benefits. However, individual circumstances vary, and a later life mortgage advisor in Grimsby will require a comprehensive understanding of your situation for precise advice.
The key is to find a trusted later life mortgage advisor in Grimsby with whom you can trust. Once your mortgage advisor identifies the most suitable plan, they’ll provide a mortgage illustration and a written recommendation, outlining your details and why we recommend that specific plan. They will be transparent with you throughout the whole process, making sure that you understand everything that is going on.
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Exceptionally easy, great communications throughout the whole process. Just received our mortgage offer!
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We were difficult clients because of our circumstances, but you guys smashed it out of the park! Thank you very much, we are eternally grateful Paul and Umu
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The whole process went very smoothly. There was no sense of any pressure being applied at any stage which was appreciated. It was made clear that any future advise sought would be forthcoming as the advisor intended to be there for the duration.
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Bryn
Couldn’t recommend moneyman enough. Went from thinking we wouldn’t get a mortgage due to being told so by another broker, to getting approved for our dream first house. We dealt with tom and stacey, and both was brilliant. From the initial...
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Angela
It is our 1st time getting a mortgage and they where extremely helpful. There was confusion at the the beginning that was there fault but our solicitors and estates agent and they where so helpful they couldn't do enough to help us and reassure us....
2 years ago
Patrick
Very nice and frendly Staff, helped me with anything i need. Thank you Patryk, Patrycja Datkiewicz.
2 years ago
Steven
Tom and Jo were very friendly and helpful throughout the process! They took the stress out of applying for our mortgage and we’re very quick to process everything. Highly recommend :)
2 years ago
Georgia
Tom & Jo did a fabulous job at helping us get our first mortgage, we weren’t sure whether we would qualify for a mortgage given that I had only been self employed for two years and had been turned down by other lenders. Both Tom & Chloe kept us up...
2 years ago
Kevin
Extreamly satisfied with the service. Ryan made us feel comfortable from the start, which made the whole process a little less daunting. Lyndsey was fab and answered any questions we had. Will be recommending to all in future!
2 years ago
Samantha
Huge huge huge Thankyou to Matt and Louise for securing me a mortgage on my first home. I never thought I’d be able to get a mortgage given a few issues with my credit rating but they worked tirelessly with different mortgage companies to ensure...
2 years ago
Jane
Excellent service and advice, made the process of securing a mortgage stress free and quick. Joe Dewsbury my mortgage advisor could not have been more helpful and Kayleigh Stewart my case manager was friendly, easy to comunicate with, quick and ...
2 years ago
Kyle
Very happy with the service provided by everyone on the team and the speed in which they got things mooving. Was always available when you was needed and made it hassle free for me, thankyou again and all the best. Kind regards, Kyle Thain.
2 years ago
kenneth
Matt Collinson and his team lead us through this process with effortless ease. Communication was always clear and we were kept up to date at each stage of the process. The team are polite and professional and nothing is to much trouble. We highly...
3 years ago
When you schedule a free initial mortgage appointment with our later life mortgage advisor in Grimsby, we will engage in a thorough conversation regarding your objectives and strategies concerning inheritance.
While equity release and lifetime mortgages remain viable options, we consider them as last-resort solutions. Our belief is that there might exist a more suitable alternative tailored to your specific circumstances.
Knowing the significance of later life mortgages, we strongly encourage you to involve your family members or other trusted individuals in our discussions.
In the event that equity release is determined to be either suitable or unsuitable for your needs, our knowledgeable later life mortgage advisors in Grimsby will direct you to the appropriate services that can further assist you in devising your plans.
Your family is always welcome and encouraged to be part of your later life mortgage advice process. We adapt to our customers' various needs and circumstances whenever possible. After your free equity release and lifetime mortgage advice appointment, your later life mortgage advisor will search for the perfect lifetime mortgage deal in Grimsby tailored to your current and future financial position.
With two decades of experience as a dedicated <a href="/">mortgage broker in Grimsby</a>, we've had the pleasure of helping numerous customers achieve their mortgage dreams, and our journey continues. Our commitment to delivering top-level, whole-of-market later-life mortgage advice in Grimsby remains unwavering, ensuring that all our valued older customers receive the same level of dedication and expertise.
As a team, we're committed to overcoming any mortgage hurdles, no matter how complex the circumstance. Challenges are welcome, and we thrive on finding solutions. Our administrators and advisors are dedicated to working hard for you, ensuring your best interests are always at the forefront of everything we do.
We'll stand by your side throughout the entire lifetime mortgage process, offering dedicated guidance and support. Together, we'll navigate your equity release journey, aiming to minimise stress and make the process as smooth as possible for you.
If you’re not approaching the end of your mortgage term, there’s still the option to consider a lifetime mortgage. This enables you to release a portion of your equity to clear the remaining balance of your existing mortgage. Keep in mind that this might affect your affordability due to the significant financial commitment involved, potentially imposing limitations on the amount you can borrow.
Let’s start by highlighting the difference between unsecured and secured debt.
Secured debts, like mortgages, are linked to assets such as your home. In contrast, unsecured debts, like personal loans, lack collateral tied to specific assets.
When individuals need to cover the expenses of unsecured debts, they often choose Equity Release as a means to address these financial obligations.
If you’re contemplating investing in home improvements, a lifetime mortgage could be the ideal solution. Alternatively, depending on your specific situation, you may explore a standard remortgage to release equity.
At Grimsbymoneyman, our dedicated mortgage advisor in Grimsby can evaluate your individual and financial circumstances to identify the most suitable option for you.
Here are some prevalent home improvements that individuals often pursue with the assistance of Equity Release:
1. Home offices
2. Conservatories
3. Garden enhancements
4. Extensions
5. Interior improvements
6. Garage upgrades
If using your equity for home improvements isn’t your preference, you have the flexibility to allocate it for more personal endeavors. Some may choose to use the funds for a holiday, a new car, or even a wedding.
We highly recommend consulting with one of our experienced <a href=”/”>mortgage advisors in Grimsby</a>, equipped with extensive knowledge about equity release and lifetime mortgages, to guide you through the best options suited to your individual needs.
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Grimsbymoneyman.com & Grimsbymoneyman 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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Grimsbymoneyman.com & Grimsbymoneyman 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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