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The reason why you may look to take out Equity Release is so that you can turn any existing equity that is currently within your home, into a lump sum of cash that you are free to spend in any way you’d like.
You will be able to use the equity you have released for all kinds of reasons. Some will pay off their mortgage, some will pay off unsecured debts. Others may wish to fund home improvements or for more simpler pleasures, such as a new car or a holiday or too.
Your Equity Release in Grimsby will more likely than not be presented to you in the form of a Lifetime Mortgage.
The way a Lifetime Mortgage works, is that whether your mortgage balance is outstanding or not, you have an option for releasing your equity. So long as this is your main residence, you may be eligible to take out a Lifetime Mortgage, selecting a portion of the equity to put towards future family inheritance, if that is something you’d like to do.
You can still very much make monthly payments back if that is your choice, however, a popular choice among homeowners is to instead let the interest simply roll-up. The loan will only become repayable once you have died or are living in long-term care, unable to live alone without help.
The important details to remember with Equity Release, are that you have to be at least 55 years old to qualify and both your age and the value of the property will affect how much you can take out of the property.
For any Mortgage Advice in Grimsby on the topic of Equity Release, we highly suggest seeking the advice of a specialist mortgage advisor. Book online with a Mortgage Broker in Grimsby and speak to our trusted Equity Release mortgage advisor.
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.
As discussed above in the main section, there are lots of reasons why somebody may choose the route of taking out a Lifetime Mortgage for Equity Release. We generally find that the main reasons for this includes;
You may still have the option of taking out a Lifetime Mortgage and using that equity as a way to pay off the amount of mortgage you have remaining on your balance.
You may not be able to release as much as you’d like though, as there will still be a large outgoing attached to your name (the mortgage itself), which could impact affordability.
Secured debts are usually things such as a mortgage repayment, with that debt secured against a particular asset, which in this case is the home you are living in.
Unsecured debts are things such as personal loans, where a debt is not secured against any particular asset. In these instances, we find that homeowners will often take out Equity Release to cover the costs of any unsecured debts they have.
Some people may go through the process of an Equity Release for the purpose of home improvements, alterations or modifications.
This works much like it would for people who wish to remortgage to release their equity, with the difference being that a remortgage to release equity is pretty much a shoe-in for placing you on a repayment mortgage, whereas regular Equity Release puts you on a Lifetime Mortgage.
Popular choices for projects like these include but are not limited to, home offices, garden upgrades, extensions, new or refurbished living rooms and kitchens, amongst many others.
Outside of what has been mentioned above, there are other things you may be interested in spending your money on. These include to go on holiday and buy a new car, with basically no limitations. It’s your equity!
If you have any Equity Release Mortgage questions or concerns, feel free to book in with our team.
As proud providers of mortgage advice in Grimsby & surrounding areas, Equity Release is something that we can help with. We have an expert Equity Release specialist on our team who is here to help in any way they can. Get in touch and we will see how we are able to help.
We are able to help with this, yes! As you near towards the end of your initial fixed mortgage period, book in with a mortgage advisor in Grimsby and we will take a look at this option for you.
During our two decades plus of mortgage broker work, we have helped thousands of customers to achieve their goals as home buyers and homeowners alike, doing everything we can to help them get across the mortgage hurdles that are in their way.
As an experienced and knowledgeable Mortgage Broker in Grimsby, our trusted and hard working team of mortgage advisors are able to take a look through 1000s of different mortgage deals on your behalf in order to find the most suitable deal for your situation.
Throughout your mortgage process, our team will guide and support you in any way they can, answering any questions & concerns that may crop up. We even have the ability to assist with other services when applicable, such as referring you to a trusted conveyancing solicitor.
4.97 Rating31 Reviews
Absolutely lovely team of people! Leo has been really friendly and helpful throughout the process! Would highly recommend.
great service, thanks
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...
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....
Very nice and frendly Staff, helped me with anything i need. Thank you Patryk, Patrycja Datkiewicz.
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 :)
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...
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!
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...
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 ...
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.
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...
Can’t recommend enough, especially if you’re a first time buyer like myself and have no idea what you’re doing. Leo and Laura were great throughout, they were in regular contact and always kept me in the loop with everything. No issue was too...
Great team from start to finish, kept me informed throughout. Wouldn’t hesitate to recommend them to anyone.
A big thankyou to Tomas Bowes, Chloe Masters and Jonathan Ventress for the arrangement of my mortgage. extremley proffesional throughout the process and always available to assist. Thankyou. Darren Gibbs.
Very prompt satisfactory response. Mr Wayne Dewsbury works really hard even in unsocial hours time. We feel liked they have tried much more than all their best throughout. Thank to all of them.
I would recommend them very much Leo did a fantastic job as did Chloe jo and Laura nothing was to much trouble for them
Excellent service throughout. Matt and his team have been brilliant all through the process of obtaining our mortgage and kept us informed at all times. It has taken approximately five weeks from start to mortgage offer which in these uncertain...
Excellent service, very quick and efficient. We was kept informed every step of the way and they totally took all the stress of organising a mortgage away. Very professional service would totally recommend!
Absolutely fantastic service!! Both Annie and Chloe were excellent. They advised me on different options and responded quickly to any queries. Superb, friendly, professional advice! :)