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From your first mortgage payment, you will start building up equity in your home. Equity is simply how much money you have put into your house. You work out the equity in your property by taking the total amount left on your mortgage and deducting it from your total mortgage amount.
Equity is essentially equivalent to cash, it’s just built up inside of your home. For example, if you release equity from your property, you will receive a lump sum of cash.
This lump sum of cash can be spent however you would like. As a mortgage advice in Bristol, we often see that property owners use this money to pay off unsecured debt, go on holiday or gift the money to a family member to use for a deposit to purchase a home.
When releasing equity from your property, if you are below the age of 55, you will have to remortgage to receive your lump sum. If you are over 55, you will receive your equity in instalments in the form of a lifetime mortgage.
Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
Providing that you’re living in your primary residence, you could be eligible for a Lifetime Mortgage. Here you can select a portion of the equity for yourself and then a portion for the family inheritance.
With a Lifetime Mortgage, you don’t necessarily have to pay back your monthly repayments, you could just let the interest build up. The loan only becomes repayable if you pass away, move into long-term care or are declared unable to take care of yourself without assistance.
Remember that you will have to pass certain requirements before being able to take equity from your property. Your age and property value will be the main factors that affect how much you can withdraw from your home.
Equity Release is a specialist topic and we would advise speaking to a equity release advisors in Bristol before trying to release equity from your home. Our mortgage advisors in Bristol are more than happy to try and help you! Give us a call or book a free mortgage appointment online today.
To understand the features and risks, ask for a personalised illustration.
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.
Equity release in Bristol may be a suitable option, but it’s important to consult with a qualified later life mortgage advisor in Bristol to determine the best solution for your needs and plans. Your advisor will review all alternatives and only recommend equity release if it is the most beneficial for you.
Involving your family in these discussions is encouraged, but ultimately it’s your decision. If equity release is not the best option, your advisor will be transparent and help you find an alternative solution.
Equity release in Bristol is a mortgage option for eligible homeowners in Bristol who are 55+ and own a property valued at £70,000 or more. It is typically in the form of a lifetime mortgage, where a loan is secured against the value of the home.
The homeowner remains the owner of the property and the loan is typically repaid from the sale of the home after the homeowner dies or moves into long-term care.
Taking out a lifetime mortgage can have benefits such as the ability to choose what happens to your monthly mortgage repayments. Some people choose to let the interest roll up instead of making monthly payments.
However, it’s important to keep in mind that the remaining mortgage balance will be paid off when the home is sold after the homeowner’s death or move into long-term care. If you choose not to make monthly payments, it may impact the inheritance left for your beneficiaries.
In addition to consulting a later life mortgage advisor to determine if equity release in Bristol is the best option for you, it’s also recommended to consider any future arrangements that may be necessary.
It’s a good idea to discuss equity release with your family, ensure your will is up to date, and sort out any lasting powers of attorney. These arrangements may be crucial as your family may be responsible for selling your home to repay the lifetime mortgage in Bristol after your death or if you have an impaired mental capacity.
Sorting out these arrangements in advance can make the process simpler and more cost-effective in the future.
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During the free initial appointment with a later life mortgage advisor in Bristol, your inheritance plans and goals will be discussed. This will help the advisor to understand your priorities and tailor their recommendations to best suit your needs.
As a later life mortgage advisor, we will explore all options available to you before recommending equity release or a lifetime mortgage. These alternatives include options such as retirement mortgages, charitable donations, and other financial arrangements that may better suit your situation.
Our goal is to find the best solution for you and your specific needs before considering releasing equity from your home.
Due to the significant nature of later life mortgages, it is important to involve family members or trusted parties in discussions. Our later life mortgage advisors in Bristol will ensure that you fully understand all your options, plans and any additional information before making a decision.
We will make sure that you have a thorough understanding of what you are agreeing to, so you can make an informed choice that best suits your needs.
If equity release is not the best option for you, your later life mortgage advisor in Bristol will refer you to the appropriate services for your plans.
On the other hand, if equity release is suitable for you, your advisor will provide a personalized lifetime mortgage recommendation that takes into account any inheritance plans you have. This ensures that you get the best solution that meets your specific needs and goals.
Your advisor can search through 1000s of mortgage products on your behalf. These products will be suited to your personal and financial circumstances.
Our new, simplified booking service allows you to pick your own date and time for a mortgage appointment. Follow our ‘get started’ process and get in touch!
Our job is not just to try and find you a better rate, we will also help you through the whole process. We have specialist equity release remortgage advisors in the moneyman team that would be more than happy to take your call and talk you through the remortgage options.
We would recommend getting mortgage advice in Bristol so that you are aware of the whole process and exactly how it works. We have over 20 years of experience in the mortgage sector; our advisors will be able to answer your question.
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We will hold your hand from start to finish. Our team will be on-hand throughout the process to make sure that you feel comfortable and secure throughout the whole process.
Our job is not just to try and find you a better rate, we will also help you through the whole process. We have specialist equity release remortgage advisors in the moneyman team that would be more than happy to take your call and talk you through the remortgage options.
Equity release is a complicated subject, and that’s why it’s best to get a second opinion and ask a question.
There are lots of different reasons why someone may want to release equity, it does not just come in the form of a Lifetime Mortgage. Some of the popular options that we often come across include: to repay a mortgage, paying off unsecured debts, to pay for any home improvements, modifications or alterations, latest or current P60and any other additional purchases.
If you manage to meet the criteria for a lifetime mortgage, you may be able to use the equity to pay off the remaining balance of a mortgage. This can sometimes be achieved even if you have not finished your mortgage term.
Your affordability will be assessed during your mortgage application; your affordability could be affected due to the fact that you have another large financial commitment in your name. This could limit the total amount you are able to borrow.
Secured debt is money that is stored against an asset. An example would be your mortgage payment against your property. Unsecured debt is something such as a personal loan, as it is not secured against any assets.
If you have unsecured debt in your name, it may be possible to release equity from your property to relieve some of this debt.
If your home needs some improvements or a makeover, it may be possible to use the equity in your home to fun home improvements, modifications or alterations.
This process works similarly to if you remortgage to find a better rate, you will likely be put on a repayment mortgage. You are essentially remortgaging for home improvements.
Usually, people choose to invest in home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, or additional garages.
It’s also possible to spend your money on something different such as a new car, a holiday or two, a wedding for yourself or relatives. Remember that it is your money so you can spend it however you’d like!
Our equity release advisors in Bristol are more than happy to answer your Equity Release questions. All that you need to do is book a free mortgage appointment online and an equity release advisor will be in touch.
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Bristolmoneyman.com & Bristolmoneyman 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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Bristolmoneyman.com & Bristolmoneyman 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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