Equity Release in Durham

Popular Options For Equity Release in Durham

As previously mentioned above, there are a wide variety of different reasons as to why someone may look to take out a Lifetime Mortgage for Equity Release in Durham. Popular options we hear of include;

• In order to repay a mortgage.
• For paying off any unsecured debts.
• To cover the costs of any home improvements, modifications or alterations.
• Any further purchases.

Equity Release to Pay Off a Mortgage

You may still have the option of taking out a Lifetime Mortgage and use the equity to pay off the remaining balance of a mortgage, even if your mortgage term is ongoing when you do so.

The important thing to remember here though, is that your affordability could potentially be affected by the fact you are already paying off a large financial commitment, which in turn could limit the amount you are able to borrow.

Equity Release to Pay Off Unsecured Debts

A good example of a secured debt would be the mortgage repayments you have, with that debt being secured against an asset (in this case, your home).

Unsecured debts would include things like personal loans, which will work an opposite way to the secured debt, as it will not be secured against any assets.

For issues like this, people will often look to take out Equity Release as a way of paying off any unsecured debts they’ve built up over time.

Equity Release for Home Improvements, Modifications or Alterations

Some homeowners will choose to undertake Equity Release in Durham for the purpose of paying for potential home improvements, modifications or alterations.

On the surface this will essentially be working the same as remortgaging for the same purpose, with the only difference between the two being that a remortgage to release equity will most likely have you placed on a repayment mortgage, whereas standard Equity Release will mean that you are on a Lifetime Mortgage.

Standard paths taken with a Lifetime Mortgage include to fund the costs of creating home offices, new garden improvements, home extensions, updated living rooms and kitchens, and a new or additional garage to the property.

Equity Release in Durham for Additional Purchases

There are a wide variety of different purchases you may wish to make once you have been able to release a portion of equity from your property.

Often we hear of these purchases including things like a new car, a holidays and weddings. You more or less have no limits to the potential of spending your equity, it’s yours to spend!

If you would like to talk about any Equity Release in Durham enquiries that you have, feel free to book in for your free appointment with our Mortgage Advisors in Durham today.