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To explain what equity is, it is the difference between how much your property is worth and what is left for you to pay on the mortgage balance. The purpose of using Equity Release in Durham is for a homeowner to turn the equity that is already sitting within their home, into a lump sum of cash that they can use as they wish.
As a mortgage broker in Durham, a lot of the popular choices for releasing equity from a home include to pay off any mortgage payments you have remaining, to pay off any unsecured debts, to put towards the costs of home improvements, to pay for holidays, a new car or pretty much anything else.
If you are below the age of 55, the option to release equity would typically involve a remortgage. However, if you are over 55, it would likely take the form of a Lifetime Mortgage.
The way that Lifetime Mortgages work, is either once your mortgage term has concluded or even if there are payments remaining, you can choose to release said equity by way of a Lifetime Mortgage.
Providing this property is your main residence, a lot of Lifetime Mortgage homeowners may look to ring-fence a selection of their equity to put towards future family inheritance. We find this is a very useful way of helping to propel a family member onto the property ladder with perhaps a gifted deposit.
If you so desired, you could still make monthly payments back on your mortgage, though a large majority will instead opt to allow their interest to roll-up. The loan will only become payable once you have passed away or moved into long-term care, declared unfit to live by yourself. For additional mortgage advice in Durham regarding equity release in Durham, it is worth seeking the advice of someone who is a specialist in this mortgage area, like ourselves.
When looking at Equity Release and Lifetime Mortgages, you should always remember that you must be at least 55 years old to qualify, with your age and the property value affecting the amount of equity you are able to withdraw from your home.
For additional Mortgage Advice in Durham on the topic of Equity Release in Durham, we would highly recommend that you speak with a specialist mortgage advisor in Durham. Book a free mortgage appointment with a Mortgage Broker in Durham and we will see how we can help.
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 a open & honest mortgage broker in Durham,we have been able to help with a wide selection of different scenarios over the years. Equity Release in Durham is something we as a company are able to help with.
We have an expert Equity Release specialist on hand, qualified on the topic of Equity Release in Durham, who will be here to answer all of your questions.
Yes, we are able to help with a remortgage to release equity! Whether your initial fixed period is almost over or you just have some questions, get in touch with one of our mortgage advisors in Durham and we will see how we can help.
With well over 20 years of mortgage world experience, we have had the privilege of helping thousands of customers to reach their mortgage goals, overcoming the hurdles they’re faced with.
As a trusted and knowledgeable mortgage broker in Durham, our fast & friendly team of mortgage advisors are able to search through 1000’s of unique and specialist mortgage deals, in order to try and find the best one for what you’re looking to achieve.
Across your mortgage journey, we will be here to offer you continuous guidance, answering any queries and concerns that crop up, whether you’re near the start or end of your journey. We can even help with other services when you need us to, such as referring to a conveyancing solicitor.
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Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
2 months ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
1 year ago
Martin
Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...
2 years ago
Kayleigh
Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!
2 years ago
Karen
Was very professional and very helpful.
2 years ago
Anonymous
We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...
2 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
3 years ago
Sarah
Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...
3 years ago
Donna
I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...
4 years ago
Sandra
Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...
4 years ago
Louis
I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.
5 years ago
Michelle
Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.
5 years ago
Mary
My mortgage broker was easy to get hold of and efficient. Overall my experience was good value for money. As a first time buyer I felt I had support throughout my purchase.
5 years ago
Daniel
We rang these guys when we had been promised a mortgage by our Bank who then changed their minds. To be honest we didn’t know whether or not we’d be able to get a mortgage but during the first call with Durham Moneyman we felt they understood...
5 years ago
When you arrange a complimentary initial consultation with our team of life insurance experts at Durhammoneyman, we prioritise gaining a comprehensive understanding of your specific goals and strategies concerning your inheritance.
While equity release and lifetime mortgages are viable options, we view them as last-resort alternatives. Our approach is centered around exploring potential alternatives that may be better suited to your unique circumstances.
We acknowledge the importance of later life mortgages and encourage you to involve your family or trusted individuals in our discussions. Their insights can offer valuable perspectives and contribute to well-informed decisions.
Whether equity release is deemed suitable or not, our experienced later life mortgage advisors in Durham will steer you toward the appropriate resources and services that align with your plans.
Experience the benefits of our new and convenient 'book online' service, where every customer can schedule a free mortgage appointment. We eagerly await your contact, so don't hesitate to choose a date and time for your appointment today.
Our exceptional mortgage advice service has been instrumental in granting numerous individuals access to their dream homes. Discover the profound impact we've had on others by perusing our collection of 5-star reviews. You may find someone who has faced a situation similar to yours.
Transparency and integrity are fundamental values we uphold throughout your journey. Our mortgage advisor in Durham will provide unbiased recommendations tailored to your unique personal and financial circumstances, ensuring you receive the most advantageous deal available. If maintaining your current product or financial situation is the optimal choice, your advisor will offer candid advice.
As a trusted mortgage broker in Durham, we boast more than two decades of industry experience. Meet Malcolm, our esteemed 'moneyman,' who has been dedicated to assisting mortgage applicants since 2009, helping them turn their homeownership dreams into reality.
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.
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.
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.
Here at Durhammoneyman, your dedicated mortgage broker in Durham can review your personal and financial circumstances to look at which option is the most appropriate one for you.
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.
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Durhammoneyman.com & Durhammoneyman 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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Durhammoneyman.com & Durhammoneyman 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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