Equity Release in Durham

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How does Equity Release in Durham work?

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.


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.

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Equity Release in Durham is generally taken out in 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.

Things to Remember with Equity Release in Durham

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.

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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.

I have an Equity Release enquiry, can you help?

As 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.

Can you help me remortgage to release equity?

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.

Why should I use Durhammoneyman for my remortgage?

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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