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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 initial 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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £1295.
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
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Leo and Lizzi were exceptionally helpful. Leo gave us great advise, not just on products available, but on things like bidding on properties, whether we were likely to be approved for more complicated properties etc. Lizzi was very communicative and thorough in processing our application, and after our first sale fell through we didn't hesitate to use UK Moneyman again. Thanks so much to Leo and Lizzi!
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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 initial 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.
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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Durhammoneyman 2009–2026
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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Durhammoneyman 2009–2026
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