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Equity release Advice Durham

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Equity release Advice Durham

Aged 55+ in Durham? Explore a wide range of later-life mortgage solutions. With numerous equity release products available, our experts will help you find the right solution for you.

0191 303 9786

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.

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.

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Equity release Advice Durham

Lifetime Mortgages in Durham

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.

What are some things to remember with equity release?

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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Equity Release FAQs in Durham

I have an Equity Release enquiry, can you help?

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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.

Can you help me Remortgage to Release Equity?

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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?

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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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Our Simple Mortgage Process

Free 30 Minute Chat About Your Future

Step 1

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.

Alternatives to Equity Release

Step 2

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.

Discuss With Family / Trusted Parties

Step 3

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.

Tailored Lifetime Mortgage Recommendation

Step 4

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.

I have Equity to Release, can you help?

Free Mortgage Review

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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.

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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.

Our Service

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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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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.

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Finding you the Right Equity Release Deal in Durham

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Popular Options For Equity Release in Durham

Equity Release to Pay Off a Mortgage

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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

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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 in Durham for Home Improvements, Modifications or Alterations

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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.

Equity Release in Durham for Additional Purchases

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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.

Mortgage Guides & 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

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