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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 £995.
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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Graeme
Malcolm gave excellent advise and helped us through the first time buyer process!
3 weeks ago
Kayleigh
Very good, very helpful and always on the ball. Answer calls outside of normal working hours which was helpful, sent lots of prompting emails to guide us.
5 months ago
Anonymous
I don't think I've written one of these before so hopefully that will mean some weight gets attached to this. Leo was an outstanding mortgage broker and smoothly secured me an offer of a mortgage, after years of aspiring to buy a house. This was...
9 months ago
Jenni
Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.
11 months ago
Joanne
Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...
1 year ago
Fiona
Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.
1 year ago
Katie
We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...
1 year ago
Mr Darren
An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.
1 year ago
Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
1 year ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
2 years 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...
3 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!
3 years ago
Karen
Was very professional and very helpful.
4 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...
4 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
4 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...
5 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...
5 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...
5 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.
6 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.
6 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 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.
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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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 2025.
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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 2025.
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