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If you’ve had a mortgage for quite some time now, chances are you’ve built up a lot of equity in your home. You should be able to release some of this equity and turn it into a lump sum of cash.
What you do with this cash is entirely up to you. We tend to find, some choose to use it to pay off an existing mortgage payment, to pay off any unsecured debts that are associated with your name, to fund home improvements, even something like a holiday or purchase a brand-new car.
You’ll likely find that Equity Release will likely come in the form of a Lifetime Mortgage. Towards the end of your mortgage term, you have the decision to release equity through a Lifetime Mortgage. As long as you meet the requirement that this is your main residence. During the process, if you choose to do so, you’ll have the option to choose the percentage of equity for the future family inheritance.
We tend to find, that some homeowners will either make repayments whilst living inside the property, in long-term care, or let the loan amount build up with interest. Either option is seen as acceptable. Depending on the situation, different homeowners will do different things, it’s entirely up to them as to what they use their equity for.
Make sure to check your eligibility to see if you can qualify for a Lifetime Mortgage. The requirements are you have to be older than 55 years old to qualify, and the amount of equity that you can release on your home will depend on the property’s value too.
To learn more about Equity Release, book your free mortgage appointment today to speak with one of our equity release specialist Mortgage Advisors in Cambridge. They will be able to get started with your process and provide further help to you with what you are looking to achieve.
To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion. 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.
While working as an open and honest Mortgage Broker in Cambridge, there are lots of different reasons why a homeowner will look at wanting to release equity in their home and take out a Lifetime Mortgage. Below are a few of those reasons that we’ve seen for speaking with previous customers:
For some customers, even when they haven’t finished their fixed-term mortgage. It was possible to take out a Lifetime Mortgage and use the equity to pay off the remaining balance. However, taking out a Lifetime Mortgage early can impact your affordability. The main reason being is you already have a significant outgoing to pay for, which could impact the amount that a lender is willing to give you.
Secured debts come under mortgage payments because you are securing the money against an asset, primarily your house. Unsecured debt examples include any personal loans and credit cards, as the debt is not secured against any particular asset. If you were to take this route, you would release your Equity to pay off that unsecured debt.
Sometimes your home needs a little makeover, or some improvements/conversions, that is why some choose to release equity to fund said improvements. How it works is similar to if you were wanting to Remortgage to Release Equity, with the difference being that if you Remortgage to Release Equity, it’s likely you’ll be put on a Repayment Mortgage, whereas a regular Equity Release will put you on a Lifetime Mortgage.
When Releasing Equity for home improvements, some of more popular choices can include; a new kitchens, improvements to the garden, home offices as more people are choosing to work from home, conversions, and a new or additional garage.
Some, look into release equity for other reasons, maybe make a purchase on a new vehicle, go away on holidays, use the funds for a family member’s wedding, these are just to name a few. It can be anything you want. As you are the owner of the property, the equity is yours so you can spend it how you please.
If you have Equity Release Mortgage enquiries, feel free to get in touch with our team today. We have equity release specialist Mortgage Advisors in Cambridge, who we are able to lend a helping hand to start your process.
The good news is, that we have expert Mortgage Advisors in Cambridge, who can deal with the topic directly. Our team will be more than happy to answer all of your Equity release questions, book your free mortgage appointment today.
Yes, Equity Release is a top that our team can take a look at. Here at Cambridgemoneyman, we can also help you with a standard Remortgage enquiry. If you have any questions, don’t hesitate to get in touch if you are near the end of your fixed-period.
As a fast and friendly Mortgage Broker in Cambridge, the customer is the heart of this business. This is why we choose to help many customers achieve their mortgage goals. We aim to always do our best to overcome any mortgage hurdle that we are faced with no matter how difficult the situation is; we love a good challenge!
During your free initial mortgage consultation, our Mortgage Advisor in Cambridge will go and search 1000’s of deals for the most suitable mortgage deal that matches your personal and financial situation.
Once we recommend you a mortgage deal that you want to continue with, we will be able to get the ball rolling with your mortgage application.
We will hold your hand through the whole mortgage process. By providing open and honest Mortgage Advice in Cambridge and providing continuous support and guidance. We will get through the mortgage journey together.