As a homeowner, you’ve probably encountered the concept of remortgaging in Hull. However, what precisely does it entail, and how does it impact your financial situation?
In this detailed guide, we will look into the definition of remortgaging, highlighting its importance and the advantages it brings to the table.
In straightforward terms, a remortgage in Hull, occasionally referred to as refinancing, involves transitioning your existing mortgage to a new lender or re-evaluating your terms with your current lender.
This financial strategy empowers homeowners to tailor their mortgage to align with their present financial situation and aspirations.
Now, let’s explore the fundamental components that make up the concept of remortgaging:
A significant motivation for considering a remortgage is the transition from your present lender to a different one. This decision can be driven by the pursuit of a more competitive interest rate, enhanced customer service, or more advantageous mortgage conditions.
Should you find satisfaction with your existing lender but desire a modification in your mortgage’s terms, remortgaging remains a viable option.
This could encompass adjustments to your mortgage term, transitioning from a fixed-rate to a variable-rate mortgage, or vice versa, all tailored to better align with your financial objectives.
For individuals seeking to tap into the equity they’ve built up in their property, a remortgage in Hull provides an avenue to release this equity.
By borrowing against the augmented value of your home, you can access a lump sum or establish a line of credit, offering flexibility for various financial endeavours.
Now that we’ve clarified the definition of a remortgage in Hull, let’s delve into the motivations that drive homeowners to take this significant step in their homeownership journey:
When interest rates decrease, or if you originally obtained your mortgage at a less advantageous rate, remortgaging becomes a viable option to tap into lower interest rates, ultimately leading to more affordable monthly payments.
Remortgaging offers homeowners the flexibility to adjust their repayment structure to make it more manageable. For example, you can transition from an interest-only mortgage to a repayment mortgage, or vice versa, tailoring your financial strategy to your current circumstances.
If you’re considering a remortgage in Hull to fund home improvements, this financial move can provide the necessary funds by leveraging your property’s equity.
Homeowners burdened by multiple debts, such as credit card balances or personal loans, can explore the option of a remortgage in Hull for debt consolidation. This approach simplifies your financial management by consolidating these debts into one manageable monthly payment.
Over the years, the value of your property may experience substantial growth. Remortgaging in Hull offers you the opportunity to leverage this increased equity for a range of purposes, whether it’s financing your child’s education or venturing into additional property investments.
Remortgaging can be a intricate process with numerous factors to consider. It’s highly advisable to consult with a qualified mortgage advisor in Hull.
They possess the expertise to offer expert remortgage advice in Hull, evaluate your unique financial situation, and help you in finding the optimal remortgage solution tailored to your specific needs.
Understanding the essence of remortgaging in Hull empowers homeowners to make well-informed financial decisions.
Whether you’re in pursuit of lower interest rates, increased repayment flexibility, or the ability to access your home’s equity, remortgaging can serve as a valuable tool to achieve your financial aspirations.
It’s important to emphasise the importance of thorough research, seeking guidance from experts, and meticulously assessing your individual circumstances to make the most of this significant financial opportunity.
Remortgaging in Hull can sometimes raise questions about the need for a deposit, as the concept of a deposit is typically linked to buying a property rather than the process of refinancing an existing mortgage.
Before we delve into the topic of deposits, let’s take a moment to clarify what a remortgage in Hull entails. A remortgage involves either transferring your existing mortgage to a new lender or renegotiating the terms of your current mortgage with your current lender.
Individuals often contemplate remortgaging for various reasons, including the desire to secure a more favourable interest rate, opting for a remortgage in Hull to release equity, or adapting their mortgage type to better align with their changing financial circumstances.
The reassuring news is that, for the most part, remortgaging your property doesn’t necessitate a deposit. Unlike the process of purchasing a new home, where a deposit is typically required to secure a mortgage, remortgaging primarily hinges on the equity you’ve accumulated in your existing property.
When you embark on a remortgage journey in Hull, the equity in your home plays a pivotal role. Equity represents the share of your property’s value that you fully own, and it steadily grows as you diligently make mortgage payments.
To illustrate, consider your home’s current valuation at £300,000. If your outstanding mortgage balance stands at £200,000, your equity amounts to £100,000. This equity is a valuable asset that can open doors to various remortgaging opportunities.
Rather than relying on a deposit, the dynamics of remortgages in Hull are often influenced by something called the loan-to-value (LTV) ratio.
This ratio assesses the sum you wish to borrow in relation to your property’s current market value. Many homeowners in Hull target a lower LTV as it can pave the way for more attractive remortgage options.
Although the majority of conventional Hull remortgages do not necessitate a deposit, there are specific situations in which it could become relevant:
If you have a history of credit issues, some lenders may request a deposit as a risk-reduction measure. This deposit can act as a security buffer, offering assurance to the lender in case of potential payment issues.
If you’re considering a remortgage in Hull to release a substantial amount of equity, some lenders may request a deposit to minimise their financial risk. This additional deposit serves as a way for lenders to limit their exposure when you’re unlocking a significant portion of your property’s equity.
Keep in mind that the process of remortgaging comes with a range of associated costs, such as arrangement fees, valuation charges, and legal expenses. These expenses are a crucial consideration as you weigh the pros and cons of remortgaging.
Navigating the complexities of remortgages in Hull can be quite intricate, and the wisest step to take is to seek guidance from a qualified mortgage advisor in Hull.
These professionals can meticulously evaluate your unique circumstances, help you in pinpointing the most appropriate remortgage solution, and lead you through the entire procedure.
In conclusion, for the majority of remortgages, the need for a deposit is not a prerequisite. Instead, your current equity and the loan-to-value ratio will have more significant roles to play in the process.
Nevertheless, it’s of paramount importance to engage the services of adept mortgage advisors in Hull who can provide you with expert remortgage advice in Hull.
They will thoroughly scrutinise your financial situation, explore various options, and strive to secure the most advantageous remortgage deal tailored to your specific requirements.
If your goal is to save time and money while reducing stress and worries throughout the mortgage process, enlisting the assistance of a seasoned mortgage broker in Hull offers significant advantages.
Our team of experienced professionals has access to a vast array of mortgage deals, allowing us to handpick the one that aligns best with your unique circumstances.
In contrast, approaching a bank directly limits you to the mortgage deals offered by that specific lender, missing out on the opportunity to explore a wider range of options.
Our dedicated team is here to accommodate your schedule, offering appointment options 7 days a week, from early morning until late in the day. We understand the demands of your busy life and strive to provide flexibility in our service.
For added convenience, you can make use of our website’s booking form to select either a video or telephone consultation with a mortgage advisor in Hull. This way, you can choose a time that suits you best, ensuring a hassle-free and tailored experience.
To initiate the mortgage process as a first time buyer in Hull, your first step is to schedule an appointment with a mortgage advisor in Hull.
During this meeting, you’ll have the opportunity to provide additional information that will enable our advisor to gain a comprehensive understanding of your unique circumstances and future plans.
Subsequently, they will diligently explore a wide array of mortgage options to identify the one that aligns perfectly with your needs.
First time buyers in Hull and those moving home Hull who are comfortable proceeding with the recommendation of our mortgage advisor will receive a valuable document known as an Agreement in Principle (AIP). We aim to secure this for our clients within 24 hours of their initial appointment.
This document holds significance, particularly when dealing with estate agents during the property purchase process. It serves as tangible proof of your commitment to the purchase and your financial capacity to proceed, with a mortgage lender ready to provide the necessary funds.
Our support extends beyond this stage, encompassing assistance with the offer process, guidance on property surveys, and optional insurance recommendations. These insurance options can act as a safety net, providing protection for your family and home in unforeseen circumstances.
Furthermore, you’ll be required to provide specific documentation to accompany your mortgage application. The precise documentation needed may vary based on your specific circumstances and the lender you choose to work with.
Rest assured, as a mortgage broker in Hull, we are here to help you throughout this documentation process, ensuring a smooth and well-informed journey.
Once we’ve received your documents, as a dedicated mortgage broker in Hull, we’ll promptly proceed to verify these crucial pieces of information. Following this verification process, we will provide you with a comprehensive mortgage illustration.
This document serves as a clear outline of the mortgage deal you’ve chosen in collaboration with the mortgage lender we recommended. This step typically takes place just before we formally submit your application.
After you’ve granted your approval for our recommended mortgage deal, your application is then submitted. Our experienced mortgage advisor in Hull will be responsible for sending copies of your meticulously prepared documents to the chosen mortgage lender.
Throughout this phase, we maintain regular contact with you, ensuring you stay well-informed about the progress of your application. Once the mortgage lender has meticulously reviewed your application, we will promptly get in touch with you to convey their decision.
In the event of a successful application, this is the point at which you will receive a formal mortgage offer. From this juncture onwards, the onus shifts to your solicitor, who will oversee the finalisation of the deal, paving the way for you to embark on the exciting journey of moving into your new home.
In our role as a dedicated mortgage broker in Hull, we consistently prioritise your best interests in every aspect of our service. Our mission is clear: to save you time, money, and unnecessary stress whenever possible. We are committed to helping you achieve the strongest possible financial position.
Our customer reviews provide an authentic glimpse into the enduring relationships we forge with those who reach out to us. These testimonials vividly illustrate the positive influence that home ownership, facilitated through our comprehensive mortgage advice service, has had on individuals like yourself.
We take pride in being a trusted partner on your journey towards securing a home and improving your financial well-being.
The requirement for life insurance in Hull when taking out a mortgage is not mandatory. It is important to recognise, however, the potential benefits it offers for homeowners and home buyers.
While buildings insurance is typically required by most mortgage lenders, life insurance can provide valuable protection for your family’s financial well-being in the event of your death.
This situation can have significant implications for your loved ones, especially when it comes to managing their finances during a difficult time.
In the unfortunate event of your passing, your family’s ability to repay the mortgage may be affected as your income will no longer be available. This could potentially lead to the need to sell their home and find alternative accommodation.
It is also important to consider other ongoing expenses, such as childcare costs and regular outgoings, which may become burdensome for your family to handle.
By having life insurance in place, you can provide a safety net for your loved ones, ensuring that the mortgage can be paid off and providing financial support during a challenging period. This can offer peace of mind and alleviate some of the financial stress that may arise in such circumstances.
While not a mandatory requirement, considering life insurance in Hull is a responsible and proactive step to protect your family’s financial stability and secure their future in the face of unforeseen events.
Life insurance policies offer various options, most of which provide a lump sum payment to your loved ones in the event of your passing. This financial support can help them during a challenging period. Alternatively, you may have the option to set up regular payments to your family as part of the policy.
The coverage amount and premiums for your life insurance in Hull depend on your individual circumstances and the terms of the policy you choose. These factors can vary significantly. Typically, you will need to pay regular premiums to the insurance provider to maintain the coverage.
Age, lifestyle, and medical history are among the factors that can impact the cost of your insurance premiums. Generally, being younger and in good health can lead to more affordable insurance quotes. It is important to note that you have flexibility in deciding how to use the life insurance pay-out.
Many people choose to allocate it towards covering mortgage payments, providing financial stability for their family in that aspect.
By considering your personal circumstances, lifestyle, and financial goals, you can select a life insurance policy that suits your needs. Speaking to a reputable protection advisor in Hull can help you to navigate the available options and find the most suitable coverage for you and your family.
Purchasing a home is a significant milestone and a substantial investment. It also exposes you to potential risks and uncertainties. That’s where life insurance in Hull becomes essential, offering a safety net and providing peace of mind in case of unforeseen circumstances.
Life insurance in Hull plays a crucial role in securing the financial future of your loved ones. In the unfortunate event of your passing, the insurance policy ensures that your family or dependents receive a pay-out.
This financial support can help them manage immediate expenses and provide for their long-term needs. Having this support in place helps alleviate the financial burden and allows your loved ones to maintain their quality of life during a challenging transition period.
By obtaining life insurance coverage that is tailored to your specific needs, you can mitigate the risks associated with homeownership and ensure that you are well-prepared to handle any unexpected situations.
With the safety net provided by life insurance in Hull, you can fully enjoy the benefits of homeownership and have peace of mind knowing that your loved ones will be taken care of.
Even as a single person, there are important reasons to consider obtaining life insurance in Hull. If you have a mortgage and pass away before fully paying it off, your assets could be at risk, potentially causing difficulties for anyone living with you.
Having life insurance in Hull provides a safety net in such situations. The pay-out from the insurance can be used to settle outstanding debts, including your mortgage, helping to protect your assets and provide financial security.
Additionally, life insurance for single individuals in Hull serves various purposes. It can cover funeral expenses, alleviating the financial burden on friends and relatives. You can also use the pay-out to make charitable donations or leave a gift for a loved one, such as a niece, nephew, or close friend.
Even if you don’t have a partner or children, there may still be individuals who rely on you financially, such as a sibling or a parent who depends on your income. Life insurance in Hull ensures their financial well-being in the event of your passing, providing them with necessary support.
By considering life insurance in Hull as a single person, you can protect your assets, support loved ones, and leave a lasting legacy according to your wishes.
Life insurance is not a mandatory requirement for landlords in Hull, just like any other mortgage. It is worth considering life insurance as a landlord, as it offers valuable protection beyond mortgage coverage.
In the unfortunate event of your passing, life insurance provides a safety net for your loved ones, ensuring that they are not burdened with the financial responsibilities associated with your property investments.
By having life insurance in Hull as a landlord, your family or beneficiaries can receive a pay-out that helps replace the rental income loss. This financial support allows them to maintain their financial stability and cover ongoing expenses, providing them with peace of mind during a difficult time.
Having life insurance coverage for landlords offers reassurance, knowing that your investment and the well-being of your loved ones are protected.
It is a proactive step to safeguard your family’s financial security and ensure that they can continue to benefit from the income generated by your rental properties, even in your absence.
While not obligatory, considering life insurance as a landlord in Hull is a responsible decision that can provide valuable support and protection for your loved ones.
The duration of your life insurance coverage in Hull should be determined based on your specific circumstances and requirements. It is generally recommended to align the policy term with the duration of your mortgage.
For example, if you have a 30-year mortgage, it is advisable to have a life insurance policy that also lasts for at least 30 years.
This ensures that in the event of your passing, the insurance coverage can help pay off the remaining mortgage balance, providing financial security to your loved ones and protecting your property.
It’s important to consider other financial obligations and goals as well. If you have additional expenses to cover, such as family living expenses or funeral costs, you may want to opt for a policy that extends beyond the mortgage term.
This can provide a more comprehensive level of protection for your loved ones and ensure their financial stability in various scenarios.
Ultimately, the decision on the duration of your life insurance coverage in Hull should be based on your unique circumstances and what you believe will best serve the needs of yourself and your loved ones.
Speaking with a knowledgeable life insurance advisor can help you evaluate your options and make an informed decision.
When it comes to important decisions about life insurance in Hull, it is highly advisable to seek guidance from a trusted protection advisor, such as our experienced advisors here at Hullmoneyman.
Our protection advisors have extensive knowledge of the life insurance market and can help you in navigating through the various policy options available. They will take the time to understand your specific needs, circumstances, and financial goals.
By discussing factors like your mortgage, family situation, and long-term plans, they can provide personalized advice tailored to your individual requirements.
Whether you are considering life insurance for mortgage protection, securing your family’s financial future, or any other purpose, our life insurance advice in Hull is designed to provide you with the necessary information and support to make an informed decision.
Our advisors will explain the terms and conditions of different policies, help you understand the coverage options, and guide you towards selecting the most suitable policy that aligns with your needs and priorities.
By working with a trusted protection advisor in Hull, you can have peace of mind knowing that you have expert guidance throughout the process of choosing and securing the right life insurance coverage in Hull.
Making an offer on a property is not easy; could you offer less? Is the property worth the seller’s asking price? This gets even more confusing if you are a first time buyer in Hull and the property and mortgage world is all new to you. If you have already found a property, you will likely want to bring the house price down as much as possible, but on the other hand, you may feel awkward about making a lower offer, in fear of it being rejected. This is all part of the negotiation process.
Unless you make an offer very close to the asking price, it is unusual for your first offer to get accepted. Your seller also has plans to move into a new property and they will want to get as much as they can from selling their house.
As a mortgage broker in Hull, we usually tell our customers to try and find the “magic number” – an offer that is neither too low nor too high that you are offering more than the property’s true value. This “magic number” can be tricky to find and as we said before, you may not find it with your first offer.
To give yourself the best possible chance of success, we would recommend speaking with a mortgage advisor in Hull. Our experts will be able to walk you through the steps on how to make an offer on a property and the art of negotiation. We can even help you make an offer if you need help with this part of the process. Unfortunately, you aren’t the only person looking at the property and having an expert by your side could give you a one-up over other potential buyers.
Quick tip – if your first offer is accepted the chances are your opening bid was way too high! Always offer less than you are truly willing to pay.
Estate agents will ask whether you are a cash buyer or need to take out a mortgage to purchase the property. They need to check this before you can make an offer on the property. If you are a cash buyer, it is extremely likely that the seller will accept your offer as you are able to pay for the property in full right away.
Estate agents will also want to perform some anti-money laundering checks on you to prove your identity and address. Some corporate Estate Agents exploit this diligence (aka Offer Qualification) in order to cross-sell other products and services to you – one example is using their in-house mortgage advisor. You do not need to use their in-house team, you can go to any mortgage advisor in Hull, just like ourselves.
If you are looking to take out a mortgage on the property, you will need an agreement in principle. This is a document issued by a lender stating that they are willing to let you borrow from them providing that you back up your income and affordability via evidential documents.
Once you have your AIP, use this as evidence to the estate agents that you are able to borrow for the sale of the property.
Our mortgage advisors in Hull are able to arrange an AIP for you within 24 hours. If you need a quick turnaround or need your current AIP renewed, get in touch and we will sort this for you.
If you are moving home in Hull and want to make an offer on another property, we would recommend listing and selling your current property before so.
This is because the sale of your property will give you a deposit for your new purchase. The issue sometimes is that you might not really be looking for a new home until a specific one comes up for sale!
If you end up in this situation, go ahead and look at the property, there is no harm in doing so. You could even try and negotiate a price with the seller from a position of weakness, there is nothing to lose. The only problem here is that if the seller agrees on a price since you haven’t sold your current home yet, the estate agents may leave the property on the market anyways. If you are really unlucky, another buyer who can advance right away might swoop in and be offered the property. Remember that the seller is also looking to move home, therefore, they want the purchase to be as fast as possible too.
Get everything ready before your offer, so that if it is accepted, you are ready to proceed right away.
Your AIP is agreed in principle for a reason, as you have not supplied any evidential documents to the lender yet to show that you can afford a mortgage of this amount.
Get all of your paperwork in order. You will need proof of ID, proof of address, proof of your deposit, 3 months’ bank statements, payslips and your latest P60. When submitting your mortgage application with a mortgage broker in Hull like us, we will sort this out for you and make sure that your application looks the best that it can do. You will work with a dedicated case manager throughout the application stage of the process and they will be your first point of contact for all of your mortgage questions.
We know that everything can get a bit much during the home-buying process. Declined offers, other buyers and property surveys can put a lot of stress on you!
We like to think that it is sometimes not about the best offer or the best buyer, but the emotional connection between the seller and the buyer. For example, if you are planning to build a family in this house and the seller has raised their own family in the house, it could resonate with them if you tell them your plans.
If you do get a chance to speak with the seller about the property, it does no harm to find out about their future plans. Have they already found a property to move into and want a quick sale? What are there reasons for moving? How many people have made an offer on the property?
Some of these little details can sometimes help you negotiate your asking price. For example, if the property has been listed for a few months with little interest, there may be something wrong with it that only pops up on a property survey or upon inspection.
If you manage to get answers to some of your questions, it could help you work out why the property is valued at the price it is and whether or not you could potentially make a slightly lower offer.
Yes, you can get a mortgage in Hull if you are age 40 or older, subject to passing a lender’s credit scoring and affordability calculations. In most cases, the process can be quite straightforward too.
The process can work differently depending on what you are looking to achieve with your mortgage. Lenders will also look at a variety of factors before accepting your mortgage application.
If you are over 40 and are looking for your first mortgage, lenders will be cautious of your mortgage term. They will look at how old you will be at the end of your mortgage term, in this case, you will be around 65-70 years old based on a typical 25-30 year term.
How much you can borrow for a mortgage is determined by your income. Lenders will look at the realistic amount that you can borrow based on your age and salary. When assessing your income, lenders will generally expect your wage to be higher than those who are looking for their first home in their 20s. Having a higher income may allow you to borrow more.
As you become older, statistically you are more susceptible to illness. From a lender’s perspective, this creates more risk when lending and will be factored in when calculating your maximum age for borrowing.
The main factors that lenders will look at when determining whether you can get a mortgage over 40 are age, income/expenditure and your retirement age. Some lenders will allow the mortgage term to extend over your retirement age if you are able to continue working. This will vary from lender to lender and also on your job type.
So, if you are a first time buyer in Hull and are over 40, you need to be aware of some of the factors that lenders will assess before accepting your mortgage application.
Loan to value is the ratio of what you are borrowing for a mortgage to the value of the property you are taking out the mortgage on. For example, if you provide a 5% deposit on a property, you are taking out a 95% loan to value mortgage.
The lower your loan to value is, you may have access to more competitive deals. If you can reduce this loan to value percentage by providing a higher deposit then your term and payments may reduce.
Your deposit could come from a variety of sources, such as your savings, gifted deposit, or in some cases through inheritance. As a mortgage broker in Hull, we have seen parents release equity from their homes in order to gift a deposit to their children.
If you have an existing mortgage on your current property, and you are looking to move home in Hull, you should see whether your mortgage is portable to your new property. Alternatively, if this is not possible or is a more expensive option, you could look at a new mortgage.
If you are looking at moving home in Hull to a bigger property, this generally means that you would be looking to borrow more. Lenders will reassess your affordability when deciding whether or not you can get a mortgage on your new home.
Furthermore, there may be other contributing factors that could affect your affordability assessment when looking for a new mortgage, such as credit score, existing credit commitments, number of dependents or salary increases. Your mortgage advisor in Hull will run through these factors with you prior to submitting your mortgage application.
When it comes to downsizing and moving home in Hull, the amount of equity that you have built up in your current property will be a big contributing factor to your deposit. We have seen that some applicants choose to use all of this equity for their deposit, whereas, others may only use a proportion. As mentioned above, sometimes the remaining equity is gifted to children/family members for their mortgage deposit.
Depending on your equity and the level of downsizing, in some cases, you may able to purchase the property outright and not require a mortgage. As a mortgage broker in Hull, we have seen that in most instances, customers at the age of 40 have not built up enough equity within their current home to purchase their new property outright. This is because they will have likely only held their mortgage for 15-20 years.
Buy to let mortgages usually require at least a 25% deposit, but can sometimes stretch up to 40%. Depending on the lender, some will look at your own personal income and take this into account. Whilst others will look solely at the potential rental income that the property could generate.
If you have any questions about getting a mortgage when you are over 40, make sure to get in touch with our team. We would love to answer your questions and help when and where we can.
As soon as you start paying off your mortgage, you are building up equity within your home. You can work out the amount of equity in your property by subtracting the amount of your mortgage that you have paid off from the initial mortgage amount that you took out.
For example, if you took out a 95% mortgage (5% deposit) on a £200,000 property and you have paid off £20,000, including your deposit of £10,000 you have put £30,000 into the property. This is the equity within your home. Usually, this is portrayed as a percentage; in this case, you would have 15% equity within your home.
Every homeowner will have a different amount of equity in their home. It all depends on how long they have been paying off their mortgage. In the future, once you have put a lot of money into your property, you may get the opportunity to withdraw some of the cash you have put in. This can be achieved in multiple ways, and they usually differ on the age of the applicant and what they are looking to achieve.
Those who are only partway through their mortgage may want to release a portion of their equity to gain some extra cash. The way that you can release part of your equity is through remortgaging in Hull.
When it comes to remortgaging, you will need to be starting your process up to six weeks in advance to give yourself chance to prepare for the remortgage process and allow time for your mortgage advisor in Hull to find you a perfect product for you and your property.
The remortgage process is usually much quicker than the typical mortgage process, however, you still need to allow time to switch to a new product. Starting your process earlier will also mean that you avoid falling onto your lender’s standard variable rate of interest. This interest rate is likely much higher than your current rate and the rate you could access if you were to remortgage.
Once you remortgage your property in Hull and release equity, you will be able to do whatever you like with the money. Most people use it to fund improvements for their property, however, some people use it to fund larger purchases such as holidays, weddings or a new car.
When it comes to releasing equity, it is important to weigh up the positives and negatives to decide what the best option is for you.
It is important to seek financial advice before releasing equity.
Equity Release is different to releasing equity through a remortgage. The main difference is that you do not have a mortgage on your property to qualify for it. Even if you have already paid off your mortgage, you can still qualify for equity release in Hull.
Like most kinds of mortgages, there are limitations to equity release. You will have to be over the age of 55 and have a property that is worth equal to or more than £70,000. Speaking with a later life mortgage advisor in Hull is essential for equity release.
Equity release comes in two forms: lifetime mortgage and home reversion plan. As a mortgage broker in Hull, we are able to help you with both kinds of mortgages.
To understand the features and risks, ask for a personalised illustration.
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.
When you remortgage to release equity, you will take out a new mortgage on your home with a higher loan to value than what you were previously on. Think of it that you are taking money back from what you have paid into your mortgage. When your new mortgage comes to an end you can either remortgage again or sell up and move home.
If you take out an equity release lifetime mortgage, your mortgage term will be extended over the rest of your life. You are able to withdraw that equity to use as you please with the balance being paid back upon either your death or if you were to move into long term care.
As a mortgage broker in Hull, we have seen how lifetime mortgages have become more flexible over the years and some lenders may allow for you to still move home. If you are looking to achieve this, it is important to speak with a later life mortgage advisor in Hull. Our advisors are able to compare different later life products with on another to determine which option is best for you.
As mentioned throughout this article, there are many different reasons why people may want to release equity. Let’s take a look at some of these reasons and how they can be achieved via a remortgage to release equity and through an equity release lifetime mortgage.
Homeowners may want to invest in their property, particularly if some areas need improvements. Improvements could mean anything from modernising a kitchen to converting a loft to create more space; there are many different ways to improve your home.
Perhaps if you have had a change of personal situation, this option could be more beneficial to you and your situation, for example, if you have decided to grow your family and need more space.
As a mortgage broker in Hull, we would also recommend exploring a remortgage in Hull over moving home in Hull.
If you have built up any unsecured debt, and are finding the repayments hard to manage, you may benefit from releasing a small portion of your equity to pay it off.
The more traditional route to take would be to consolidate this debt into your mortgage so that you pay it off alongside your mortgage payments in more manageable amounts. However, if you don’t want your monthly payments to be increased, using equity from your property could be a faster solution to get it paid off.
When applying this to equity release, we find that later life applicants who perhaps have had their debts catching up to them, will use some of their released equity to simply pay off these debts.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Some homeowners may want to use the equity as a deposit on a new property purchase. This is entirely viable through the power of remortgage and equity release. Whether this property is an investment for a buy to let or for your family to help them get onto the property ladder, releasing equity can give your deposit a huge boost.
You must know that if you choose to take the equity release route to fund the mortgage deposit, you cannot live in this second home, you must only have one place of residence.
Equity can also be used to fund family inheritance, although, this is rarely done when people are relating equity through a remortgage.
Later in life, you may want to pass some of your funds on to family members or friends as their inheritance. If the applicant releasing the equity does not have anyone they want to share their inheritance with, we often see that they donate some of it to charity.
Some people, particularly those with a later life mortgage in Hull, may want to use the equity they have released to fund their retirement lifestyle. This is, of course, less common when remortgaging to release equity.
Furthermore, these funds could be used for the care you may require. This could include both short-term and long-term care.
Whether you are looking to remortgage to release equity or take out a later life mortgage via equity release, you should speak with a remortgage advisor in Hull or a later life mortgage advisor in Hull. You can book your free mortgage appointment online and select a date and time that best suits you!
We provide a responsive service so that you are able to get in touch with a member of our team 7 days a week. We will also make sure that you are aware of the costs involved with a remortgage and later life mortgages.
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.
The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
The let to buy process works in exactly the same way as buy to let, just flipped on its head. Instead of buying a new property in Hull to let out, you will be buying a new property to live in so that you can rent out your current one.
To begin your let to buy mortgage journey, you must first remortgage your existing residential property in Hull. This will allow you to switch over your property to a buy to let mortgage.
As well as remortgaging your current home, you will also need to take out a new mortgage on the property that you are looking to live in. Taking out a new mortgage can be costly, even more so when you are looking to invest in buy to let.
When taking out another mortgage on your new property, you will be required to put down a larger deposit. This is because you will now be accountable for two different mortgage payments, therefore, your lender needs to make sure that you are able to afford this. As a mortgage broker in Hull, we commonly see that people choose to remortgage to release equity from their current property to fund the deposit for the other.
Please note that remortgaging a residential property into a let to buy is not the same as a buy to let remortgage.
A let to buy mortgage is a variation of buy to let. The mortgage part works in exactly the same way, it’s just the process that is different.
Buy to let mortgages are taken out on a property that is being let out. This property can provide additional income for the holder as a tenant would live inside the property. Usually, the amount that a tenant is charged is greater than the mortgage payments on the property.
The main difference between the buy to let and let to buy process is how they start. We see that most let to buy applicants don’t plan to invest, right until they decide on moving home. This is because, rather than moving and selling your current home, you could keep it and let it out. We call them “accidental landlords”.
This also avoids the stress of moving home. Let to buy landlords can simply keep the property in their name and advertise it to tenants once they have moved and settled into their new homes.
There are many different costs that come with taking out a mortgage, the same applies for let to buy. One cost that you may come across is Stamp Duty. Some applicants may not face these charges as it depends on the value of the property that you’re buying.
Our job, as your mortgage broker in Hull, is to make you aware of all the costs involved with the mortgage process so that you are prepared and know what you may need to account for. One of our mortgage advisors in Hull will talk you through these costs in your free mortgage appointment.
In order to take out a let to buy mortgage, you must match the appropriate lending criteria. Not everyone will meet the specific requirements, therefore, it is important to make sure that you fit in before getting declined.
Usually, you will need to have a 25%-40% deposit for your let to buy property. This number can change depending on your affordability; that’s why people often release equity from their homes to help them make up this deposit percentage.
To qualify for let to buy mortgage, you will also need to prove that you can cover 125% of your mortgage repayments. You will need a good credit score too. Having a good credit score can be a factor that opens you up to more favourable rates of interest.
Buy to let and let to buy mortgage criteria is much stricter than traditional mortgages. The lender has to be sure that you are able to afford two sets of large monthly repayments.
If you have bad credit, your chances of getting a let to buy mortgage in Hull may be lower than an applicant who has good credit. If you have a CCJ or default in your name, your chances may be even lower of being accepted, though in some cases not impossible!
Rather than going through the stress of selling your current home and being caught in a property chain, you could keep the property in your name and switch to a buy to let mortgage. This process can be simple and often completed quickly with the help of a let to buy mortgage advisor in Hull.
Having a let to buy mortgage in your name can provide an additional source of income. This profit can be used however you would like.
You still get to move home like you originally wanted, and the moving home process still remains the same for you.
You will need to consider how much both properties are worth. If the value of them go up, you could end up making a hefty profit in the future. This also applies to when you pay off your let to buy mortgage, you will no longer be accountable for the mortgage payments on the property, therefore, you will be making a huge profit on the property.
Having two properties in your name means that you will need to account for both of the costs. You are fully accountable for your let to buy property. This includes repairs, damages, etc., as you are a landlord now.
Let to buy mortgages may come with higher interest rates (co-dependant on the economy), which may make your payments higher than your new mortgage. You will need to account for this when buying your new residential property to make sure that you can afford it.
Unfortunately, whilst the value of your properties could go up, they could also come down. This is sometimes to not worry about but to consider.
Is a let to buy mortgage in Hull right for you? Well, that is completely up to you and your personal and financial situation.
It depends on what you are looking to achieve from your let to buy property. There may be other options more viable for you:
Our let to buy mortgage experts in Hull are here to help. We have helped many landlords achieve their let to buy aspirations, now it’s time to help you!
We have been working with let to buy for the past 20 years. Our team are experienced and will do everything that they can to help! This includes making sure that you match the let to buy criteria, searching 1000s of deals to find a suitable one for you and delivering open and honest mortgage advice in Hull.
You easily speak with a let to buy mortgage advisor in Hull, simply book online or call us. We are available 7 days a week, so don’t hesitate to call!
The Shared Ownership scheme is a mortgage scheme introduced by the government all the way back during the 80s. It was brought in under the Housing Act 1980.
The scheme is designed to help homebuyers get onto the property ladder. It is only available to permanent UK residents who are either first time buyers or moving home in Hull. If you are struggling to save up your mortgage deposit as a home mover or first time buyer in Hull, perhaps the Shared Ownership scheme could be the solution you need.
The Shared Ownership Scheme allows you to purchase part of a property, split with the housing association. The portion/percentage of the property that you are able to buy is usually between 10%-75%, where the housing association owns the remainder.
The way that this works is that you take out a mortgage on this percentage and then pay rent on the remaining amount. You will have mortgage payments and rent payments to account for each month. Your rent will be lower than if you had to pay rent on 100% of the property.
Furthermore, your annual, combined household income has to be less than £80,000 (less than £90,000 if you’re in London) and the home you are purchasing will almost always be a leasehold property. Leasehold means you will be purchasing the home for a set amount of time.
For anyone who has previously heard of or used the Shared Ownership Scheme, you may have been aware that the minimum percentage that you used to have to take out was 25%, however, now it has decreased to 10%.
This was a huge help to those wanting to utilise the Shared Ownership Scheme, but just couldn’t quite afford it. In turn, the lower the percentage of the property that you own, the higher your rental payments may be.
There have also been significant changes in the fees associated with a Shared Ownership mortgage. Landlords are now responsible for maintenance and repair costs for the first 10 years of ownership.
If you have taken out a Shared Ownership mortgage in Hull before April 2021, you may not benefit from these new changes as they applied to properties bought under the scheme following their introduction.
Shared Ownership is a Help to Buy Scheme, and just like all other Help to Buy Schemes, you must qualify for them before you can access them. Most schemes require you to be a first time buyer in Hull, whereas others are a little more flexible and can be accessed by more types of buyers.
As a mortgage broker in Hull, we would recommend speaking with an expert to work out whether or not you are eligible for the Shared Ownership Scheme. As mentioned, there are a variety of factors that go into deciding whether someone can access the scheme or not, therefore, it is always best to check before applying.
One of our mortgage advisors in Hull can look at your affordability and personal and financial situation to work out whether the Shared Ownership route is for you. We are open and honest with our customers, meaning that if you are better suited to another Help to Buy Scheme or the traditional mortgage route, we will make you aware that this is the case.
Our team will make you aware of the costs involved with the Shared Ownership Scheme and whether it is a viable option for you and your circumstances.
With any type of mortgage, there will be pros and cons. This works for all Help to Buy Schemes also.
When taking out a Shared Ownership mortgage, the deposit total that you have to put down on the property is determined by the percentage of the property that you are purchasing. For example, if you are purchasing 50% of a property worth £200,000 and you need to provide a 5% deposit, you will need to put down £5,000 (5% of a £100,000 mortgage).
Sometimes, you may get the option to purchase your Shared Ownership property in the future. If you get this option further down the line, it may be within your best interests to take a mortgage out on the remainder of the property. Not all building associations will allow this. When taking out your Shared Ownership mortgage, it may state in your contracts whether this is an option in the future.
One con is that you would be paying more rent if you take out a mortgage on a lower share of the property. For example, if you take out a 10% share of the property, you will pay more towards your rent than you would if you were to take out a 50% share.
If you are able to purchase more of the property and increase your share passed 75%, unfortunately, you will have to pay Stamp Duty on the entire value of the property, though sometimes this land tax won’t apply to a first time purchase.
Since you do not outright own 100% of the property, you only own a percentage, you must obtain permission before you are able to make any structural changes to the property. This can take away some of your freedom, unfortunately; which you would have if you owned your own home.
Like most homeowners, there may be a time when you decide to part ways from your current property and look at moving home in Hull. In most situations, this process would be simple, however, with a Shared Ownership mortgage, it is slightly different.
Unfortunately, in almost every case, you will need to own 100% of the property to sell your Shared Ownership property. This is because the Shared Ownership property is still partially owned by the housing association.
You must also know that the housing association will usually have ‘first refusal’ rights, for the first 21 years after you have bought the home. This means they are, by law, able to make an offer to buy the property themselves, before you put it on the open market.
The Shared Ownership Scheme is a great option for first time buyers and home movers struggling to save up for a deposit and to afford the usual mortgage costs. This is mainly due to the fact that you can put down a lower deposit on the property.
Shared Ownership is only available on certain types of property, which can complicate the process in some cases. We will make sure that you are fully prepared and know the ins and outs of Shared Ownership in Hull before purchasing a property.
You can easily contact our mortgage advisors in Hull by booking a free Shared Ownership mortgage appointment online. We work 7 days a week so that you can book an appointment for a date and time that best suits you. We will be more than happy to help!
You can learn more about the Shared Ownership Mortgage Scheme by visiting the government OwnYourHome website.
When you take out a remortgage in Hull, you are essentially taking out a new mortgage on the same property, usually with a different mortgage lender or a different deal from your current mortgage lender.
This can be a way to lower your monthly mortgage payments, access additional funds, or switch to a more suitable mortgage deal.
To remortgage in Hull, you will typically need to go through an application process with your chosen mortgage lender, provide documentation and information about your financial situation, and have a valuation carried out on your property.
Taking out remortgage advice in Hull can help with this. If your application is approved, you can then complete your remortgage in Hull and start making repayments on the new mortgage deal.
It’s important to note that remortgaging in Hull may incur additional fees, such as arrangement fees and early repayment charges, so it’s important to carefully consider whether it’s the right option for your personal circumstances.
Determining whether taking out a remortgage in Hull is a suitable option for you, will be dependant on your individual goals and circumstances.
Whilst many homeowners consider remortgaging in Hull to improve their quality of life or take advantage of their property, it’s not necessarily the best choice for everyone.
Here at Hullmoneyman, our dedicated team of remortgage advisors in Hull can help you assess your situation, evaluate your objectives, and determine whether taking out a remortgage is the right option for you.
We pride ourselves on offering a transparent service, and if remortgaging is not the right option for you, our dedicated mortgage advisors in Hull will inform you accordingly and suggest alternative solutions, if they are available.
As has been looked at above, taking out a remortgage in Hull will just be a new mortgage once your initial deal period has ended, replacing the previous deal. There are a wide variety of reasons as to why someone may look to do this.
You may still be curious of the different types of mortgage that could be available to a homeowner who is looking to remortgage in Hull, such as yourself. Below are the most popular of these options.
A fixed-rate mortgage is a type of mortgage where the interest rate remains constant for a specified period, usually between 2 to 5 years.
It provides homeowners with the assurance that their mortgage payments will remain the same, regardless of any changes in interest rates during that fixed period.
While circumstances can change during the mortgage term, such as a change in income or a need for a larger or smaller property, being locked into a long-term fixed-rate mortgage can be costly, as it usually involves paying an early repayment charge to exit the mortgage before the end of the fixed term.
For this reason, most homeowners opt for 2 to 5 year fixed-rate mortgages, as they provide stability and consistency for a reasonable length of time, while also allowing the flexibility to make changes if needed.
Although interest rate decreases are unlikely, a fixed-rate mortgage can provide peace of mind in a potentially volatile market.
A tracker mortgage is a flexible type of mortgage that follows the Bank of England base rate. While the interest rate on a tracker mortgage will typically be a few percentage points above the base rate, it will move in line with any changes to the base rate.
For example, if your mortgage is at a 2% interest rate and the base rate is 0.75%, you will pay 2.75% on interest. If the base rate increases to 1%, your interest rate would increase to 3%.
Tracker mortgages are usually fixed for a set period, after which they transition to the mortgage lender’s standard variable rate. While this gives mortgage lenders the freedom to adjust your interest rate as they see fit, some tracker mortgages come with caps to limit the maximum interest rate you’ll pay.
One advantage of a tracker mortgage is that you’ll pay less interest when the base rate is low. Whilst this is a positive, there are some downsides to consider. For instance, if you decide that a tracker mortgage isn’t for you, you may face early repayment charges.
Additionally, when the Bank of England base rate goes up, your monthly payments will increase. Some trackers come with a “collar” which means that even if the base rate drops, your interest rate can only fall so far.
At the end of your mortgage term, you may have the option to switch to a discounted variable rate mortgage. Mortgage lenders offer their own variable rates, such as a standard variable rate, which is what borrowers move onto once their fixed period ends, if they don’t remortgage in Hull.
The discounted variable rate is typically set at a percentage below the mortgage lender’s standard variable rate. For instance, if the SVR is at 3.99% and your mortgage has a discount of 1%, your interest rate would be 2.99%.
As with tracker mortgages, your interest rate will change in line with any changes in the mortgage lender’s standard variable rate. By opting for a discounted variable rate mortgage, you will benefit from a lower interest rate than the mortgage lenders SVR.
In addition, if the mortgage lender lowers its SVR in response to a Bank of England change, you may enjoy an even lower interest rate. Compared to other mortgage types, early repayment charges tend to be lower with discounted variable rates.
Purchasing a property can be considered an investment, regardless of whether you intend to reside in it or rent it out as a buy to let/let to buy property. The expectation is that the value of the home will appreciate over time.
Besides being the most valuable asset you’ll own, it provides shelter for you and your family. In fact, future generations may benefit from the property ownership if you decide to pass it down.
The property market is unpredictable and house prices may fluctuate, at times increasing or decreasing.
Interestingly, when property prices are high, mortgage rates may be more favorable. Thus, it may be advantageous to explore your remortgage options to take advantage of the available deals.
You can find out more about this topic in our article “Remortgaging in Hull When Your House Value Has Increased“.
As you head towards the end point of your current mortgage deal, whether it’s a fixed or introductory period, a mortgage lender may offer you a chance to take out a new mortgage deal but stay with them. This type of process is known as a product transfer.
Although remortgages in Hull and seeking remortgage advice in Hull are often discussed as the more popular options for homeowners to take, product transfers in Hull are arguably just as sought after.
Nevertheless, you are not obligated to accept the deal offered by your mortgage lender, as remortgaging in Hull enables you to explore potentially better deals with other mortgage lenders, which a product transfer may not offer.
In any case, it is always beneficial to seek expert mortgage advice in Hull beforehand.
To understand how product transfers work, please feel free to take a look at our article “Should I Take My Mortgage Lenders New Deal? Product Transfers vs Remortgages in Hull“.
Typically, your initial mortgage deal will have a duration of 2-5 years and offer low fixed or discounted rates. In some cases, you may have a tracker mortgage, which follows the Bank of England’s base rate.
However, when your term ends, you will likely be shifted to the mortgage lender’s Standard Variable Rate (SVR). In essence, the SVR is a mortgage with an interest rate that may change based on the mortgage lender’s discretion, unlike a tracker mortgage that follows the Bank of England’s base rate.
Consequently, SVRs can be the most expensive option, leading many to explore remortgaging for better rates, potentially reducing your monthly mortgage repayments.
It’s always recommended to seek expert remortgage advice in Hull before making any decisions.
If you have been living in your home for a number of years now or your circumstances have changed, you may find that you need more living space, a larger kitchen, or a home office.
Instead of relocating to a larger property, you could consider releasing equity through a remortgage in Hull to cover the costs.
Although the idea of obtaining planning permission and managing your own home improvement project may seem intimidating, some believe it is less stressful and more rewarding than the process of purchasing a new home, selling your current one, and moving your belongings.
In the long term, creating more space and maintaining the property could potentially increase its value. This is beneficial if you ever decide to sell or rent out your property.
Read more about one potential option for a remortgage for home improvements in our article “Remortgage for a Home Extension“.
Remortgaging in Hull can also be a smart move if you need to make changes to your mortgage term. You might opt for a shorter term, which means you’ll pay off your mortgage sooner, although your monthly payments will be higher.
On the other hand, a longer term will result in lower payments over time. Some homeowners may prefer a more flexible mortgage term, allowing them to overpay and pay off their mortgage faster. It also means that they can take the same mortgage and rates to another property if they move in the future.
That being said, flexible mortgages usually come in the form of a tracker mortgage that follows the Bank of England’s base rate. As a result, your payments may fluctuate based on interest rates, which may not be ideal for everyone.
Property equity represents the difference between what you still owe on your mortgage and the current value of your home.
This equity can be leveraged to cover various expenses, from home improvements to long-term care costs, from supplementing your income to going on a holiday or perhaps something else entirely.
Buy to Let landlords in Hull can also use remortgaging in Hull to release equity and fund their deposit for purchasing additional properties to expand their portfolio.
One of the reasons people may choose to release equity from their property is to consolidate their debts.
Whilst this is the case, it’s important to note that the amount you can borrow is based not only on the amount you owe and the value of your property, but also on your credit rating, which may limit the amount you can borrow.
In order to pay off your mortgage and your debts, you may need to borrow more than your outstanding mortgage amount, resulting in higher monthly repayments. Although it may not be an ideal situation, it’s good to know that you have options available to you in case of financial hardship.
Even if you have a poor credit rating, there are still options available to you. That being said, these options may not be easy and require the assistance of a specialist remortgage advisor in Hull before moving forward.
Keep in mind that there is no guarantee of success, but it’s worth exploring your options if you’re struggling with debt.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
We suggest that you begin exploring your remortgage alternatives about 3 to 6 months before the conclusion of your initial mortgage offer.
This will provide you with sufficient time to consult with a specialist in the industry for remortgage guidance and prepare for your new mortgage, which will begin just as your current deal expires.
On the other hand, you may want to consider remortgaging in Hull early if your home’s value has increased since you initially purchased it, as this could allow you to raise capital for purchasing a buy to let property or making home improvements using the extra funds.
You can learn more about this by looking at our article “When is the Right Time to Remortgage in Hull?“
Although there are no legal restrictions, if you decide to remortgage prior to the end of your fixed-rate period, you may have to pay an early repayment charge (ERC).
If your current mortgage has a fixed rate period of five years, it’s advisable to begin considering remortgaging in Hull once the fixed term is nearing its end point.
Failing to do so may see you shifting across to your mortgage lender’s standard variable rate (SVR), which could potentially have a higher interest rate than your initial deal.
Providing you can show that you are capable of making on-time repayments, it may still be possible to remortgage in Hull, even with bad credit.
It’s more beneficial for you the further back your credit issues are, though some mortgage lenders may overlook minor issues such as disputes with mobile phone providers.
The interest rate for the remortgage will depend on your credit score and the amount of equity you have in your home. Additionally, when seeking remortgage advice in Hull, you can also consider capital raising options.
At some point as a homeowner, you will reach the end of your initial fixed period and will have the option to remortgage your property.
Remortgaging in Hull is essentially taking out a new mortgage on the same property, either to replace the current mortgage or to borrow against the equity in your home.
There are various reasons why people choose to remortgage in Hull, including capital raising, home improvements, and more. Additionally, some may not be aware that remortgaging can also be used to purchase another property.
Sometimes homeowners may have accumulated some extra savings that they can use to finance the deposit for another property. Typically, homeowners who receive extra income during their mortgage term will put it towards paying off their remaining mortgage balance.
Whilst this is the case, instead of using your savings or extra income, you can also think about your equity. Equity is the difference between the value of your property and the amount left on your mortgage balance.
If you have enough equity in your home, you may be able to release some of it through a remortgage in Hull, to fund the deposit for a new property. This is a smart way to use the money that is currently locked in your home.
Our team provides expert remortgage advice in Hull, and our mortgage advisors have a great deal of experience in dealing with remortgages to release equity, so they will be happy to assist you in this matter.
By now, you are likely more knowledgeable with the concept of equity, but there’s yet more to know. If you are over 55, you might want to consider equity release as an option. This is a little different from remortgaging to release equity.
Equity release in Hull usually comes in the form of a lifetime mortgage. At the end of your mortgage term, or even if you still have payments remaining, you could potentially release equity by taking out a lifetime mortgage.
This means borrowing money secured against your home while still retaining ownership.
It’s possible to ring-fence a portion of your property’s value, often used as an inheritance for your family. You will have to pay interest on what you owe, but it’s common to let the interest accumulate in the property.
When the mortgage borrower passes away or enters long-term care, the home is sold, and the sale proceeds are used to pay off the mortgage balance. Any remaining funds go to your beneficiaries.
Most lifetime mortgages come with a no-negative-equity guarantee, which means that you or your beneficiaries will never have to pay more than the property’s value, no matter how high the debt goes.
Lifetime mortgages in Hull are a highly specialised type of mortgage, so it’s crucial to get mortgage advice in Hull and talk to an experienced later life mortgage advisor before considering this option.
Virtually all lifetime mortgages in Hull, including all of the ones we recommend, follow the standards that have been set out by the Equity Release Council. This brings some vital protections for borrowers, that your later life mortgage advisor in Hull will discuss with you during your appointment.
To understand the features and risks, ask for a personalised illustration.
A lifetime mortgage in Hull 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.
Learn more about Lifetime Mortgages in Hull, by reading our article “What is a Lifetime Mortgage in Hull?“
If you are reaching the end of your introductory or fixed-period and are looking at taking out a remortgage in Hull, feel free to book in for a free remortgage review today. You’ll benefit from receiving expert remortgage advice in Hull, provided to you by a trusted mortgage advisor in Hull.