An equity release plan applies to those who are 55+ and own their home with or without a mortgage, subject to eligibility.
The way the equity release plan works is by releasing some of the value of your home as a tax-free lump sum. Alternatively, you can have this release in smaller parts over a specific length of time.
Here at Hullmoneyman, we are experts in providing a friendly and comprehensive service. This professionally delivered Mortgage Advice in Hull is from our qualified Later Life Mortgage Advisors. We have a professional team of case managers that are there to ensure that your plan is put in place as swiftly as possible.
Within the process, your dedicated Later Life Mortgage Advisor in Hull will be there to provide you with the suitable help and support you need. They will look into your current situation, your past experience and your goals/plans for the future. By doing this, they can get the full picture of your situation and whether Equity Release in Hull, or an alternative, is appropriate for you. This is all part of the tailored service we provide.
If equity release is practicable for you, your Later Life Mortgage Advisor in Hull will source the best product that will be appropriate for both you in the present and in the future from the whole of the market.
When it comes to Equity Release in Hull there are two types, one being a lifetime mortgage which is available for 55+ and the home reversion plan (which involves selling all or part of your home).
Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
There are many reasons why you may look at the option of a lifetime mortgage including raising money to help out children or grandchildren, repaying an existing mortgage or other debts, carrying out home improvements or boosting your retirement income to help you with the increased cost of living. Whatever your reasons are, our caring advisors can help you with your mortgage goals.
A Lifetime Mortgage in Hull provides you with the chance to release tax-free money from the value of your home. By doing this, you will keep 100% ownership and you can stay in your home for the duration of your life.
Usually, a Lifetime Mortgage in Hull is repaid from the sale of your home following your death or going into permanent care (with two borrowers this applies to the last survivor).
Over the last few years, Lifetime Mortgage in Hull has become increasingly more flexible with additional options where you can make voluntary payments, monthly interest payments and move your mortgage to another property.
If you are looking for more Mortgage Advice in Hull concerning Equity Release in Hull, it can be helpful to look for advice from a specialist in the field.
Speak to a Mortgage Broker in Hull, and our team will be able to book you in with one of our Later Life Mortgage Advisors who can help you explore your options for releasing equity in Hull.
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.
Firstly, it’s good to be aware of all the options, alternatives, advantages and disadvantages of an equity release plan.
We offer all our customers a free appointment in which you can speak to one of our dedicated Later Life Mortgage Advisors who will be able to talk this through with you. Within this appointment, your advisor will explain to you the steps involved, the options available to you as well as the effect taking out a Lifetime Mortgage in Hull could potentially have on state benefits, tax and the leftover equity in your home over time.
Here at Hullmoneyman, we constantly encourage clients to involve family members or to have another trusted individual to support them through the process and be with them at the meetings.
Along with this our advisors are also very happy to work alongside any financial advisors, accountants or solicitors who are a part of your financial planning decisions.
When done correctly, Equity Release in Hull should have zero effect on your tax position or benefits. On the other hand, everyone’s circumstances differ. Therefore, a Later Life Mortgage Advisor in Hull will need to have a clear idea of your circumstances in order to provide the best advice.
With any financial commitment, as a customer, you want to have full trust and share all of our details which is why it’s important to find the right Later Life Mortgage Advisor. We feel this is something that we strive at as a company and is hugely reflective of our customer reviews.
When the appropriate plan has been identified, your dedicated later life Mortgage Advisor in Hull will give you an illustration and written recommendation, entailing what have you told us and why we have recommended you that specific plan.
From this, your later life Mortgage Advisor in Hull will then go through the recommendation with you before submitting an application to the mortgage lender.
Here at Hullmoneyman, we have a team of knowledgeable case managers who work with your later life advisor in Hull to manage the full process until completion. Throughout the process, our team will keep you updated and will be readily available 7 days a week.
We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee. This is typically a maximum of £1,495.
When it comes to taking out a lifetime mortgage in Hull, any existing mortgages or loans secured on your property must be repaid.
All accrued interest must be paid along with the amount released must be repaid on death or moving into long term care.
If you decide to take out a lifetime mortgage in Hull, you will reduce the amount of equity available in your property to leave as an inheritance or to use for the payment of care fees in later life, if you need to rely on this.
Through our 20 years as a Mortgage Broker in Hull, we have helped a plethora of customers achieve their mortgage goals.
Our team provide a friendly service that is informative and honest to satisfy our valued older clients looking to seek whole of market lifetime Mortgage Advice in Hull.
We work hard in getting you through the process and overcoming any mortgage hurdles that we may be faced with. We go the extra mile for our customers and always have your best interests at heart.
We do encourage our clients to bring in any family members into the process and we will always accommodate clients’ different needs and circumstances if we possibly can.
Following on from your free equity release and lifetime mortgage advice appointment, our team will then search for the most appropriate lifetime mortgage deal in Hull that is fitting for your personal and financial circumstances currently and future.
Your dedicated later life mortgage advisor will provide a helping throughout the process making sure they have answered all your questions and support with the aim of reducing as much stress as we possibly can that could come with the process.
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Nicholas
Great to talk through clear presented options that meets the needs of my family. Daniel gave assurances, space and understanding that helped us make a significant decision more easier.
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Extremely happy with the service we received! We had Matt Collinson and Megahn Robinson helping us with our Mortgage and they were incredible. As first-time buyers, we had a lot of questions and Meghan helped us to understand everything and...
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Dealing with Hull Money Man is always a pleasure. All the staff are happy to help, are accommodating and arrange appointments to suit. You feel like you are in good hands. I would recommend them.
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Leo and Stacey at Hullmoneyman have provided a fantastic service; friendly, helpful, knowledgeable and personable. I will definitely use the service again.
Richard
Amazing quick service. Helped find us a mortgage right for our situation. The team kept us updated and informed throughout the process. They were swift to respond to our queries and really good at being able to deliver in our very short...
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Anonymous
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Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Jason
Both Dinah and Stacie my mortgage broker and case handler were professional, quick to communicate, and simplified the mortgage process which helped reduce a stressful and potentially complex process. They were available to answer all my...
Alexandra
We have used Hullmoneyman 3 times now and each time the process has been seamless. We are kept informed throughout the process both by telephone and email. We wouldn’t use anyone else. Thank you
Jennifer
Thankyou for making the whole equity release experience straight forward from day one to completion of my lifetime Mortgage.
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Really helpful, explained things so we understood. Got us the best deal for our circumstances. All this whilst we had a toddler running round in the background! Thanks!
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Our free initial mortgage consultation will last roughly 30 mins. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
Most high street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on your previous circumstances, e.g. if you’ve had any past credit issues.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around 30 mins. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
A telephone test call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
