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Equity Release in Hull

Equity Release & Lifetime Mortgages

How does Equity Release in Hull work?

If you’ve had a mortgage for quite some time now, you’ve probably built up a lot of equity in your home without even realising. Did you know that you can release some of this equity and turn it into a lump sum of cash?

 

You can use this cash for a number of different things. You can use it to pay off an existing mortgage payment, to pay off any unsecured debts that you may have associated with your name, to fund home improvements (such as conversions and extensions) and even to pay for a holiday, car payments or something similar.

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Lifetime Mortgages Hull

Equity Release is likely to come in the form of a Lifetime Mortgage.

 

As you are starting to approach the end of your mortgage term, you can choose if you want to Release Equity through a Lifetime Mortgage. Providing that this is your main residence, you’ll be able to take out a Lifetime Mortgage. Upon taking one out, you’ll have the chance to select your percentage of equity for future family inheritance, if you want to do so.

 

Usually, the homeowner will pay back the mortgage whilst they live inside the home or when they are in long term care. Another option is to let the loan amount build up with interest. Either option is perfectly acceptable. Different homeowners do different things, it’s entirely up to you and your personal and financial situation as to what you use your equity for.

Things to Remember with Equity Release

Firstly, you’ll have to qualify for a Lifetime Mortgage. You have to be at least 55 years old to qualify and the amount of equity that you can release on your home will depend on the property’s value and your age.

 

To learn more about Equity Release Mortgage Advice in Hull and to get started on your own Lifetime Mortgage, please feel free to get in touch. A dedicated member of our team will be able to book you in with a trusted Equity Release specialist, who will be able to further help 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.

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Popular Options For Equity Release in Hull

There are lots of different reasons why someone may want to release equity in their home and take out a Lifetime Mortgage. As a Mortgage Broker in Hull, here are a few common reasons that we’ve seen for people wanting to Release Equity within their home:

  • Mortgage repayments
  • Paying off unsecured debts
  • To fund home improvements, modifications or alterations
  • Additional purchases

Equity Release to Pay Off a Mortgage

You may still be able to pay to take out a Lifetime Mortgage and use the equity to pay off the remaining balance of a mortgage, even if you still haven’t finished your fixed-mortgage term. Although, taking out a Lifetime Mortgage early may impact your affordability. This is because technically you already have a large outgoing to pay for, which may impact the amount that a lender is willing to give you.

Equity Release to Pay Off Unsecured Debts

Secured debts examples include mortgage payments, as you are securing the money against an asset, in this case, it’s your house. Unsecured debt examples are 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.

Equity Release for Home Improvements, Modifications or Alterations

If you feel like your home needs a little work done on it or some improvements/conversions, did you know that you can Release Equity to do so? This works in a similar way if you want to Remortgage to Release Equity, the main difference being that if you Remortgage to Release Equity, it’s likely that you’ll be placed on a Repayment Mortgage, whereas a regular Equity Release will put you on a Lifetime Mortgage.

 

The most common options for Releasing Equity for home improvements include home offices, conversions, garden improvements, extensions, new living rooms and kitchens, and a new or additional garage.

Equity Release for Additional Purchases

You can also release equity for other reasons, this includes additional purchases such as a new car, holidays, a wedding, just to name a few. It doesn’t have to be something on this list, 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 trusted specialist contacts in the field of Equity Release who we are able to put you in contact with.

I Have an Equity Release enquiry, can you help?

As expert Mortgage Advisors in Hull, we are also able to help with Equity Release in Hull too, having an Equity Release specialist on our team. They are fully qualified experts on the matter and will be able to answer all of your questions.

Can you help me Remortgage to Release Equity?

This is something we are able to take a look at, yes! We are able to help you with a standard Remortgage enquiry should you have any questions, or be nearing the end of your fixed period.

Why should I use Hullmoneyman for my Remortgage?

A trusted Mortgage Broker in Hull like us has been helping customers achieve their mortgage dreams for the last 20 years and counting. We always do our best to overcome every mortgage hurdle that we are faced with no matter how hard the situation is; we love a good challenge! We work for you (the customer), and no matter what we always have your best interests at heart.

 

After your free mortgage consultation, we will go and search for the perfect mortgage deal that matches your personal and financial situation. Once we recommend you with 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. With our continuous guidance and support, we will get through the mortgage journey together, aiming to take out all of the stress involved with the process.

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