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.
For further Equity Release Mortgage Advice in Hull, feel free to get in touch with our team today. We have Mortgage Advisors in Hull on hand and available to help you with any mortgage questions that you have.
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