Equity Release in Halifax – How does it work?
When you turn equity in your home into a lump sum of cash, this is called Equity Release. What you spend the money on is entirely up to you. You might want to use this cash to pay off some unsecured debts, pay for holidays or gift the money to a family member to use as a deposit towards a home.
Finding you the Value in your Property
When it comes to an Equity Release in Halifax, this will come in the form of a Lifetime Mortgage. When you are approaching the end of your mortgage period, there is the option to Release Equity through a Lifetime Mortgage. It does require you to be in your main residence. When you do take on out, you will be able to pick your percentage of equity for future family inheritance, it’s your decision.
Normally, you will pay back the mortgage when you are living inside the home or when you’re in long term care. You might want to let the loan amount build up with interest, it’s completely up to you! All homeowners have varying situations and want to do different things so you can decide what is best for your personal and financial situation.
Equity Release – Things to Know
You need to know if you qualify for a Lifetime Mortgage. In order to qualify, you need to be at least 55 years old and the amount of equity that you can release comes down to the property’s value and your age.
If you are wanting further information regarding Equity Release Mortgage Advice in Halifax and to begin your own Lifetime Mortgage, please don’t hesitate to get in contact with us. Our mortgage advice team will connect you with an expert Equity Release specialist, who will get to know your goals and help you through the process.
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.
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Common Option For Equity Release in Halifax
There are a large variety of reasons why someone may look to release equity in their home and take out Lifetime Mortgage. Below are some of the most common reasons that we, as Mortgage Broker in Halifax, have seen people looking to Release Equity within their homes:
- Mortgage repayments
- Paying off unsecured debts
- To fund home improvements, modifications or alterations
- Additional purchases
Equity Release to Pay Off a Mortgage
If you have not completed your mortgage term, you do still have the option to take out a lifetime mortgage and use some of the equity to pay off the remaining balance of a mortgage. One element that may affected is your affordability because you still do have a significant outgoing to pay for. Because of this, you are limiting the amount a lender may give you.
Equity Release to Pay Off Unsecured Debts
An example of a secured debt is mortgage payments because you are securing the money against your home. The opposite of this is unsecured debt which is things like personal loans and credit cards with the debt not being secured against any asset. In this situation, you would use the equity to pay off that unsecured debt.
Equity Release for Home Improvements, Modifications or Alterations
Many homeowners decide to give their homes a revamp through either general improvements or conversions. Releasing equity can help with funding this. Just like you were to Remortgage to Release Equity, however, the big difference is that you’ll be placed on a Repayment Mortage if you Remortgage to Release Equity, whereas a regular Equity Release will place you on a Lifetime Mortgage.
When it comes to Releasing equity for home improvements, many people choose developments like a home office, conversion, garden improvement, extensions, new living rooms and kitchens as well as a new garage.
Equity Release for Additional Purchases
You may want to release some equity from your home for other purchases you may want to make. The most common reasons include funding for a holiday, a new car, or even a wedding. We recommend getting in touch with a Mortgage Advisor in Halifax if you are thinking of releasing some equity from your home.
I Have an Equity Release enquiry, can you help?
Here at Halifaxmoneyman, we have a team of Mortgage Advisors in Halifax who can help you regarding this topic. They will be able to answer all your questions regarding both Equity Release and Lifetime Mortgage simply book yourself in for a free mortgage appointment today. We have fully qualified Equity Release Mortgage Advisors in Halifax who can take a look at your situation.
Can you help me Remortgage to Release Equity?
Our team can help you with Equity Release and Lifetime Mortgages. As well as this, we can help with a typical Remrotgage enquiry so if you do have any questions regarding this too, please contact our team towards the end of your fixed period.
Why Should I Use Halifaxmoneyman for my Remortgage?
As an open and honest Mortgage Broker in Halifax, customers are at the forefront of the company. Our aim to help people to get through the mortgage journey successfully and we always work hard to overcome any hurdles we may encounter on the way regardless of how challenging it may be.
Within your free initial mortgage appointment, your Mortgage Advisor in Halifax will have access 1000’s of deals they can search through to find the one perfect for your financial and personal situation. This is all part of the tailored service we provide.
As soon as you are happy with the recommended mortgage deal, we will then kickstart the process by getting your mortgage application sorted.
We understand the process can be intimidating which is why we provide a supportive hand throughout. Through providing fast & friendly Mortgage Advice in Halifax, we strive in getting you through the journey towards achieving your goals.
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