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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
4.97 Rating300 Reviews
Anna
As first-time buyers, my partner and I can not thank UK Moneyman enough for all their help with buying our first house. Jason and Jo basically held our hands through the whole process, explained everything to us in simple terms and were completely...
Dean
Our advisor Dinah was incredibly helpful and refreshingly honest from start to finish. We've previously used a mortgage advisor who we'd been disappointed with. He was hard to contact and I often found myself chasing him. This couldn't have been...
Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
Michelle
The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
Victoria
Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
John
UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
Antonia
Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
Babak
So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
Alistair
We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would happily...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and professional manner....