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Equity Release in Birmingham

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How does Equity Release in Birmingham work?

Equity Release is where you turn the equity in your home into a lump sum of cash. It’s entirely up to you what you decide to spend the money on; some choose to pay off any unsecured debts, pay for holidays or gifting the money to a family member to use for a deposit to purchase a home. 

 

Helping You Find the Value in Your Property! 

You’re likely to find that Equity Release will come in the form of a Lifetime Mortgage. How this works is either once you have finished your mortgage term or even if there are still repayments left, you can choose to release your equity through this Lifetime Mortgage. Providing this is your primary residence, you can take this mortgage out, selecting a portion of the equity for future family inheritance.  

 

You can make monthly payments back. However, a popular choice is to let interest build-up. The loan only becomes repayable once you die or move into long-term care, declared unable to take care of yourself without assistance. 

 

Things to Remember with Equity Release 

When looking at this for an option here are a few things to consider. You must be at least 55 years old to qualify for Equity Release, and your age and the value of the property can affect how much you can withdraw from your home.  

 

For further Mortgage Advice in Birmingham regarding Equity Release, it is worth seeking out a Specialist in the field. Get in touch with a Mortgage Broker in Birmingham, and we will be open & honest and find you the help you need. 

 

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Popular Scenarios for Equity Release in Birmingham 

Again, there are various reasons why somebody may wish to take out a Lifetime Mortgage for Equity Release. These can include, but are not limited to: 

 

🏠 Mortgage Repayments 

🏠 Paying off Unsecured Debts 

🏠 To fund Home Improvements, Modifications or Alterations

🏠 Extra Purchases 

 

Equity Release to Pay Off a Mortgage 

Just because you have not finished your mortgage term doesn’t mean you won’t be able to take out a lifetime mortgage and use a proportion of the equity to pay off the remaining balance of a mortgage; it is possible. Your affordability, however, may be affected by the fact you still technically already have a significant outgoing to pay for, therefore limiting the amount a lender may give you. 

 

Equity Release to Pay Off Unsecured Debts 

Secured debts include things like mortgages, with it being secured against your home. Unsecured debts are things like personal loans, wherein the debt is not secured against any assets. In this case, people choose Equity Release to cover the costs of any accrued unsecured debts. 

 

Equity Release for Home Improvements, Modifications or Alterations 

A lifetime mortgage could be the right option if you are looking to release equity from your property to carry out home improvements. Alternatively, a regular remortgage to release equity is another route to look at, depending on your situation. A mortgage advisor will be able to look at your personal circumstances and advise which is the right option for you.  

Here are some popular reasons we see for equity release but not limited to: 

 

🏠 Home offices

🏠 Conservatories

🏠 Garden improvements

🏠 Extensions

🏠 Interior improvements 

🏠 Garage 

 

Equity Release for Additional Purchases 

There are many other purchases you may wish to make once you have released some equity from your home. These can often include things like a holiday, a new car, even to fund a wedding. If you are looking to release some equity from your home, we recommend you speak to a Mortgage Advisor in Birmingham today. 

Speak to a Mortgage Broker in Birmingham Today 

With over 20 years of experience within the mortgage industry, we have helped thousands of customers achieve their mortgage dreams, meaning the team are determined to make sure that your process runs smoothly and stress-free, no matter your circumstances. As a Mortgage Broker in Birmingham that isn’t tied to any particular estate agent, bank or building society, we work hard solely for you, the customer. 

 

As a responsive and knowledgeable Mortgage Broker in Birmingham, our determined team can look through 1000’s different mortgage deals to try and find the right one for your individual and financial circumstances. 

 

We have an amazing team of both Mortgage Advisors and Administrators who work 7 days a week to support you with your mortgage needs throughout your mortgage journey. We’re even able to assist with other services when applicable, such as referring to a conveyancing solicitor. 

 

Our fantastic team are very proud of the service levels we provide every day here at Birminghammoneyman, customers satisfaction is the heart of our company. Don’t just take our word for it. Check out the Genuine Customer Reviews that we receive regularly. 

What our customers say

Common mortgage
questions

Your free mortgage consultation in Birmingham will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.

As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued

Our Mortgage Advisors in Birmingham recommend that you try and get your Agreement in Principle before you take up the decision of starting to view properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position with the seller.

An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender. If your Agreement in Principle expires it can always be refreshed. If you need help obtaining one, our Mortgage Advisors in Birmingham can usually get one sorted for you within 24 hours of your application.

It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.

To purchase a house in Birmingham, the minimum deposit with High Street Lenders is typically 5% but this can be higher if you have had previous credit problems.

If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.

You can get a mortgage in Birmingham once you have submitted at least one year’s accounts. Most lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.

To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.

Our free consultation in Birmingham typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average. Before you know it, you will be moving into your new property in Birmingham!

We make it so easy!
Our 4 step process

Step 1

An initial telephone call where we can take some preliminary details and find out what you're looking to do.

Step 2

Obtain a Mortgage Agreement in Principle to provide support for any future offers you make. You're now ready to start searching for a property.

Step 3

Make an offer on the property you want! Our team will finalise any details and find you the most suitable deal!

Step 4

The final step, taking our mortgage advice service in Birmingham. We'll make certain that this is the best deal you can get. You will continue to have our support right until you get the 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.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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