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
🏠 Garden improvements
🏠 Interior improvements
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.