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 gift 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 in Birmingham 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.
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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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 in Birmingham 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 in Birmingham 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 in Birmingham 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 with one of our equity release and lifetime Mortgage Advisors in Birmingham today.
I have an Equity Release enquiry, can you help?
Here at Birminghammoneyman, having a trusted Equity Release in Birmingham specialist on our team who may be able to help. They are qualified specialists on the matter and will be able to answer your questions.
Can you help me Remortgage to Release Equity?
This is something we can look at, yes! We can help you with a standard Remortgage enquiry should you have any questions, or be reaching the end of your fixed period.
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, we work hard solely for you, the customer.
Why should I use Birminghammoneyman for my Remortgage?
As a responsive and knowledgeable Mortgage Broker in Birmingham, our determined team can look through 1000’s of different remortgage deals to try and find you the most suyitable deal 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.
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Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
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Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
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