Equity Release Mortgages

Expert Advice For Equity Release

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Are you a homeowner? Are you aged 55 and over? Are you in need of a more comfortable retirement or general financial situation? Then an equity release mortgage may be the right option for you.

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It is very important to get professional advice and fully understand the terms and conditions of an equity release mortgage before entering into an agreement. That is why we are here to help you with all the facts and information we have. Not only that, but you will be getting advice from mortgage experts with years of experience.

An equity release mortgage lets homeowners aged 55 and above release tax-free cash from the value of their home. The amount one can release is based on your age and how much your home is worth.

You don’t have to have a fully paid off mortgage to be eligible for an equity release mortgage. Additionally, you can claim your money as one big lump sum or as a series of smaller payments.

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How Equity Release Can Help

An equity release mortgage can help you in numerous ways. You can use the money you release however you like. However, always contact us before choosing this option as we can help you to understand the full advantages and disadvantages. 

 

  • – It can help you pay for care needs.
  • – It can release pressure on you if creditors are chasing you for payment (repaying an existing debt or mortgage).
  • – You can help your children with financial difficulties or to purchase their own home.
  • – You can travel and do things you’ve always wanted to do.
  • – It can help with long-awaited home improvements. 
  • – It can increase your income, helping you live more comfortably and enjoy your retirement.

 

It’s important to note that even though there are obvious advantages, disadvantages include the fact that if you plan on passing assets to your loved ones once you pass away, an equity release mortgage could result in them inheriting less. 

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Seeking Trustworthy Expert Advice?

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There is the option to protect an inheritance for your family from the value of your home. The amount you protect will not be considered when calculating how much you can borrow. You can discuss this with our dedicated advisors at Bespoke Home Finance. 

Some equity release mortgage providers also offer a no negative equity guarantee. This means that the money you will need to pay back will never be more than the total value of your home. This is usually paid off from the sale of your home when the last surviving borrower passes away or moves out of the house into long-term care. 

 

Types of Equity Release Mortgages:

 

  • Lifetime Mortgage: 

The most common form of equity release. A lifetime mortgage allows you to take out a mortgage secured on your property whilst still retaining ownership. 

 

  • Home Reversion Scheme: 

With the home reversion scheme, you essentially sell part or all of your property to a home reversion provider at below market value in return for a lump sum or regular payments. You have the right to continue living in your property until you pass away, but as a tenant. 

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    Is There a Minimum or Maximum Age for Equity Release?

     

    The minimum age for an equity release mortgage is 55, whereas there is no maximum age. However, some providers may set their own upper age limits. Furthermore, if it’s a joint application, the youngest applicant will have to be at least 55. 

     

     

    How Long Does an Equity Release Take?

     

    Releasing equity generally takes around 8-12 weeks. However, it differs depending on the product and provider. Some applications take as little as 3 weeks whereas other complicated cases can take multiple months. 

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    Looking for a First-Class Plan for your Mortgage?

    Advice From Bespoke Home Finance

    If you are looking for trustworthy and professional advice to guide you every step of the way, then look no further than Bespoke Home Finance. 

    If you are looking to have a more comfortable financial situation and release equity, we are here to help. Call us today on 03301112477 or fill in a contact form. 

    We look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours. Based in Scotland, we offer our mortgage services in Edinburgh, Glasgow, Scotland and all across the UK too!

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