Equity Release in Essex
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Equity Release in Essex

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How does Equity Release in Essex work?

The term equity is the difference between the remaining amount on your mortgage and the current value of your property. The purpose of Equity Release is to convert the amount of equity that is currently sitting within your home and turn it into a lump sum of cash, which can be used for anything you want.

 

We tend to find that some of the most common reasons why people release some equity from their home include paying off an existing mortgage payment, resolving any unsecured debts they have accrued over time, or putting it towards some home improvements / renovations.

 

Others choose to pay for holidays or gift the money to a family member to use for a deposit to purchase a home.

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Helping You Find The Value in Your Property!

Equity Release is usually presented in the form of a Lifetime Mortgage. How Lifetime Mortgages will work, is once you have reached the end of your mortgage term or even if you are still making repayments, you have the choice to release some equity through a Lifetime Mortgage.

 

As long as you remain living in your primary residence, some Lifetime Mortgage lenders will allow homeowners to take out a portion of the equity to contribute towards any family inheritance down the line. A very useful tactic to supply a gifted deposit to a friend or family member, helping them buy their first home and get onto the property ladder.

 

If you are able to afford the monthly repayments back to your mortgage, some homeowners with Equity Release can choose to allow their interest to build up over time. The loan will only become payable under the circumstances that you’ve passed or have moved into long-term care.

Things to Remember with Equity Release

Make sure you fit the criteria when looking at Equity Release and Lifetime Mortgages, in order to be qualified you have to be over the age of 55.

 

The current value of yours will have an impact on the amount of equity you are able to withdraw from your property.

 

If you are looking for equity release or lifetime Mortgage Advice in Essex, you will benefit from getting in touch with a specialist Equity Release Mortgage Advisors in Essex.

 

Book your free mortgage appointment today to speak with one of our dedicated Mortgage Advisors in Essex and they’ll be more than happy to help you in any way that we can.

 

To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion. 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.

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Popular Options For Equity Release in Essex

There are a wide variety of different reasons as to why somebody may wish to obtain a Lifetime Mortgage when looking at Equity Release Mortgage Advice in Essex.

Below we have listed the most popular reasons customers talk to us about Equity Release in Essex, these include, but are not limited to;

  • To repay a mortgage
  • Any additional purchases
  • For paying off unsecured debts
  • To pay for any home improvements, modifications or alterations

Equity Release to Pay Off an Existing Mortgage

You may be eligible to take out a Lifetime Mortgage for Equity Release in Essex, using your released equity to pay off the remainder of your mortgage balance, if you have a term that is currently ongoing.

 

Just remember, your affordability will be affected by this, as technically you still have a large financial commitment that you are paying for. This may limit how much the mortgage lender will lend to you.

Equity Release to Pay Off Unsecured Debts

Since your mortgage repayment is a secured debt, with the asset it’s secured against being the home you are currently in. Unsecured debts include personal loans that you have taken out, and they don’t have the luxury of being secured against an asset of any kind.

Equity Release for Home Improvements, Modifications or Alterations

Some homeowners look to Release Equity in Essex to raise the additional funds for any potential home improvements, alterations or modifications.

 

Similar to remortgaging to release equity but with the difference being that a remortgage to release equity is generally taken out using a repayment mortgage, whereas regular Equity Release means you will be taking out a Lifetime Mortgage instead.

 

If you have any credit problems such as these, we tend to find some homeowners who will choose Equity Release in Essex, to cover the costs of any unsecured debts that they have built up over a length of time.

 

We tend to find that these improvements include creating a home office as working from home is becoming common, extensions, conservatories, kitchens, garden improvements, and new living rooms.

Equity Release for Additional Purchases

Once you have released some equity from within your home, you are able to spend it on anything you want.

 

Some homeowners choose to use their equity to cover financial bills, whereas others may choose to release equity to go away on holiday, buy a new car, have a wedding for yourself, or use it as a means for a gifted deposit for someone you care about.

I have an Equity Release enquiry, can we help?

Here at Essexmoneyman, we have experienced Mortgage Advisors in Essex. We aim to help customers with all of their Equity Release & Lifetime mortgage questions and enquiries. Our Equity Release Mortgage Advisors in Essex will be more than happy to take a look at your case.

Can you help me remortgage to release equity?

Yes, our specialists in Equity Release & Lifetime Mortgages can help you with any other standard remortgage enquiries if that is what you are hoping to achieve as your fixed period draws nearer.

Why should I use Essexmoneyman for my remortgage?

Having worked in the industry for over 20 years, we have been able to help many customers towards reaching their home buying dreams.

 

As an expert Mortgage Broker in Essex, our team can search 1000’s of mortgage deals, in order to try and find the most suitable one for what you’re looking to achieve.

 

We’ll offer you our continuous support, answering any questions that crop up over time, whether we’re near the start or near the end of that journey.

 

Our experienced Mortgage Advisors in Essex are even able to refer you to a trusted conveyancing solicitor. You the customer are the heart of the business, and our Mortgage Advisors in Essex are very proud of the service levels we are able to provide, something that is reflected within our customer reviews.

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Essexmoneyman.com & Essexemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk


Essexmoneyman, Elizabeth House, 28 Baddow Road, Chelmsford, Essex, CM2 0DG.

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