Instantly Find out 'HOW MUCH' you could release

No email or personal details required 

Page served April 10, 2024

Equity Release in Scunthorpe

Equity Release in Scunthorpe – Are you looking for a way to get money from your house? A lot of people in the UK are using Equity Release mortgages and lifetime mortgages to do just that. These products are becoming more popular because they let you take advantage of your property’s value. But what exactly are they and who can use them? Let’s find out.

What most people call “Equity Release” is typically a ‘Lifetime Mortgage’  I’ll explain more about those and how they work below – so keep reading ! 

Mr & Mrs B
Mr & Mrs B
South Yorkshire - 6th Feb 2024
Read More
We recently had the pleasure of working with David Farrell the owner of Quest Finance, and it was a fantastic experience from start to finish. He had previously helped our Mum with her Equity release. So when we looked at Equity Release ourselves we knew who we could trust and not only was the service top-notch, but the personal attention and care we received made the whole process a breeze. We felt fully supported and valued as clients, and the outcome was exactly what we hoped for. We absolutely recommend David Farrell & Quest Finance– a solid 5 out of 5 stars from us!
Mr S
Mr S
IFA Nottinghamshire - 25th Feb 24
Read More
Review from an Independent Financial Advisor ( IFA ). - - - Upon an equity release completion, that had a 'few issues' along the way. The IFA has referred several clients to me over the years -- - Hi David, That’s really good news & appreciate you going above & beyond to get this one over the line. Best regards Steve
Previous
Next

Am I eligible for equity release?

To be eligible for a lifetime mortgage on your home – here are the main considerations;

There are other property checks that apply, some lenders do and don’t like such as such as proximity to commercial properties or Pylons and spray Foam insulation in lofts. And for Ex Local Authority properties the minimum  property value is typically £100,000+

So to be certain you and your property meet a lenders criteria,  it is always best to pick up the phone for a no-obligation chat.

equity release calculator without personal details

Use our Instant equity release calculator without personal details or email address etc   – to give you a rough guide as to how much you could release.  This is just a broad indication, you would be best advised to call us for a personalised quote based on your circumstances.

What is Equity Release used for ?

Pay off Debts / Current Mortgage
Home Improvements
Help Family on property ladder
New Car / Holidays
Maintain Lifestyle in retirement

For Equity Release in Scunthorpe – From paying off a current interest only mortgage, nearing the end of its term –  to having ‘that little bit extra’ each month to enjoy your retirement.  Through to gifting to family to help them financially / get onto the property ladder.   The uses for a lifetime mortgage are numerous.

Equity Release and lifetime mortgage-advice-near me Doncaster and Nottingham

Lifetime Mortgages

A lifetime mortgage is a unique type of loan designed exclusively for homeowners aged 55 and above. It allows you to release a portion of the equity tied up in your property while retaining full ownership. This means you can access the wealth accumulated in your home without the requirement to move.
 
How Does it Work?
With Equity Release in Scunthorpe a lifetime mortgage, you borrow against the value of your home, and the loan, plus accrued interest, is repaid when you pass away or move into long-term care. The flexibility of this arrangement ensures that you can stay in your home for as long as you wish, enjoying the financial benefits without the stress of immediate repayment.
Key features of Lifetime Mortgages

Interest Only Mortgages

With an Interest Only Mortgage – you’ll pay just the interest on a monthly basis during the mortgage term, which might be as short as a few years or more than 20 years. Once your mortgage term is over, you’ll still owe the lender the same amount you initially borrowed.

Why would you have one ?

Interest only mortgages, can be useful.  Perhaps your large 5 bed house is getting too large, but the son and daughter aren’t moving out for another 3 years..

or perhaps you do not want a lifetime mortgage, and have sufficient income to pay the monthly interest instead of it rolling up.

How much is the  Monthly Payment?

It’s quite easy to work out, as it is the amount you have borrowed x Int Rate  / 12 months

example

£120,000 x 5% =£6,000  / 12months  = £500 pcm

Better or worse than Equity Release?

Equity Release in Scunthorpe In my view as an advisor, it is always worth paying the interest each month if you can afford to., or even paying part of it.  As that greatly reduces the roll up of interest which is what most people are concerned about.

In fact, in the next section, we look at ‘HYBRID Lifetime deals’  which are exactly that, a mix of roll-up and partial or full interest payments.

new hybrid lifetime mortgages for 2024

New in for 2024  are the ‘new Hybrid’  Lifetime deals.  These provide a mix where some of the interest is paid each month / some is rolled up.  These deals can either get you a higher Loan amount or a lower rate !

'Hybrid' Lifetime Mortgages

The over 55’s later life lending market continues to evolve, and one of the newer products is a Hybrid between a Lifetime Mortgage and an Interest only mortgage.

Lifetime + Interest Only 

In essence you might take out a ‘lifetime mortgage’ but have agreed to pay 25% or 50% or even 100% of the monthly interest for a number of years.  This helps stop the debt accruing. 

There are numerous advantages to these products such as.

RIO - Retirement Interest Only Mortgages

No not that RIO !

bbbbbbbbbbbbbbbb

WHAT IS A RIO MORTGAGE?

Retirement-interest only (RIO) Mortgages are designed for homeowners over the age of 50 – allowing you to live in your home until you sell, die or move into permanent care. You can either remortgage to a RIO Mortgage or use one to buy a new property, and they’re popular with people who unable to pay off the capital at the end of an interest-only mortgage. You can also release equity from your home with a RIO Mortgage, but Equity Release may be a better option for some people.

With a RIO Mortgage, you’ll only pay the interest each month, similar to a standard interest-only mortgage. The main difference is that you won’t need to prove how you’ll repay the loan at the end of the term because this only needs to be repaid once your house is sold – which can be once you die or move into permanent care.

Is A RIO Mortgage Right For You?

Affordability checks for RIO Mortgages are much more lenient than with standard mortgages, making them a great option for people who are not willing or able to take on the financial burden of a regular mortgage.

A RIO Mortgage could be right for you if:

  • you want to continue living in your home but can’t afford to pay off your existing interest-only mortgage
  • you want to continue living in your home and pay lower monthly payments than a standard mortgage
  • you want to buy a new home and pay lower monthly payments than a standard mortgage
  • you want to remortgage or buy a new home but you don’t qualify for a standard mortgage
  • you want to release equity from your home and you can afford to repay the interest monthly

Frequently Asked Questions?

The amount you can borrow with a lifetime mortgage usually ranges from 20% upto 50% of the home’s valuation, and this is largely determined by the age of the youngest homeowner and the property type

Ok  some lenders will now consider lending on property near to a commercial business. It would be best to talk to an advisor and for them to search the lenders that might lend.

The best thing is send us the street screenshot / picture and tell us which property it is.

YES  you still own the house,  you still have to pay council tax and utility bills  its just when the property is eventually sold, a portion of the property value will have to go to settle the equity release mortgage balance 

Yes, we have whole of market access. As we are an independent brokerage, and not tied directly to a group of lenders, We are good at helping people choose the right mortgage from lots of different options.  We search for the best options for each person that suit their individual financial situations.

No we are a mortgage advice practice.  So we are not tied to any one lenders dels or criteria.  We can assess your case across all the lenders we work with. and find the best match.

What is Equity Release used for ?

Lets look at the main uses for Equity release
All Lenders

Main Uses of Equity Release in Scunthorpe

The funds from equity release can be used for various purposes, offering a versatile solution for many homeowners. Here are some of the main uses:

  • Home Improvements: Many homeowners use the funds to carry out renovations or improvements to their property. This can not only improve their quality of life but can also potentially increase the value of their home.

 

  • Supplementing Retirement Income: Equity release can provide a regular income stream that supplements pensions or other retirement savings, ensuring a comfortable lifestyle during retirement.

 

  • Paying Off Debts: Equity release can be used to clear outstanding debts, for example credit card bills or loans running at high rates,  thereby  reducing the financial burden and stress.

 

  • Gifting to Family: Some homeowners choose to gift a portion of their property’s value to their children or grandchildren, perhaps to help them onto the property ladder.

 

  • Funding Long-Term Care: As healthcare costs rise, equity release can provide the necessary funds to cover these expenses without the need to sell the family home.

Alternatives to Equity Release in Scunthorpe

Downsizing or Moving to a Cheaper Property

One of the most direct alternatives is to sell your current home and move to a smaller, less expensive property. This approach enables you to release equity tied up in your home while eliminating or reducing mortgage payments

Remortgaging or Retirement Interest-Only Mortgages

Remortgaging or opting for a retirement interest-only mortgage are other options. With remortgaging, you borrow against the value of your home with the understanding that the loan will be repaid while you’re still alive. A retirement interest-only mortgage is similar to a lifetime mortgage but with the key difference that you make regular interest payments, so the amount you owe does not increase

Renting Out a Room

Renting out a room in your home is another way to generate extra income without needing to sell or borrow against your property. This option can be particularly attractive if you live in an area with high rental demand .

Selling Assets

If you have other valuable assets, such as a second car, jewelry, or collectibles, selling these can provide a lump sum of money without impacting your home ownership .

State Benefits and Grants

Depending on your circumstances, you may be eligible for state benefits or grants that can help support your financial needs. It’s worth exploring what assistance may be available .

Continue Working or Starting a Small Business

Continuing to work during retirement, whether part-time or on a consultancy basis, can provide an income stream. Similarly, starting a small business based on a hobby or skill can also be a way to generate extra income .

It’s crucial to consider all options and seek professional advice before making a decision. Each alternative has its pros and cons, and the best choice will depend on your personal financial situation and long-term plans.

Main Uses of Equity Release?

Lets chat !

If you gave us a quick call? We could chat about whatyou are looking for.  Or schedule a call back
Call Back
Pros and Cons of equity release mortgages

Equity Release in Scunthorpe – mortgages and lifetime mortgages can be attractive options for homeowners looking to tap into the value of their homes. However, they are not without risks, and it’s crucial to fully understand these before deciding to proceed. It’s often a good idea to seek advice from a financial adviser when considering these options.

The interest rates for lifetime mortgages can vary, with most deals charging between 4% and 7% at the time of writing. The interest is also compounded, which means it grows quickly over time

Equity Release Mortgage FAQ's?

The amount you can borrow with a lifetime mortgage usually ranges from 20% upto 50% of the home’s valuation, and this is largely determined by the age of the youngest homeowner and the property type

Ok  some lenders will now consider lending on property near to a commercial business. It would be best to talk to an advisor and for them to search the lenders that might lend.

The best thing is send us the street screenshot / picture and tell us which property it is.

YES  you still own the house,  you still have to pay council tax and utility bills  its just when the property is eventually sold, a portion of the property value will have to go to settle the equity release mortgage balance 

Yes, we have whole of market access. As we are an independent brokerage, and not tied directly to a group of lenders, We are good at helping people choose the right mortgage from lots of different options.  We search for the best options for each person that suit their individual financial situations.

No we are a mortgage advice practice.  So we are not tied to any one lenders dels or criteria.  We can assess your case across all the lenders we work with. and find the best match.

Talk to a specialist

Let us help you, talk to an expert mortgage advisor about your holiday let mortgage needs and benefit from their expertise in finding you a great deal.

One Tailored recomendation

Let us help you, with tough additional criteria for these types of mortgages . Let us help you find a lender that WILL LEND on your chosen property, at the best rate for your circumstances

Advice & Guidance

Every step of the way, from initial enquiry, through to meeting lenders criteria, the application and through to completion. we will be at your side

Book a call back ....

Conclusion

Equity Release in Scunthorpe and lifetime mortgages offer a valuable financial solution for homeowners aged 55 and over in the UK. Whether it’s to supplement retirement income, fund home improvements, or support family members, the flexibility these schemes offer is undeniably attractive. However, as with any financial decision, it’s crucial to seek professional advice to ensure it’s the right choice for you and your circumstances.

Remember, your home is more than just a property; it’s a valuable asset that can support your financial health in later life. By understanding and leveraging equity release products, you can make your home work for you.

Keywords:

equity release calculator without personal details, Equity Release Mortgages, Equity Release in Scunthorpe Lifetime Mortgages, Homeowners, UK, Property Value, Retirement Income, Financial Product, Home Improvements, Debt Clearance, Long-Term Care, Financial Security, Financial Planning.

equity release calculator without personal details