Equity Release in Sunderland

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How does Equity Release in Sunderland work?

Equity Release in Sunderland is a popular way of allowing homeowners to turn the equity that is within their home, into a released lump sum of cash.


Once you have been able to release your equity, you are free to use it as you see fit, with people often using it to pay off existing mortgages, to pay off unsecured debts that they have, to pay for any home improvements they wish to make, as well as things like planned holidays or to buy a new car, to name but a few.

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Equity Release in Sunderland is most likely to be encountered in the form of a Lifetime Mortgage.


The way that it will work, is either once you have gotten towards the end of your mortgage term or even if you still have some repayments left to pay, you may have the option of releasing some equity from your property via a lifetime mortgage.


So long as it stays as your main residence, you may be able to take out this type of mortgage, with the option to select some of the equity to be used as a future family inheritance, if you would like to do that.


You could make monthly payments back to mortgage lender, if you really want to, though the more popular choice is to pretty much let interest stack-up. The loan only becomes repayable once you are dead or have moved on into long-term care, unable to live independently.

Things to Remember with Equity Release in Sunderland

When looking at this  mortgage option, there are some important things to bear in mind. The first thing to remember, is you have to be at least 55 years old in order to qualify. Your age and the property value can affect how much equity you can withdraw.


To obtain any further Mortgage Advice in Sunderland on the topic of Equity Release in Sunderland, you should get in touch with a specialist in the field.


Book online to speak with a Mortgage Broker in Sunderland and benefit from speaking to a trusted expert of Equity Release in Sunderland.


To understand the features and risks, ask for a personalised illustration. 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 Sunderland

As touched upon above, there are all kinds of reasons as to why somebody may look to take out a Lifetime Mortgage as a way of doing Equity Release in Sunderland.


Some of the reasons for this include, but are not limited to:

  • Mortgage Repayments.
  • To fund Home Improvements, Modifications or Alterations.
  • Additional Purchases.
  • Paying off Unsecured Debts.

Equity Release in Sunderland to Pay Off a Mortgage

Even if you still have a mortgage term that is going on, you may still be able to take out a Lifetime Mortgage and using the equity that is sitting in your property as a way of paying off your remaining mortgage balance.


Your affordability may be affected by this, as you will technically still have a large financial outgoing, being your mortgage payments, so you may not be able to take out as much, even if it is to pay that off.

Equity Release to Pay Off Unsecured Debts

Secured debts will include things like your mortgage repayments, with your debt being secured against a particular asset, which for this would be your home.


Unsecured debts are generally things like personal loans, where you don’t have a debt secured against any asset. A lot of the time, people will release their equity as a way of covering the costs of these unsecured debts.

Equity Release in Sunderland for Home Improvements, Modifications or Alterations

Oftentimes homeowners will release equity from their home to cover the costs of any home improvements they’d like to make.


This will work the same as it would for remortgaging to release equity, with the difference between the two being that a remortgage to release equity generally has you on a repayment mortgage.


Taking out a standard Equity Release in Sunderland will instead have you placed on a Lifetime Mortgage. Typical reasons for using this can include home offices, conservatories, new living rooms and kitchens, garden improvements or any home extensions to the property.

Equity Release for Additional Purchases

An Equity Release in Sunderland is something that allows you to release equity from within your purchase and spend as you would like to.


You have no limits, from buying a new car, to funding a holiday away, wedding costs and literally anything else. This money is yours and there are virtually no limits to how you want to spend it.


If you have any questions regarding Equity Release Mortgages, feel free to get in touch with a Mortgage Broker in Sunderland today. We have a trusted Equity Release specialist on the team who will be able to answer your enquiries.

I have an Equity Release enquiry, can you help?

We have our very own specialist Equity Release mortgage advisor on our team who will be able to help. They are experts on this topic and will be able to answer your mortgage questions.

Can you help me remortgage to release equity?

Yes, this is something that we can help customers with! We regularly receive remortgage enquiries, with remortgage to release equity being a popular one. If you have any questions or would like to get started, please feel free to book your free mortgage appointment today.

Why should I use Sunderlandmoneyman for my remortgage?

With over two decades of mortgage knowledge & experience within the mortgage industry, we have had the pleasure of helping thousands of mortgage customers to reach their goals of becoming a homeowner and getting a mortgage, doing everything we can to help them step over any hurdles in their way.


As a well-practiced and trusted Mortgage Broker in Sunderland, our fantastic team can search through 1000’s of different mortgage deals, in order to try and find the best one for their situation.


Throughout the duration of your mortgage journey, we’ll offer help and mortgage support, answering any questions you have in the best way that we can. We are even able to help recommend things like conveyancing solicitors, as well as with other third party services when we can.


Our dedicated team of Mortgage Advisors in Sunderland are very proud of the open & honest mortgage service we provide here at Sunderlandmoneyman. This is reflected across our Genuine Customer Reviews that we receive regularly.

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