Equity Release Advice 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. Your later life equity release mortgage advisor in Sunderland will take an in-depth look at your current situation, your past experiences and what you are looking to achieve in the future.

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.

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.

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Equity Release Advice Sunderland

Lifetime mortgage advice in Sunderland

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.

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. 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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Equity Release FAQs

What is equity release in Sunderland?

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Equity release in Sunderland is a type of later life mortgage that you can have access to if you are an eligible homeowner in Sunderland, aged 55+ and have a property that is valued at least £70,000.

The most popular type of equity release is the lifetime mortgage. This option allows you to release money as a loan that will be secured against the value of your home.

Just like a conventional mortgage, you will keep ownership of your home. It requires you to pay your later life mortgage lender, generally from the sale of your home, after you have either died or moved into long-term care.

Is equity release in Sunderland right for me?

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It's a possibility. The role of a qualified later life mortgage advisor in Sunderland is to understand your situation and your plans and what you are looking to get out of your home in later life.

Your later life mortgage advisor will explore all the options that you could have access to, seeing what may be the highest value solution for your long term needs. When you are having these discussions with your advisor, we strongly recommend involving a member of your family but this is your choice.

Here at Sunderlandmoneyman, we pride ourselves in providing an open and honest service meaning we will be transparent with you throughout. Therefore, if we feel equity release in Sunderland is not right for you, we will let you know and help to find an alternative solution or refer you to someone else who can help you.

Do I still own my home if I take out equity release in Sunderland?

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Taking equity release in Sunderland out means you will retain 100% home ownership. When you either die or move into long-term care, the remaining equity that remains will be repaid from the sale of the property and anything that remains will either go to you or your estate.

What are the benefits of a lifetime mortgage in Sunderland?

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There are many benefits of taking out a lifetime mortgage including being able to choose what happens to your monthly mortgage repayments. Even though you technically have a balance, many decide to let the interest roll up so that they don't have to make those monthly payments.

Keep in mind that your home is sold after you die or move into long-term care as a way to pay off the remaining mortgage balance. If you do not make those monthly payments, there may not be anything left afterwards to go towards inheritance, if this was something you planned.

Is there anything else I need to do for equity release in Sunderland?

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As well as speaking with a later life mortgage advisor regarding equity release in Sunderland is the best options for you, it is also good to think about any additional arrangements you may need to make for the future.

We do recommend that you talk to your family about equity release in Sunderland making sure your will is updated and that you also have any last powers of attorney in place.

These are all major things to sort out because often it will be your family as beneficiaries (after your death) or attorneys (if you have an impaired mental capacity) who will have to sell your home as a way to repay the lifetime mortgage in Sunderland that you took out.

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Our Simple Process

Free 45-Minute Chat About Your Future

Get in touch with an expert later life mortgage advisor regarding what it is you would like to achieve in later life.

Within this appointment, your later life mortgage expert will discuss your goals and inheritance plans.

Alternatives to Equity Release

Equity release and lifetime mortgage are the final options we will look into for you because there may be an alternative which suits your needs more.

Whether it's retirement mortgages to possible charity involvement, our team will look at the most appropriate options for you before you release any equity from your home.

Discuss With Family / Trusted Parties

Because of the important of later life mortgages, we strongly encourage customers to include family or trusted parties to get involved in the discussions.

In this appointment, we will go through all your options, plans and any additional information you need to know in detail, making sure you are aware of what you are agreeing to.

Tailored Lifetime Mortgage Recommendation

In the case where equity release is not suitable for you, your later life advisor in Sunderland will direct you to the appropriate services for your plans.

If equity release is the best option for you, your advisor will factor in your situation to make the best lifetime mortgage recommendation, taking into account of any inheritance plans you have.

I have equity to release, can you help?

Free Mortgage Appointment

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Going through our book online system to speak with a mortgage to release equity mortgage advisor in Sunderland.

They will be by your side throughout the process and will see how much you may be able to take out of your property. As well as this, they will compare your remortgage options as you will be required to take out a new mortgage after releasing equity. Your later life mortgage advisor will work hard to ensure you are on a deal that is lines up with your personal and financial situation.

1000's of Deals

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Our team can search through 1000s of deals when looking for the perfect remortgage deal. As previously mentioned, we will try and find you a deal most appropriate deal to your individual situation.

Combining both our experience and knowledge in the sector, our team are able to help in almost every mortgage situation. When it comes to equity release, it can be a complicated topic but we will try out best to get things right the first time around!

Our Service

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Sunderlandmoneyman work hard in making equity release mortgage advice in Sunderland easy simple & clear! Our team have been working in the mortgage world for over 20 years and has a fantastic reputation with many customers to release equity from their property.

7 Days a Week

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We are here every day of the week from early in the morning until late at night. This means that you can book a time and date that works around your lifestyle and schedule.

Malcolm and Amy Davidson - Mortgage Advice in Sunderland

Finding You The Right Equity Release Deal in Sunderland

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Popular Options For Equity Release in Sunderland

Common Equity Release Situations

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We have come across a large variety of equity release situations as a mortgage broker in Sunderland. The ones we come across the most include mortgage repayments, paying off unsecured debts, fun home improvements, alterations or modifications and additional purchases.

Above are the most common reasons why people release equity. Therefore, if your situation doesn't apply to any of the above, it's still possible that we are able to help you still! Get in touch with our friendly team and speak to them about your situation.

Equity Release to Pay Off a Mortgage

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In the case where you take out a lifetime mortgage, you can release the equity in your property as a tax-free lump sum and utilise it to pay off the rest of your existing mortgage. Usually, you would just let the interest rate build up over time.

Your affordability can be impacted by lifetime mortgages. This is due to the fact you have a substantial outgoing (your current mortgage), so a lender may be warier of the amount they are lending to you.

Equity Release to Pay Off Unsecured Debts

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Secured debts are debts that are valued against an asset (like your mortgage valued against your house). Examples of unsecured debts include personal loans, credit cards etc. This type is not secured against a specific asset.

If this is something you are interested in, contact our team.

Equity Release for Home Improvements, Modifications or Alterations

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If you are looking at this option to fund any home improvements like a conversion or extension to revamp your home, releasing equity could fulfil this.

With remortgaging to release equity, you can take out a lump sum of cash and invest it back into your property. As well as this, you will be placed onto a new mortgage deal, usually a repayment mortgage.

The most popular home improvements out there include a new kitchen, garden extension, home office, loft conversion or a new garage - it's your choice!

Equity Release for Additional Purchases

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An option that is similar to releasing equity to fund home improvements is to release equity to fund a holiday, your own/a family member's wedding etc. It is your money so you can spend it how you like!

Feel free to get in touch if you have any questions and are interested in speaking to an equity release mortgage advisor in Sunderland, we would love to help!

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Sunderlandmoneyman.com & Sunderlandmoneyman 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

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