Later in life, you may find yourself in a position to need additional funds. One solution may be to release some money from the equity in your home while continuing to live there.
This is a significant decision, so we advise you should never take it without the help of our knowledgeable Mortgage Advisors in Sheffield.
There are no limitations as to what you do with the money; some popular choices include:
A Lifetime Mortgage is a type of Equity Release in Sheffield; designed for people in later life that may be struggling to get a regular repayment mortgage.
Many applicants of ‘Lifetime Mortgages’ will own their properties outright. However, it may still be possible to release equity if you have an existing mortgage in place. It will all come down to your affordability and age.
Providing this is your primary residence, some Lifetime Mortgage homeowners choose to ring-fence a portion of the equity for an inheritance to their beneficiaries.
You do still have the option to make monthly payments back. However, a vast majority of homeowners on this mortgage type choose to let interest roll-up. The loan only becomes repayable once you:
We have expert knowledge in this subject for example when looking at this type of mortgage, you have to be at least over 55 to qualify; your age and property’s value can impact how much you can withdraw from your property.
For further Mortgage Advice in Sheffield regarding Equity Release in Sheffield, as we stated above, it is worth seeking the advice of a specialist advisor with knowledge on this subject. We’ll book you in with our trusted Equity Release Mortgage Advisor in Sheffield. They will be able to answer all of your questions.
There are many reasons why somebody has proceeded with a Lifetime Mortgage for Equity Release in Sheffield. Popular scenarios include, but are not limited to:
You may still be able to take out a lifetime mortgage and use the equity to pay off the remaining balance of a mortgage, even if you have not finished your mortgage term. Bear in mind, though, that your affordability may be affected as you still technically already have a sizeable financial commitment to pay for, thus limiting the amount a lender may allow you to borrow.
An example of a secured debt would be your mortgage repayment, secured against your asset (your home in this case). Unsecured debts include personal loans, which works the opposite to the secured debt, as it’s not secured against any assets. The best choice of action is that people often choose Equity Release to cover the costs of any unsecured debts they’ve built up over time.
Some homeowners will go with Equity Release in Sheffield for Home Improvements, Modifications or Alterations. The functions are similar to Remortgaging for the same purpose, with the difference being that a Remortgage to Release Equity will most likely place you on a Repayment Mortgage, whereas with a Lifetime Mortgage, you can choose to let the interest build up.
You may wish to make many different purchases once you have released a portion of equity from your property. These can typically include things such as:
If you have any questions about Equity Release in Sheffield, please feel free to get in touch with us today. We have a working relationship with a trusted & specialist Equity Release contact, of whom we can put you in touch with.
We do have an expert in Equity Release on our team who may be able to help. They are fully qualified experts on this topic and can answer all of your questions.
We are able to take a look Remortgages, yes! We will be able to take a look at any standard Remortgage enquiries you have.
Here at Sheffieldmoneyman, we have over 20 years of experience in the mortgage industry. We have helped thousands of customers achieving their mortgage dreams to ensure that we do our very best to help new or existing customers and overcome any hurdles that get in the way. Customer satisfaction is the heart of our company.
As an open and honest Mortgage Broker in Sheffield, our excellent team can look through 1000’s different mortgage deals to try and find the best one for your circumstances. Throughout your journey in obtaining a mortgage, we’ll offer continuous guidance and support, answering any questions that you may have, whether at the start of the process or near the end. The advisors can help with other services when necessary, such as referring you to a conveyancing solicitor.
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