Popular Scenarios for Equity Release in Sheffield
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:
🏠 To pay for any Home Improvements.
🏠 For paying off Unsecured Debts.
🏠 Additional Purchases.
Equity Release to Pay Off a Mortgage
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.
Equity Release to Pay Off Unsecured Debts
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.
Equity Release for Home Improvements, Modifications or Alterations
Some homeowners will go with Equity Release 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.
Equity Release for Additional Purchases
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:
🏠 Home Improvements – Extensions, Conservatories, Home Office, New Kitchen etc.
🏠 Holiday, there are so many places to see and visit.
🏠 Wedding for yourself or relatives.
🏠 Gifted Deposit for someone who needs that extra boost to get onto the property ladder.
🏠 Anything else you could think of, the equity in your property is yours to spend however you see fit.
If you would like to release some equity from your current home, get in touch and speak to a Mortgage Advisor in Sheffield today.
Speak to a Mortgage Broker in Sheffield Today
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