How does Equity Release in Sheffield work?
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. Here’s our helpful mortgage guide on equity release where we explain the basis on the topic but be aware 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:
???? Pay the remaining balance off your mortgage.
???? Pay off any unsecured debts that have accumulated over time.
???? Home Improvements (Home office, extension, new kitchen).
???? Gifting a deposit to a family member.
Helping You Find the Value in Your Property!
A Lifetime Mortgage is a type of equity Release; 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:
???? Die or move into long-term care.
???? Being declared unfit to live on your own without assistance from others.
The Help of a Mortgage Broker in Sheffield
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, as we stated above, it is worth seeking the advice of a specialist advisor with knowledge in this subject. Get in touch with a Responsive Mortgage Broker in Sheffield.
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