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Equity Release in Sheffield

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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). 

???? Holidays. 

???? 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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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 

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. 


Our hard-working and trusted team are very proud of the service levels we provide here at Sheffieldmoneyman, and this gets widely reflected in the Genuine Customer Reviews that we receive almost daily. 

What our customers say

Common mortgage

Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Sheffield, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Sheffield has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an agreement in principle before you start viewing properties in Sheffield, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender in Sheffield. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

To buy a property in Sheffield, you will need to meet a minimum deposit. Typically, with high street lenders, this is usually 5%. This percentage can be higher if you have previous credit problems.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders in Sheffield could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are Self Employed in Sheffield, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

Our free mortgage consultation in Sheffield will take about an hour. Once your consultation is completed, we can arrange an agreement in principle for you within 24 hours. A formal offer takes up to three weeks on average.

We make it so easy!
Our 4 step process

Step 1

An initial telephone call where your advisor will take some preliminary details and find out your mortgage plans.

Step 2

Obtain a Mortgage Agreement in Principle to support any future offers on properties you're interested in. You're now ready to begin the property search.

Step 3

Make an offer on a property that's right for you! Our team will finalise any details and work hard to find you the best outcome for your situation!

Step 4

Finally, we'll make certain that this is the best deal on offer to you right now. We will continue to support you right until you get the keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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