Equity Release in Sheffield

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How does Equity Release in Sheffield work? 

You may be eligible to take out an equity release plan, if you are an individual who owns your home with or without a mortgage and is aged 55 or over.


An equity release plan will provide you with the opportunity to release a portion of the value of your home as either a tax-free lump sum, or a number of smaller sums that are taken out over a certain amount of time.


Sheffieldmoneyman has an expert later lifetime mortgage advisors in Sheffield who can provide you with an open and honest service. We also have a friendly team of case managers who will manage your case to ensure that your plan is set up as efficiently as possible, and will provide regular and informative updates within the process.


Within your initial appointment, your designated mortgage advisor in Sheffield will have an in-depth look at your current circumstance, your past experiences, as well as your future goals. From this, they can see whether equity release in Sheffield is the best option for you, or if there is a different option that would suit your situation better


If you decide to proceed, your later lifetime advisor in Sheffield will find you the best lifetime mortgage deal for you at the moment and in the future from the whole of the market.


The two main type of equity release in Sheffield are the lifetime mortgage that is offered to those who are 55+ and the home reversion plan (this is when you sell all or part of your home).


*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.

Lifetime Mortgage in Sheffield

For those looking to raise money to help children or grandchildren, repay existing mortgages or other debts, fund home renovations or boost your retirement income to manage in the current cost of living, we have expert mortgage advisors in Sheffield who can provide a helping hand through the process.


With a lifetime mortgage in Sheffield, you can release tax-free money from the value of your home. Furthermore, you will have full ownership of your home and stay there for the rest of your lifetime.


Usually, a lifetime mortgage in Sheffield is repaid when your home following your death or by going into long term care (with two borrowers this applies to the last surviving member).


In recent years, lifetime mortgages in Sheffield have become more adaptable with options like voluntary payments, monthly interest payments and moving your mortgage to a different property.


For further Mortgage Advice in Sheffield regarding equity release in Sheffield, we do recommend you seek advice of an expert in this topic.


Get in touch with a Mortgage Broker in Sheffield and our team can book you in with one of our knowledgeable later lifetime mortgage advisors who can explore your options for releasing equity in Sheffield.


To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.


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.


A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.


We search 100s of lifetime deals across the whole of the market.

The Process of Equity Release in Sheffield

If you feel an equity release plan is the right option for you, it’s key that you understand all the options and alternatives you may have access, to along with the advantages and the disadvantages.


We offer all our customers a free appointment where you can speak to one of our excellent later lifetime mortgage advisors who can explain the full process and provide in-depth information.


You will be able to get a better understanding about the process of a lifetime mortgage, the options you may have access to. The impact taking a lifetime mortgage in Sheffield could potentially have on state benefits, tax and the equity that is remaining in your home, over time.


Here at Sheffieldmoneyman, we encourage clients to include family members or another trusted person to attend the meetings and provide some caring support through the full process.


Along with this part of the service, our advisors are more than happy to liaise with any financial advisors, accountants or solicitors that are a part of your financial planning decisions.


When the process is done right, equity release in Sheffield shouldn’t have any impact on your tax position or benefits. With this in mind, every person’s circumstance is different and a later lifetime mortgage advisor in Sheffield will need a clear picture of your situation so they can provide you with the most suitable advice.


When it comes to looking for a later lifetime mortgage advisor in Sheffield, it’s best to find one that you can trust and share all your personal information with. This is a service we are proud to provide and are passionate about. Check out our genuine customer reviews.


When the right plan has been found, your late lifetime mortgage advisor in Sheffield will provide an illustration and a written recommendation drawing up what you have said to us and explanation on why we recommended you that particular plan.


Your dedicated later lifetime mortgage advisor in Sheffield will proceed by going through the recommendation with your prior to applying to the mortgage lender.


Your case and process will be taken on by a brilliant team of case managers along with your later lifetime advisor in Sheffield. Their job is to keep you informed throughout the process and you will have dedicated points of contact if you need to talk to us.


We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee.


Things to Consider with Equity Release in Sheffield

Remember, all existing mortgages or loans secured on your property must be repaid if you take out a lifetime mortgage in Sheffield.


Any accrued interest, along with the amount released must be repaid in the event of death or moving into long term care.


When it comes to taking out a lifetime mortgage in Sheffield, you will be reducing the amount of equity that is available in your property which means you won’t have much to leave as an inheritance or to use for the payments of care fees in later, should you need to rely on this.

Why Should I use Sheffieldmoneyman for my Lifetime Mortgage?

Through our time as an expert Mortgage Broker in Sheffield, we have helped a plethora of customers through the mortgage journey.


We strive in providing open and honest whole of market mortgage advice in Sheffield for our valued older customers.


Our team work hard in overcoming any unexpected mortgage hurdles that we may encounter. We love being constantly challenged even when the case becomes difficult. We provide a tailored service where we have your best interest at heart.


As mentioned, we encourage clients to have their family members a part of the process and we will always adapt to client’s request and needs if we possibly can.


Following on from your free equity release and lifetime mortgage advice appointment, our team will search for the most appropriate lifetime mortgage deal in Sheffield that matches your current financial situation and how you anticipate this changing in the future.


Throughout the full process, our team will be there to provide a helping hand. With our knowledge and support, we aim to get you through the mortgage journey and make it as stress free as possible.

Reviews Stars4.95 Rating188 Reviews

Common mortgage

Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately 30 mins. 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 30 mins. 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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Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2023 Sheffieldmoneyman

Sheffieldmoneyman, Courtwood House, Silver Street Head, Sheffield, S1 2DD.

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