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.