Burger Menu

Equity Release in Sheffield

Get Your Free Mortgage Consultation 7-Days a Week

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.


This is a significant decision, so we advise you should never take it without the help of our knowledgeable Mortgage Advisors in Sheffield.

Get a Quote0114 407 0086

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 in Sheffield; 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 in Sheffield, as we stated above, it is worth seeking the advice of a specialist advisor with knowledge on this subject. We’ll book you in with our trusted Equity Release Mortgage Advisor in Sheffield. They will be able to answer all of your questions.

We search 1000s of mortgage deals across a large number of lenders, including:

Mortgage Lenders 001
Mortgage Lenders 002
Mortgage Lenders 003
Mortgage Lenders 004
Mortgage Lenders 005
Mortgage Lenders 006

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 in Sheffield 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 in Sheffield 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 in Sheffield 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 have any questions about Equity Release in Sheffield, please feel free to get in touch with us today. We have a working relationship with a trusted & specialist Equity Release contact, of whom we can put you in touch with.

I Have an Equity Release enquiry, can you help?

We do have an expert in Equity Release on our team who may be able to help. They are fully qualified experts on this topic and can answer all of your questions.

Can you help me Remortgage to Release Equity?

We are able to take a look Remortgages, yes! We will be able to take a look at any standard Remortgage enquiries you have.

Why Should I Use Sheffieldmoneyman for my Remortgage?

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

Handy quick links

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.

© 2022 Sheffieldmoneyman

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

Moneyman Logo

Moneyman Logo

Moneyman Logo

Ask Your Question

    Moneyman Logo

    Moneyman Logo

    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo