How does equity release in Leeds work?
If you are 55+ and own your home with or without a mortgage, you may be eligible for an equity release plan.
Equity release plans allow you to release part of the value of your home as a tax-free lump sum, or a series of smaller sums taken out over a particular length of time.
Leedsmoneyman specialises in providing a holistic service with mortgage advice in Leeds from qualified and experienced later life mortgage advisors. This is backed up by an efficient team of case managers, to make sure your plan is put in place as quickly as possible and to keep you informed every step of the way.
Your later life mortgage advisor in Leeds will look in depth at your current circumstances, your past experiences and your hopes and plans for the future. This allows them to identify whether equity release in Leeds, or an alternative, is right for you.
If it is the right step for you to take, it also allows your later life mortgage advisor to find the best product to suit you both now and in the future from the whole of the market.
There are two main types of equity release in Leeds – the lifetime mortgage which is available from 55+ and the home reversion plan* (which involves selling all or part of your home).
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Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
Lifetime Mortgages in Leeds
Whether you want to raise money to help out children or grandchildren, repay existing mortgages or other debts, carry out home improvements or boost your retirement income to cope with increased costs of living, our experienced, friendly advisors can help you achieve your aims.
A lifetime mortgage in Leeds allows you to release tax-free money from the value of your home. You will retain 100% ownership and you can stay in your home for the rest of your life.
Normally, a lifetime mortgage in Leeds is repaid from the sale of your home after your death or going permanently into care (with two borrowers this applies to the last survivor).
In recent years, lifetime mortgages in Leeds have become much more flexible including options to make voluntary payments, monthly interest payments and move your mortgage to another property.
For further mortgage advice in Leeds regarding equity release in Leeds, it is worth seeking the advice of a specialist in the field.
Get in touch with a mortgage broker in Leeds and we will book you in with one of our later life mortgage advisors to discuss your options for releasing equity in Leeds.
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.