Popular Options For Equity Release in Leeds
As mentioned above, there are a variety of different reasons why somebody may wish to take out a Lifetime Mortgage for Equity Release. These include, but are not limited to:
- Mortgage Repayments
- Paying off Unsecured Debts
- To fund Home Improvements, Modifications or Alterations
- Additional Purchases
Equity Release to Pay Off a Mortgage
Even if you have not finished your mortgage term, you may still be able to take out a lifetime mortgage and use the equity to pay off the remaining balance of a mortgage. Your affordability, however, may be affected by the fact you still technically already have a large outgoing to pay for, thus limiting the amount a lender may give you.
Equity Release to Pay Off Unsecured Debts
Secured debts include things like a mortgage repayment, with it being secured against an asset, in this case your home. Unsecured debts are things like personal loans, wherein the debt is not secured against any assets. In this case, people often choose Equity Release to cover the costs of any built-up unsecured debts.
Equity Release for Home Improvements, Modifications or Alterations
Some people may look to do an Equity Release for the purpose of Home Improvements, Modifications or Alterations. This works the same as people who wish to Remortgage for the same purpose, with the only difference being that a Remortgage to Release Equity will likely place you on a Repayment Mortgage, whereas regular Equity Release places you on a Lifetime Mortgage. Typical options include home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, and a new or additional garage.
Equity Release for Additional Purchases
There are an array of other purchases you may wish to make once you have released some equity from your property. These can often include things like a new car, a holiday or two away, a wedding and literally anything else you can think of. At the end of the day, the equity in your property is yours to spend on whatever you wish.
If you would like to release some equity from your home, Get in Touch and speak to a Mortgage Advisor in Leeds today.
Speak to a Mortgage Broker in Leeds Today
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