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Equity Release in Leeds

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How does Equity Release in Leeds work?

The purpose of Equity Release is to turn the equity that is in your home, into a lump sum of cash.


You are able to use this money for various different things, including to pay off an existing mortgage payment, to pay off any unsecured debts you may have gathered, to fund any potential home improvements or modification, as well as to pay for any holidays you wish to take, car payments and other things of that ilk.

Helping You Find The Value in Your Property!

Equity Release will more than likely come in the form of a Lifetime Mortgage.


How this works, is either once you have finished your mortgage term or even if there are still repayments left, you can choose to release your equity by way of this Lifetime Mortgage. Providing this is your main residence, you can take this mortgage out, selecting a portion of the equity for future family inheritance, if you wish.


You have the option to make monthly payments back, however a popular choice is to simply let interest roll-up. The loan only becomes repayable once you die or move into long-term care, declared unfit to live independently.

Things to Remember with Equity Release

What’s important to remember when looking at this for an option, is a few things. For one, you have to be at least 55 years old to qualify and your age, as well as the value of the property can affect how much you are able to withdraw from your property.


For further Mortgage Advice in Leeds regarding Equity Release, it is worth seeking the advice of a Specialist in the field. Get in touch with a Mortgage Broker in Leeds and we will see what we can do for you.


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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

With over 20 years of experience within the mortgage industry, we have helped thousands of customers achieve their mortgage dreams, doing our best to help them overcome any mortgage hurdles that have arisen. We have zero ties to any estate agents, banks or building societies, working hard solely for you, the loyal customer.


As a well-practiced and knowledgeable Mortgage Broker in Leeds, our dedicated team are able to look through 1000’s of different mortgage deals, in order to try and find the right one for your individual and financial situation.


Throughout your mortgage journey, we’ll offer continuous guidance and support, answering any questions that may come up. We even have the ability to assist with other services when applicable, such as referring to a conveyancing solicitor.


Our fantastic team are very proud of the service levels we provide every day here at Leedsmoneyman. This is reflected in the Genuine Customer Reviews that we receive regularly.

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Common mortgage

Our free initial mortgage consultation can roughly last up to one hour. As a skilled Mortgage Broker in Leeds, we can get you an Agreement in Principle within 24 hours after we have all the correct information. On average, a formal mortgage offer takes about three weeks. 

If you’re an employee, you will usually have to supply three pay slips to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ accounts. You will also need to provide proof of ID, address and three months’ bank statements. 

If you can show evidence of at least one year’s accounts, you may be able to get a mortgage. Most lenders in Leeds will use your salary plus dividend to work out your maximum mortgage. However, some can go off your net profit. 

Despite having shown any credit problems in the past, the good news is you may be able to get a mortgage, but it means you may be required to put down a higher deposit, e.g. 10 – 15% of the property purchase price.

Suppose you are looking to put down a deposit for a property in Leeds. In that case, most High Street lenders will ask for a minimum deposit of 5%, and others might ask for a higher amount depending on your circumstances, e.g. If you have had any previous credit problems.

You can have two mortgages running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. 

An Agreement in Principle typically lasts for between 30 and 90 days depending on the Lender used. If your Agreement in Principle expires, it can easily get renewed by speaking to a Mortgage Advisor in Leeds. 

As a committed Mortgage Broker in Leeds, we will carry out a Fact Find to establish your personal needs before we go ahead with advising the most suitable mortgage for your circumstances. From there, you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer. 

Your free mortgage consultation with a Mortgage Advisor in Leeds will last around one hour. Once they have evaluated your circumstances, they will advise a mortgage with no obligation for you to proceed. Based on the deal, you can determine whether or not you want to continue the process. 

To help demonstrate that you are creditworthy and assess your affordability for a mortgage, we recommend getting an Agreement in Principle ready before viewing properties in Leeds. At the very latest, you should obtain one before making an offer to assist your bargaining position and show any seller that you are ready to proceed should they accept your offer. We are typically able to obtain an agreement in principle within 24 hours.

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Our 4 step process

Step 1

An initial telephone call where we can take some preliminary details and find out what you're looking to do.

Step 2

Obtain a Mortgage Agreement in Principle to provide support for any future offers you make. You're now ready to start searching for a property.

Step 3

Make an offer on the property you want! Our team will finalise any details and find you the most suitable deal!

Step 4

The final step, taking our mortgage advice. We'll make certain that this is the best deal you can get. You will continue to have our support 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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