How does Equity Release in Lincoln work?
Equity Release occurs when you turn the equity in your home into a lump sum of cash. What you do with the lump sum of cash it’s entirely up to you. Many people look to release equity to pay off unsecured debts, pay for holidays, or gift the money to a family member to use for a deposit to purchase a home.
Helping You Find the Value in Your Property!
You will find that Equity Release in Lincoln will come in the form of a Lifetime Mortgage.
Whether you are at the end of your mortgage term or if you have repayments left, you do have the option to release your equity through a Lifetime Mortgage. As long as you live in your primary residence, you are able to take this mortgage out as well as choose a portion of the equity towards future family inheritance.
You might want to make monthly payments back but, a more common option is to let the interest accumulate. The time the loan becomes repayable is when you die or move into long-term care, meaning you are unfit to look after yourself.
Things to Remember with Equity Release
When you are thinking of taking out some equity from your home, there may a few options to consider. You need to be at least 55 years old to qualify for Equity Release. Furthermore, your age and the value of the property can affect how much you can withdraw from your home.
If you are looking for further expert Mortgage Advice in Lincoln about Equity Release, it can be beneficial to approach a specialist in the field. Contact a Mortgage Broker in Lincoln and we will provide you with the open and honest support you need.
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.
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Popular Scenarios for Equity Release in Lincoln
As mentioned previously, there are a plethora of reasons for people to take out a Lifetime Mortgage for Equity Release. Some of these options include:
- Mortgage Repayments
- Paying off Unsecured Debts
- Fund Home Improvements, Modifications or Alterations
- Extra Purchases
Equity Release to Pay Off a Mortgage
If you aren’t towards the end of mortgage term of your mortgage term, you still are able to take out a lifetime mortgage. With this, they can take a portion of the equity to pay off the remaining balance of a mortgage. One thing that may be affected is your affordability because you technically have a large financial commitment to pay for so this may limit you when it comes to how much you can borrow.
Equity Release to Pay Off Unsecured Debts
It’s best to start by highlighting he difference between unsecured and secured debt. Secured debt are things like mortgages as it’s secured against your home. Unsecured debts include personal loans as it’s not secured against any assets. In this circumstance, people decide to go for Equity Release to make up the costs of any unsecured debts they may have.
Equity Release in Lincoln for Home Improvements, Modifications or Alterations
If you are looking to undertake some home improvements on your, a lifetime mortgage could be the best choice for you. Another option is to take out a standard remortgage to release equity, however, this just depends on your situation. Here at Lincolnmoneyman, your dedicated Mortgage Advisor in Lincoln can review your personal and financial circumstance to look at which option is the most appropriate one for you.
Below are some of the most common improvements people do to their house with the of Equity Release:
Home offices
- Conservatories
- Garden improvements
- Extensions
- Interior Improvements
- Garage
Equity Release in Lincoln for Additional Purchases
If you don’t want to put the equity towards any of the options above, you can put it towards more personal things, In some cases, you might want to use the cash to fund a holiday, a new car, or even a wedding. We do advise you speak to one of our expert Mortgage Advisors in Lincoln who have rich knowledge about Equity Release and Lifetime Mortgages.
I have an Equity Release enquiry, can you help?Â
Yes, we can certainly help you with this.Â
We have an expert Equity Release in Lincoln specialist who may be able to help. They have extensive experiences and knowledge about this topic and are available to answer any of your questions.Â
Can you help me Remortgage to Release Equity?Â
We can help you with this as well as a regular remortgage enquiry if you have enquiries or are going towards the end of your fixed period.Â
Our team have helped thousands of customers looking for support on their mortgage journey through our 20 plus years in the industry. They strive in making experience as smooth and stress free as possible whatever your circumstances. Customers are at the forefront of what we do as a Mortgage Broker in Lincoln.Â
Why should I use Lincolnmoneyman for my Remortgage?Â
Being a reputable Mortgage Broker in Lincoln, we have access to a large panel of lenders who offer a range of deals. From this, our team can search through 1000’s of remortgage deals to find you a deal that is perfect for your circumstances.Â
Our amazing team of Mortgage Advisors and Administrators are available 7 days to provide the expert guidance you need to fulfil your mortgage needs and get you through the journey. As well as this, we can help you with other services like referring to a conveyancing solicitor.Â
We are proud to serve a high level of service at Lincolnmoneyman and we strive in providing customers satisfaction. Look at our genuine reviews to see how we have helped many customers on their mortgage journey. Â
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Charlotte
Charlie has been nothing but helpful, answers all questions thrown at him, takes the time to explain what everything means which has been hugely helpful as a first time buyer! It’s been a really quick and smooth process from the rest of the team...
2 days ago
Anonymous
Jason and Megan were absolutely brilliant! Both helping me through the entire process.
3 weeks ago
Hope
Matt & Paula have been so great and efficient in supporting us as first time buyers. Not once did we feel overwhelmed during the process which is great given that we came into this not knowing what to expect. Everything has been quick and efficient,...
1 month ago
Thomas
Matt was incredibly honest and helpful throughout the process even though he was aware I was speaking to a variety of advisors at my point of contact. His knowledge, responsiveness, and willingness to discuss options available to me, made him the...
2 months ago
Hannah
Matt and Stacey were really helpful in sorting our remortgage out. Matt was quick to get back to us when we had questions and Stacey was always on hand as support
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Alexander
Dinah has always been available and communicated any changes or good advice we needed. We really appreciate your support
3 months ago
Emma
Quick, efficient, informative service
3 months ago
Milly
Charlie Bryson has been fantastic, supporting me as a first-time buyer from getting an agreement in principle to viewing houses and then through to a mortgage offer in just two weeks! It was a pleasant surprise to find a broker who could explain...
3 months ago
Tori
My mortgage broker was Leo! He’s always been amazing and Iv been dipping in and out for a few years. He really helped me and found the best deals and explain everything I didn’t understand. He was always there on hand and if he had any...
3 months ago
Matthew
Very quick and helpful service.
4 months ago
Andrew
Very helpful and efficient
7 months ago
Michael
Had the good fortune of having Louise H handling our mortgage/sale and she was fantastic throughout. Often filling gaps in communication from our solicitor and regularly engaged from start to finish.
7 months ago
Gordon
I used Lincolnmoneyman when the Nationwide seriously let me down with their offer of a mortgage. Dan Osman was immediately helpful and explained the system and facilitated the set up of our equity release mortgage. With the help of his assistant...
9 months ago
Jordan
‘Great service as usual’
9 months ago
Justin
Daniel was so helpful, he gave us several options despite the worst time to change mortgages! We highly recommend them.
9 months ago
Gareth
Chris and Debbie provided an excellent customer service and their knowledge and expertise in the Specialist lending market was second to none. Both have an easy, friendly manner and they went more than the extra mile to ensure our dream home became...
10 months ago
Kirsty
Myself and my fiance would absolutely recommend this company to anyone! Charlie and Lyndsey have been amazing from day one. Understand how nervous we were as first time buyers and have communicated with us every step of the way. We genuinely...
10 months ago
Shona
Fantastic and professional all the way through helpful when needing questions answered and gave great advice will definitely use again and recommend to everyone
10 months ago
Francesca
Matt and Debbie were both great. Matt was my advisor and was extremely thorough and rapid, particularly given the challenging climate of rising interest rates. Debbie was my case manager, she was friendly and approachable and helped me with my many...
1 year ago
Rosie
This is the second time we have used money man mortgage brokers. We never have any issues with them, keep you up to date with all issues, assist in any way they can and have friendly staff who are always there if needed. We will definitely use...
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