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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.
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.
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. Our typical advice fee is up to £1,495 only payable on completion. 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.
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:
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.
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.
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:
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.
Yes, we can certainly help you with this.
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.
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.
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.
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.
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.
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.
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Excellent service from Charlie at Lincolnmoneyman, thorough and prompt in collecting all information to look at deals, and coming back with recommendations for remortgage. Great Communication, and supported by a great processing team, our...
Both Kayleigh and Malcolm were extremely helpful. They made the mortgage application process stress free, kept us up to date throughout, and got us a better mortgage rate than we could have got ourselves.
Dan has been fantastic! Knowledgeable, personable and reliable! I have really valued his help. He made the process nice and easy. Thanks
We have found the service provided excellent. We have been communicated with all the way through the process and in a timely manner. Thank you again for all your assistance.
Lincolnmoneyman have done a fantastic job of helping us to find and secure a suitable mortgage for us to buy our first home. Always on hand to give professional advice and quick to get back to you with any answers to our queries. Would recommend...
Really pleased with the service provided. Two main contacts were brilliant and kept me informed every step of the way.
Brilliant service from start to finish, easy to deal with, very helpful. Highly recommended. Thank you.
Very helpful from the beginning. Leo and Kerry were there for us each step of the journey and made it stress free. An ideal feeling to have when buying your first house. Would highly recommend.
Myself and my partner are first time buyers and Lincoln Moneyman made the process very quick and easy! They were very polite and helpful, always quick to respond and we couldn’t recommend them enough!
Brilliant at sorting out the best deal mortgage. They always stay in touch at every stage. Definitely recommend Lincolnmoneyman.
I would highly recommend Lincoln Money Man. Overall everyone has been great… Tom was great and got us an appointment super quick, explaining everything in detail to us and taking the time to go over stuff. Once we had completely are...
Very pleasant and welcoming conversation.
Spoke for around ten minuets on the phone very friendly and helpful was very impressed considering it was a Sunday
I contacted Lincolnmoneyman in a hurry and they sorted me out an agreement in principle in just a few hours. Excellent service and very friendly. I'd recommend them to absolutely everyone.
Handled our remortgage efficiently and to our requirements. All staff were extremely courteous and responded to queries quickly and clearly. Very pleased with the service provided and the re-mortgage deal Lincolnmoneyman was able to get us saving...
Very helpful team.
Leanne was helpful with our enquiry.
Very helpful. Wayne and Kayleigh and Molly were all a great help. After having disappointing news from existing mortgage provider Lincoln Money Man ensured we got an Agreement in Principal from a well established mortgage provider and Wayne was very...
Very helpful and there when we needed them.