Equity Release in Nottingham
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How does Equity Release in Nottingham work?
The reason people opt for an Equity Release in Nottingham is to turn the equity that is in their home, into a lump sum of cash.
Once you have released this money, you are able to use it for pretty much everything, with common options including to pay off an existing mortgage payment, to pay off any unsecured debts that may have built up over time, to fund any potential home improvements or modification, as well as to pay for any planned holidays, car payments and things like that.
Helping You Find The Value in Your Property!
Equity Release in Nottingham will most likely be presented in the form of a Lifetime Mortgage.
The way that this works, is either once you have reached the end of your mortgage term or even if there are still repayments left, you have the option to release your equity through a Lifetime Mortgage. Providing this is your main residence, you will be able to take this mortgage out, selecting a portion of the equity for future family inheritance, if this is something you’d like to do.
You have the option to make monthly payments back to lender, however a popular choice with homeowners is to simply let interest stack-up. The loan only becomes repayable once you die or have to move into long-term care, being declared unfit to live on your own.
Things to Remember with Equity Release in Nottingham
When looking at this for a mortgage option, it’s important to remember a few things. First of all, you have to be at least 55 years old to qualify. Your age, as well as the value of the property can have an effect on how much you are able to withdraw from your properties equity.
For additional Mortgage Advice in Nottingham regarding Equity Release in Nottingham, you may benefit from seeking the advice of a Specialist in the field. Get in Touch with a Mortgage Broker in Nottingham and we will book you in with a trusted expert of Equity Release in Nottingham.
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Popular Options For Equity Release in Nottingham
As mentioned above, there are many different reasons why somebody may look to take out a Lifetime Mortgage for Equity Release in Nottingham. Some of these reasons include, but are not limited to:
- Mortgage Repayments
- Paying off Unsecured Debts
- To fund Home Improvements, Modifications or Alterations
- Additional Purchases
Equity Release in Nottingham to Pay Off a Mortgage
Even if your mortgage term is still ongoing, you may still be able to take out a lifetime mortgage and use the equity that is in your property to pay off the balance that is remaining on your mortgage. Your affordability may be affected by the fact you still technically already have a large outgoing to pay for, which could limit the amount a lender may allow you to borrow.
Equity Release to Pay Off Unsecured Debts
Secured debts include things like a mortgage repayment, with your debt being secured against an asset, which in this case would be your home. Unsecured debts include things along the lines of personal loans, wherein the debt is not secured against any particular asset. In times like these, people often choose an Equity Release in Nottingham to cover the costs of any unsecured debts that may have built-up.
Equity Release in Nottingham for Home Improvements, Modifications or Alterations
Some people may look at taking out an Equity Release for the purpose of Home Improvements, Modifications or Alterations. This process more or less works the same as Remortgaging for the same purpose, with the only difference being that a Remortgage to Release Equity will likely place you on a Repayment Mortgage. Regular Equity Release in Nottingham will instead place you on a Lifetime Mortgage. Standard reasons for using this include home offices, conservatories, new living rooms and kitchens, garden improvements, extensions and a new or additional garage.
Equity Release for Additional Purchases
An Equity Release in Nottingham can pretty much be used for any other purchases you may wish to make once you have released some equity from your property. This can be anything from buying 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 and you can spend it however you see fit.
If you have any questions about Equity Release Mortgages, you are welcome to get in touch a mortgage broker in Nottingham today. We have a trusted specialist contact in the field of Equity Release in Nottingham who we can pass your information along to.
I have an Equity Release enquiry, can you help?
We do have a specialist Equity Release on our team who is able to help. They are experts on this subject and will be able to answer your questions.
Can you help me Remortgage to Release Equity?
Yes, this is something we are able to take a look at! We are able to help you with a general Remortgage enquiry. If you have any questions or would like to get started, please feel free to book online today.
Why Should I Use Nottinghammoneyman for my Remortgage?
With over 20 years of knowledge experience within the mortgage industry, we have worked hard to help thousands of customers achieve their dreams of owning a property and obtaining a mortgage, doing everything we can to help them overcome any mortgage hurdles that have arisen.
As a well-practiced and dedicated Mortgage Broker in Nottingham, our brilliant team are able to look through 1000’s of different mortgage deals, in order to try and find one that works best for your individual and financial situation.
Throughout your mortgage journey, we’ll offer continuous guidance and support, ensuring we answer any questions you have as best as we can. We even have the ability to assist with other services when necessary, such as referring you to a trusted conveyancing solicitor.
Our team of mortgage advisors in Nottingham are very proud of the level of service we provide here at Nottinghammoneyman. This is showcased in the Genuine Customer Reviews that we receive on a regular basis.
