Equity Release in Nottingham

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How does equity release in Nottingham work?

If you are over the age of 55 and are a homeowner, whether you have a mortgage to your name or not, you may be eligible to take out an equity release plan.


Equity release plans give homeowners the chance to release a portion of the value of their home into a tax-free lump sum, or in smaller sums that can be taken out over a duration of time.


Nottinghammoneyman specialise in providing their customers with a complete service. This includes open & honest mortgage advice in Nottingham from qualified and experienced later life mortgage advisors in Nottingham.


This service is backed up by a hard working team of case managers, who will make sure your equity release plan is put in place as quickly as possible. We’ll also make sure you are kept well informed all throughout your process.


Your later life mortgage advisor in Nottingham will take an in-depth look at your current situation, your past experiences and what it is you are hoping to achieve in the future. This allows them to decide whether or not equity release in Nottingham is the right path for you to take.


If no other alternatives are suitable and equity release in Nottingham is right for you, your later life mortgage advisor will be able to look and find the best product to suit you both now and in the future, with mortgage lenders from the whole of the market.


There are two main types of equity release in Nottingham for you to choose from – the lifetime mortgage, which is available to homeowners over the age of 55, as well as the home reversion plan* (which includes you selling all or part of your home).


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*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.

Lifetime Mortgages in Nottingham

Whether you are looking to raise some funds so that you can help out out your children or grandchildren, repay a mortgage or other debts that are existing in your name, make any home improvements or boost your retirement income for a desired purpose, our fast & friendly team of experienced mortgage advisors can work to help you achieve your goals.


A lifetime mortgage in Nottingham will give you the chance to release tax-free money from your homes value. You will be able to keep 100% ownership of your home and stay within there for the rest of your life.


Typically speaking, a lifetime mortgage in Nottingham is repaid when your home is sold after your death or when you permanently move into care. If there are two of you, this will apply to the surviving borrower.


In recent times, lifetime mortgages in Nottingham have become much more flexible that can give you the option to make voluntary payments, monthly interest payments and port your mortgage to another home.


For any additional mortgage advice in Nottingham regarding equity release in Nottingham, it is worth getting in touch with a qualified later life mortgage advisor in Nottingham.


Speak with a mortgage broker in Nottingham and we will be able to book you in with one of our dedicated later life mortgage advisors to discuss your options for releasing equity in Nottingham.


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.


We search 100s of lifetime deals across the whole of the market.

The Process of Equity Release in Nottingham

If you think that an equity release plan might be the right step for you to take next, then it is important that you are aware of all the options and alternatives available to you, the advantages and the disadvantages.


Book a free appointment today and benefit from speaking with one of our trusted later life mortgage advisors. They will be more than happy to talk through this with you.


They will help you understand the process of a later life mortgage, what options you may have available to you and the effect taking a lifetime mortgage in Nottingham might have on state benefits, tax and the equity that is remaining in your home, over time.


We actively encourage the clients that we speak to, to involve their family members or other individuals that you trust, who can help and support you through the process and be present at the meetings we have together.


Further to this side of the service we provide, we are also more than happy to work with any financial advisors, accountants or solicitors that you would like to keep included in your financial planning decisions.


If it is done the right way, equity release in Nottingham should not have an effect on your tax position or benefits. It is key to remember though that everyone has different circumstances, and a later life mortgage advisor in Nottingham will need to have a more complete view of your situation in order to provide the best advice.


It is important that you are able to find a later life mortgage advisor that you are able to trust and are comfortable sharing all of your details with. We believe this is something we excel at, as honesty and integrity is at the heart of what we do. Our genuine customer reviews are a great reflection of this.


Once we have been able to identify the right plan, your later life mortgage advisor in Nottingham will provide you with an illustration and a written recommendation, that will outline all the information you have given us and why we believe this particular plan is suitable for you.


You later life mortgage advisor in Nottingham will then take the time to run through their recommendation with you, before they progress on and submit an application to the mortgage lender on your behalf.


We have a truly brilliant team of experienced case managers who, alongside your later life advisor in Nottingham, will manage your entire equity release process, up until it completes. They will always make sure you are well informed and know how to get in touch, if you need to speak with us.


We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee. 

Things to Consider with Equity Release in Nottingham

If you take out a lifetime mortgage in Nottingham, any mortgage or loans that you already have in your name, that are secured on your property must be repaid.


Any interest that has built up over time, along with the amount released must be repaid upon death or moving into long term care.


Taking out a lifetime mortgage in Nottingham will reduce the amount of equity that you have access to in your property. This means there will be less to look to if you would like to leave an inheritance or cover the costs of care in later life, should you need to rely on this.

Why should I use Nottinghammoneyman for my Lifetime Mortgage?

As an open & honest mortgage broker in Nottingham, we have been hard at work, helping all of our customers to achieve their mortgage dreams for over 20 years and counting.


The same passion and dedication we have for helping our regular mortgage customers, is exactly what we bring to the table when providing top level whole of market lifetime mortgage advice in Nottingham, for all of our older, valued client base.


We always make sure that we are doing everything we can to overcome any mortgage hurdles that may crop up during a customers process, no matter the difficulty of their case! We love a good challenge and will work hard to help you, our customer, with your best interests always being at the heart of what we do.


Your family is always welcome to take part in our mortgage advice process and we will always accommodate clients’ different needs and situations in any way that we are able to.


Once you have had your free equity release and lifetime mortgage advice appointment, your later life mortgage advisor will search for the perfect lifetime mortgage deal in Nottingham that applies to your current personal and financial circumstances, as well as what may come in the future.


We will be always be there to support you through the entire process. With our continuous guidance and care, we will help you through your mortgage journey together, reducing as much stress from you as we possibly can.

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Common mortgage

Our dedicated mortgage advisors in Nottingham will provide you with a free mortgage appointment that typically lasts around 30 mins.

During this appointment, we will gather information about your financial and personal situation.

Based on the information obtained during the consultation, your mortgage advisor in Nottingham will then search for the ideal mortgage deal tailored to your specific needs.

If you are satisfied with the mortgage offer presented by your mortgage advisor in Nottingham, the next step is to proceed with your mortgage application.

Our mortgage process is composed of several stages. Firstly, we will ask you to complete our Fact Find to provide us with a clear understanding of your mortgage needs and goals.

Next, you will have a free appointment with a mortgage advisor in Nottingham, who will begin searching for mortgage options that are tailored to your individual circumstances. If we find a suitable offer that meets your requirements, we can proceed with your mortgage application.

To obtain an agreement in principle, we will conduct a credit check on you and gather supporting documents to validate your mortgage application.

Once we have submitted your mortgage application, we will wait for a formal mortgage offer to be issued.

We highly recommend obtaining an agreement in principle before you start viewing properties if you’re planning to apply for a mortgage.

This is because an agreement in principle is usually required to make an offer on a property, and it can also help you negotiate prices.

As a mortgage broker in Nottingham, we can help you to obtain an agreement in principle from a mortgage lender, which demonstrates their willingness to grant you a mortgage based on your financial circumstances.

With an agreement in principle in place, you can have a better idea of what properties you can afford and approach the buying process with more confidence.

The validity period of an agreement in principle (AIP) typically ranges from 30 to 90 days, but this may vary depending on the specific mortgage lender.

In case your AIP expires before you find a suitable property, you can easily renew it by contacting your mortgage advisor in Nottingham or the mortgage lender.

As a mortgage broker in Nottingham, we often see customers seeking a second mortgage for various reasons. Some of the most common reasons include:

– Consolidating debt.
– Making home improvements.
– Investing in a buy to let property.
– Other reasons, such as purchasing a holiday home or helping a family member with a mortgage.

When applying for a mortgage in Nottingham with a high street lender, a minimum deposit of 5% is typically required. If you have a history of bad credit, this percentage may increase.

Obtaining a mortgage may be a bit more challenging if you have a history of bad credit, but it’s not impossible!

In such cases, some mortgage lenders may require a slightly larger deposit from you, typically around 10-15%.

Whilst this is the case, there may still be many options available to you, and as an experienced mortgage broker in Nottingham, we can help you find a mortgage lender that is willing to work with your situation.

Submitting at least one year’s worth of accounts increases your chances of getting approved for a mortgage.

The mortgage lenders we work with typically consider your salary plus dividend to determine the maximum mortgage amount.

Some lenders may base their calculations on your net profit. The criteria varies from lender to lender.

– Photo ID (Driving license, Passport, etc.).
– Proof of Address (Utility bills, tax bills, credit card statements, etc.).
– Latest 3 months’ payslips & Latest P60 (employed applicants)
– Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
– 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Typically, your free mortgage appointment in Nottingham will take approximately 30 mins.

After the appointment, we can provide you with an agreement in principle, usually within 24 hours. Once you have decided to proceed, the next step is to submit your mortgage application.

On average, it takes about three weeks to receive a formal offer from the mortgage lender.

We make it so easy!
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.

Handy quick links

Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

© 2023 Nottinghammoneyman

Nottinghammoneyman, Gothic House, Barker Gate, Lace Market, Nottingham, NG1 1JU.

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