Main Services
Contact Us
FREEPHONE 0330 058 1579
7 Days a Week 08:00 - 20:00
7 Days a Week 08:00 - 20:00
Lifetime Mortgage & General Equity Release Advice in Twickenham
Reviewed by Tom Philips
Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.
Are you currently asset-rich, but cash poor? If you are, then you are not alone.
In fact, lots of retirees across the UK are currently struggling to afford day-to-day life, but hold a lot of equity in their property. This is why more and more people are considering equity release Twickenham.
In fact, most people aged 55 or over might not realise just how much equity is in their home.
Equity includes things such as your initial deposit, your monthly mortgage payments (minus the set interest you pay on your mortgage) and any increase in value your property has had.
Depending on when you bought your property and how long you have had your mortgage for, this could be a significant amount.
Equity release in Twickenham is a way of allowing those aged over 55 years old the chance to release money from their property, whilst being allowed to stay in your home for as long as you want.
You will be able to release a set amount, and are able to gain access to this money in either one large lump sum, or through a number of smaller payments, known as a drawdown plan [1].
When you opt for equity release in Twickenham, you will get to remain living in your home for as long as you want to. In fact, your loan will continue until after you pass away or move into a care home.
Only then will your loan come to an end. This means that you will be charged interest every month that your loan lasts, which could add up to a considerable amount when you consider compound interest [1].
With equity release in Twickenham, your loan will only be repaid after you pass away or move into a care home, upon which your house will be sold.
The money from the sale of the house will pay off the loan. It is incredibly important that you put a lasting power of attorney in place should anything happen in the meantime.
Many people are hesitant about opting for equity release in Twickenham because they worry about what happens if their house decreases in value and no longer covers the loan amount, including any interest that has occurred. However, homeowners need not worry.
In fact, if their house decreases in value so much that it no longer pays off the equity release loan, the lender is responsible for paying off the difference.
Your next of kin will never find themselves in a position where they have to pay off the difference if your house decreases in value.
All equity release loans are regulated by the Financial Conduct Authority and if anyone has a complaint about their equity release plan then they can report it to the financial ombudsman service.
The financial services register is able to keep ‘tabs’ on all regulated firms and lenders.
The Equity Release Council also ensures that all lenders and advisers are playing by the book, meaning that they are only working to high standards and are fully transparent.
Please call our 24-Hour Helpline: 0330 058 1579
Lifetime mortgages are by far the most popular choice of equity release plan when it comes to equity release Twickenham and the rest of the UK.
Lifetime mortgages allow you to remain the full owner of the property, and your lender is not authorised to ask you to move out of your home at any point during the duration of your loan.
Every lifetime mortgage benefits from a no negative equity guarantee, meaning that your family will never have to pay off your loan if your house decreases in value after taking out the loan.
Home reversion plans are the less popular choice when it comes to equity release in Twickenham and work slightly different to lifetime mortgages.
With home reversion plans, you have to sell off a portion of your home to the lender in exchange for your equity release funds. How much you sell to your lender depends on a number of factors, and could be as little as 10% or as much as 90%.
It is incredibly important to note that when you sell a percentage of your home to the lender, you will be doing so at less than market value.
This means that you will be selling your house for less than you would get if you were to sell it on the current housing market. This means that when you sell the house, your loved ones won’t get as much inheritance as they might have hoped.
Please call our 24-Hour Helpline: 0330 058 1579
There are numerous advantages when it comes to equity release Twickenham. For example, you get to remain living in your home without having to move out or move away from friends or family members.
With equity release in Twickenham, you do not have to downsize. Most homeowners who need access to cash tend to sell up and downsize.
If you live in an area where the housing market has increased significantly in value (as most places have) then you might find that you have to move away from your loved ones in order to afford a smaller property that you are happy with.
One of the other benefits of equity release in Twickenham is that you get to spend the money you receive on whatever you want to.
For example, lots of people choose to spend their money on making some home improvements, so that they are able to make their home more comfortable and suitable for them as they age.
Others choose to spend the money on living a more comfortable, day-to-day life. This could include eating out more regularly, shopping at better supermarkets or investing in a health club, a gym membership or a round of golf every now and then.
Lots of homeowners avoid considering equity release in Twickenham as an option because they do not want to be tied down to their loan or home, in case something were to happen in life, meaning that they need to move for whatever reason.
It is important to understand that when you opt for equity release in Twickenham, you are able to sell your home and move into another property, should you need to. Whilst this process is not straightforward, it is possible.
However, your lender must approve of the house you are moving to and it must be of similar value to the house you currently live in.
Please call our 24-Hour Helpline: 0330 058 1579
There are also a number of disadvantages to equity release in Twickenham, which are explained for you below [2].
For example, one of the biggest downfalls to equity release in Twickenham is that it will affect what benefits you are entitled to. For example, if you receive any benefits or support from your local council then you will no longer receive this if you choose to release equity from your home [2].
In addition to this, applying for equity release in Twickenham will cost you some money.
For example, you will have to pay for your equity release solicitor, which could cost approximately £1,000. In addition to this, you have to pay for your lender to come and value your home, so that they gain a current and correct estimate on how much your property is worth [2].
If you want to exit your equity release agreement early, then you must be prepared to pay early exit fees. How much you would have to pay to exit your agreement depends on the value of your home and what your lender agrees to.
This could be a considerable amount of money, so this isn’t a decision you should make lightly.
It is important to remember that equity release in Twickenham is a form of loan, which therefore means that you are putting yourself in debt by opting for equity release.
This is because, as with any loan, you are charged interest on your equity release loan. As equity release loans last as long as you live, your loan and debt will increase due to compound interest [2].
If you are wanting to apply for equity release to better meet the rising cost of living, then it may be better to first try to better budget the money you do have available to you already.
Below, we list organisations in the local area that can help you with this task:
Address: 94-102 High St, Hampton Hill, Hampton TW12 1NY
Telephone: 0808 278 7873
Website: https://www.citizensadvicerichmond.org/
Address: 104 Arragon Rd, Twickenham TW1 3NH
Telephone: 020 8538 9254
Website: http://ageukrichmond.org.uk/
Address: Civic Centre, 44 York St, Twickenham TW1 3BZ
Telephone: 020 8891 1411
Website: https://www.richmond.gov.uk/services/cost_of_living_hub
Please call our 24-Hour Helpline: 0330 058 1579
Yes, you are able to opt for equity release in Twickenham if you bought your property as a leaseholder.
However, each provider and lender has different rules when it comes to equity release and leasehold properties, so it is also worth checking with your adviser and lender before applying.
For example, some lenders might stipulate that you have to have a certain amount of years left on your lease if you want to apply for equity release in Twickenham with them.
You are able to extend the leasehold on your property so that you can then apply for equity release in Twickenham or throughout the rest of the UK [3].
Please call our 24-Hour Helpline: 0330 058 1579
Yes, you are able to release money from a property if you are a joint owner. This includes being a tenant in common or a joint tenant.
However, it is important that you gain a clear understanding as to whether you are a joint owner or tenant in common, as this will impact what type of plan you should opt for.
For example, if you are a joint tenant then your loan will last until the remaining individual has passed away. If you are a tenant in common, then your lender will re-consider the terms of your loan and plan once one individual passes away.
If you are considering equity release in Twickenham, then it is incredibly important to get help from an equity release adviser. It is equally as important to hire a solicitor to handle your case for you.
Your equity release solicitor will be the one to draft all of the paperwork for you, make sure all is above board and will also handle any exchange of money.
It is incredibly important that you hire a solicitor who is fully trained in equity release and who has experience in dealing with equity release exchanges.
The Solicitors Regulation Authority also regulates all solicitors across England and Wales. Like the Equity Release Council, they are responsible for ensuring that all professionals working in the field of law are fair, honest, transparent and working to the rule book.
Please call our 24-Hour Helpline: 0330 058 1579
If equity release in Twickenham is not for you, then there are a number of alternatives available to you. For example, lots of people who need access to more money in their old age choose to downsize their property.
Alternatively, you can choose to rent out a room in your home to a lodger, who would help you with your monthly mortgage repayments or contribute to your monthly bills. Whilst this option is not for everyone, it does provide some people with company if they are living alone in their old age.
Some people who need access to more money as a retiree choose to sell off some assets, including any stocks or shares that they might have.
Some people choose to sell off antiques that have been sitting in the attic for years, whereas others might sell off a second car they used to use but no longer use day to day.
If you are really struggling to keep up with the cost of living, then you should talk to family and friends about it. Hopefully, you will have a good support network around you that will be able to offer you support and help.
If equity release in Twickenham is not for you, you could apply for state benefits, or talk to Citizens Advice about how your local council might be able to help you in your time of need.
Please call our 24-Hour Helpline: 0330 058 1579
If you are considering equity release in Twickenham, then you should talk to someone at the Equity Release Warehouse team.
Our team is on hand to talk to you over the phone and will be able to offer you free and confidential advice. We will even be able to use our equity release calculator to calculate how much equity you would be able to release!
Our team is able to offer you advice on what type of loan you should be applying for, how long this might cost and how long the process will take from start to finish.
It is important to understand that it is not our job to try to convince you to take out an equity release loan. We are here to advise you and educate you on the benefits and potential pitfalls of equity release in Twickenham.
If you think that equity release in Twickenham might be for you, then talk to our team on 0330 058 1579 or by visiting us online.
[1] https://nationaldebtline.org/fact-sheet-library/equity-release-ew/
[2] https://www.equityreleasewarehouse.com/help-centre/disadvantages-equity-release/
To Provide Friendly, Efficient Advice For The Life Of Your Mortgage.
Use our Equity Release Calculator to find out how much cash you can release
CALCULATE NOW
