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Lifetime Mortgages, Home Reversion, and General Equity Release Advice in Hertfordshire.
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.
Despite boasting beautiful countryside villages, Hertfordshire cannot shake its identity of being a commuter area for London.
Some areas, such as Digswell and Potters Bar, can get you into London in half an hour or less, with others (Cuffley and Bayford, to name a couple) can get you to the capital within an hour (1).
What does this mean for property? It means prices are sky-high, rising by up to £100 per day in some parts of the county (2).
This makes equity release Hertfordshire incredibly desirable.
If you are one of the homeowners with a property that is rising rapidly in value, you could tap into this value by releasing funds from your home via an equity release provider in Hertfordshire.
Please call our 24-Hour Helpline: 0330 058 1579
There are some people in Hertfordshire who are not interested in releasing equity, and they would much sooner have a traditional mortgage.
Perhaps this is down to a fear of loans, as some people are worried that they’ll get into irreversible debt, which is a valid concern.
It could also be a result of simple misinformation; they might believe that equity release is a scam, so they trust a traditional mortgage more as it is more common and therefore more widely available.
Some homeowners do not want to go through the process of releasing equity in Hertfordshire as they believe it will be too time-consuming and costly. This is sometimes true as the process can take up to two months and it involves paying various fees.
However, if you find other means to boost your income in retirement, they are also likely to be time-consuming and costly.
For example, if you decide to downsize (move to a smaller property), you will have to go through the stress of putting your house up for sale and finding another property to move into, which can involve many delays.
Finally, some people in Hertfordshire may be financially secure and so see no reason to release equity, particularly as this could have an impact on the inheritance they will be able to leave to their loved ones.
This is why equity release is mainly aimed at pensioners who are in need of some extra financial help on top of their pension.
Please call our 24-Hour Helpline: 0330 058 1579
You cannot have a traditional mortgage and an equity release mortgage at the same time. However, you can change from a traditional mortgage to an equity release lifetime mortgage.
You can only do this on certain plans and with certain lenders in Hertfordshire. If you take this route, you will have to pay off your existing mortgage yourself or do it with the funding you receive from the equity release loan.
As for going from an equity release mortgage to a traditional mortgage, this is possible but it may involve an early repayment fee so it should be avoided.
If you release equity in Hertfordshire, one of the options you will be presented with is taking out a lifetime mortgage with an equity release lender.
The end result of this is an equity loan (either as a lump sum or monthly instalments) that does not have to be paid back until you pass away or move into long-term care.
With a lifetime mortgage, you remain the homeowner of the property. You also may have to undergo credit checks and affordability checks for this mortgage, though this is not a requirement for all schemes.
However, you are not restricted to getting a lifetime mortgage, so we encourage you to explore the option of a home reversion too.
This requires you to sell your property (or part of it) to a lender in exchange for a loan in the form of a tax-free cash lump sum. Again, this money does not have to be repaid until the end of the scheme.
If you have a home reversion, you give up your homeowner status as you have signed it away. In terms of credit checks and affordability checks, they are rare, but not unheard of.
You could also consider a retirement mortgage or a retirement interest-only mortgage if you want to set it up so that you receive your loan just before you finish work, or just after.
This can help you as you will never be left without a steady income, whether that’s from work or your equity loan.
Please call our 24-Hour Helpline: 0330 058 1579
Unfortunately, you may not be entitled to release funds from your property, as there are certain criteria you must meet before an equity release provider will offer you a loan.
The property that you live in must be worth at least £70,000 and you must be able to prove that you own it.
The value of the property will be estimated early on in the equity release process, but this will later be confirmed by an official valuation.
As for your personal details, you must be at least 55 years old for a lifetime mortgage or 65 years old to apply for a home reversion. This includes your partner, too, so if you want to make a joint application, the youngest homeowner must meet the relevant minimum age requirement.
Certain lenders will be more selective, so you may find that you are not eligible for reasons relating to your location or your credit history, amongst other things.
If you find yourself in this position, get in touch with us as we can help you enrol onto a plan that is better suited to you.
With this said, there will always be situations where equity release is not the most suitable option. To determine this, its best to look at the various drawbacks of equity release and see if they apply to your situation. If so, then you may wish to look at alternatives to equity release.
If you are releasing equity to combat the cost of living, then it might be better to see if you can better manage your budget. Below, we list organisations that may be able to help in Herefordshire:
Address: 135 Widemarsh St, Hereford HR4 9HE
Telephone: 07500 123146
Website: http://www.prawnicyuk.com/
Address: Malvern Gate, Bromwich Rd, Worcester WR2 4BN
Telephone: 0800 008 6077
Website: https://www.ageuk.org.uk/herefordshireandworcestershire/
Address: 8 St Owen’s St, Hereford HR1 2PJ
Telephone: 0344 826 9685
Website: https://www.herefordshirecab.org.uk/
Address: 34 Chambers’ St, Hertford SG14 1PL
Telephone: 01707 323272
Website: http://www.ageuk.org.uk/hertfordshire/
For more resources of this kind, check out Hertfordshire Council’s website.
Please call our 24-Hour Helpline: 0330 058 1579
This is a question for you to take to a financial adviser as the answer is not the same for everyone who claims benefits. With certain plans and loan amounts, your benefits will be taken away from you, and with others they won’t.
Don’t worry about having your benefits withdrawn unexpectedly, as your equity release adviser will tell you if the plan you are interested in would affect your benefits, and you can make a decision on what to do before you sign off on equity release.
Equity release in Hertfordshire is what you make it; it all depends on the plan you select and what you decide to spend your funds on. It could mean enjoying a wonderful retirement with all of your bills paid each month, lovely family holidays, and a renovated home.
It could also look like purchasing a property to use as a second home, a holiday home, or a rental property, which could transform your everyday life. Or perhaps for you it would look like spoiling your loved ones and making sure nobody misses out when it comes to being able to afford the essentials in life.
Ultimately, equity release in Hertfordshire opens the world up to homeowners who have spent years and years working hard to make ends meet. No longer will you have to budget to an uncomfortable degree, as you can always lean back on your loan for financial support.
Please call our 24-Hour Helpline: 0330 058 1579
We believe equity release Hertfordshire is incredibly flexible, as you can choose between a diverse list of equity release schemes, lenders, and even solicitors, who help with the legal side of equity release.
Sometimes, the number of decisions will seem overwhelming but be reminded that the more personal decisions you make, the more tailored your experience of equity release will be.
On the other hand, once you are enrolled on equity release, we cannot claim that there is plenty of flexibility.
You will be expected to commit to the scheme, including any monthly payments you have agreed to (though these are rare), the rule requiring you to live in your property permanently, and the interest rates you have agreed to.
Some areas of Hertfordshire equity release can be compromised. For example, though you will risk an early repayment fee for leaving the scheme early, most lenders will allow you to leave.
Another example is that you may have agreed to not move house, but it is possible that the lender could find a suitable alternative property for you if you have a valid reason for moving.
Please call our 24-Hour Helpline: 0330 058 1579
Yes, all equity release money is free from tax, and this applies to every single equity release plan with every possible lender. This is excellent news for prospective equity release consumers in Hertfordshire as it means you get more of the cash that you are looking to release.
To reiterate, with lifetime mortgages, home reversions, and retirement mortgages, the loan you receive consists of tax-free cash.
We would love to claim that equity loans are free from interest, but let’s be realistic – interest rates are something you will find with any loan.
The interest rates for equity release in Hertfordshire differ according to the scheme you are on, so some will have much lower rates of interest than others.
Generally, schemes that allow you to repay some money, such as voluntary repayment plans and interest-only plans, boast some of the lowest interest rates.
Another point to make is that plans that are very popular, such as lump sum plans, tend to have lower interest rates too, so avoid rare schemes if you are looking to pay a small amount of interest.
The way it works with an equity release loan is that the interest adds up over time and is added to the loan amount, so you only owe the interest when the loan is due up.
However, the sale of your property covers this cost, so there is no need to worry about it.
Please call our 24-Hour Helpline: 0330 058 1579
As equity loans do not have to be repaid until you die or go into care, we will discuss the issue of not being able to afford the fees that are associated with the equity release process, including meeting with an adviser, getting a solicitor, having a valuation, and paying for administration.
If you cannot afford this, we urge you to let us know in your free initial consultation. This is because it is possible for you to pay for all of these fees with your equity loan, when your application has been finalised and the funds are ready to be transferred to you.
Please don’t shy away from letting an adviser know, as this happens more than you would think, and it’s easy as can be to deduct the money from your loan before transferring it.
In terms of not being able to leave your family with no money, we want to reassure you that it is possible to leave an inheritance with equity release in Hertfordshire. The amount won’t be the same as it would be if you never took out equity, but it could still be a helpful amount for your beneficiaries.
To ensure your family are looked after when you pass away, you should find a plan with in-built inheritance protection. Most home reversions offer this already, but with lifetime mortgages, you will have to read the fine print of your preferred scheme.
Please call our 24-Hour Helpline: 0330 058 1579
The more valuable your property is, the more money you could release. Other things can result in you getting a higher loan, such as being older, having a disability, and living in a specific part of Hertfordshire.
Our equity release calculator gives you a rough idea of how much money you are entitled to, but please request a personal quote too by filling in your contact details.
When your property is valued by a surveyor, the equity release lender will calculate the amount they want to offer you, and it will be up to you to decline or accept this offer.
At Equity Release Warehouse, we value your opinion, so we will not push you to do anything you don’t want to do when it comes to equity release in Hertfordshire. Instead, we will listen to your preferences and make sure we find a plan that honours your wishes.
If at any point you are feeling hesitant about equity release in Hertfordshire, we encourage you to speak up, as we are always prepared to talk through the disadvantages with you and help you decide whether the pros outweigh the cons.
If they ultimately don’t, we won’t hold it against you. We are still happy to discuss the alternatives to equity release, including re-mortgaging your property, downsizing, getting grants from the government, getting more means-tested state benefits, or taking out a traditional loan.
To speak to one of our advisers, call us on 0330 058 1579 between 8am-8pm any day of the week.
Access help and advice today across Hertfordshire in Abbots Langley, Baldock, Barnet, Berkhamsted, Bishop Stortford, Borehamwood, Broxbourne, Buntingford, Bushey, Cheshunt, East Barnet, Garston, Harpenden, Hatfield, Hemel Hempstead, Hertford, Hitchin, Hoddesdon, Kings Langley, Knebworth, Leavesden, Letchworth Garden City, Potters Bar, Radlett, Rickmansworth, Royston, Sawbridgeworth, St Albans, Stevenage, Tring, Waltham Cross, Ware, Watford and Welwyn Garden City.
[1] THE BEST COMMUTER TOWNS IN HERTFORDSHIRE https://griffinproperty.co/blog/detail/the-best-commuter-towns-in-hertfordshire
[2] Hertfordshire property prices: House prices rising at more than £100 a day in parts of Herts https://www.hertfordshiremercury.co.uk/news/hertfordshire-news/hertfordshire-property-prices-house-prices-7105570
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