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Lifetime Mortgage & General Equity Release Advice in Leicester
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.
If you live in Leicester and your property is worth £70,000 or more, you could be a customer of equity release Leicester.
Regardless of whether you live in the bigger towns or the smaller villages, you could be entitled to a life-changing equity release loan
Please call our 24-Hour Helpline: 0330 058 1579
We have a free instant equity release calculator that allows you to figure out how much money you could earn through equity release in Leicester.
You simply input your name, property type and property value, and you will be presented with an estimated amount. However, as you do not provide any other personal details, this is just a vague estimate.
We are also proud to offer personalised quotes based on your personal circumstances. To access one of these quotes, we need your personal details including your name, age, Leicester post code, phone number, and email address.
Your age helps us to figure out your eligibility for equity release, and the other contact details are necessary so that we can send you your quote.
We also encourage you to call us to ask one of our expert equity release specialists how much money you could release from your Leicester home.
They ask lots of questions to determine how large your loan could be, so prepare to answer some personal financial questions. Some of the topics they may cover are:
Not all of these things will affect your eligibility, as some lifetime mortgage lenders are more lenient than others, but our advisers aim to cover all ground so that they are well-informed about your situation and they can find out how much money you could realistically release.
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No, we are pleased to inform you that your equity release funds in Leicester will not be taxed. All the money you receive is yours, and whether you receive it as a lump sum payment or in instalments, it will always be tax-free.
There is a common misconception that equity release loans have very high-interest rates. The truth is that the interest rates for equity release schemes are often lower than they are for other loans. This is one of the most attractive things about Leicester equity release.
However, the nature of an equity release plan is that it does not demand repayment, so homeowners can leave the interest to accrue over time without worrying about paying it back.
What this means is that the interest will quickly build up over time and appear to be high, even if it is generally quite low.
If you are concerned about the interest racking up, don’t worry, as most equity release plans now allow you to repay some of the loan or the interest without an early repayment charge (1).
You can even select a specialised plan such as an interest only plan or a voluntary repayment plan if you want to be sure that you won’t be punished for repaying.
Please call our 24-Hour Helpline: 0330 058 1579
This is another common misconception of equity release in Leicester that may come from a time when equity release schemes were less flexible.
It is true that it can be difficult to move home once you have taken out equity as the mortgage lender hopes that you will stay in the property for the rest of your life.
However, what is not true is that it is forbidden to move home. If your lender is a member of the Equity Release Council, they are required to offer a ‘suitable alternative property’ for you at your request, so you will definitely be able to move home.
We don’t advise making a habit out of this, as lenders disapprove of it, and it can be stressful as your loan amount must be altered and the plan you are on may have to change slightly.
What’s more, you cannot pick any home in Leicester or elsewhere, as the equity release lender must accept that the home is a suitable alternative.
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It is possible to be scammed by an equity release lender if you do not confirm that they are reputable by checking that they are affiliated with the Equity Release Council, that they are regulated by the Financial Conduct Authority, and that they have great reviews.
The best way to avoid being scammed by Leicester equity release is to find an equity release adviser who is an expert in the subject and can help you to find a reliable lender.
They will support you in the application process and ensure you don’t make any decisions that would make you financially vulnerable to an equity release lender.
Again, this stereotype has some truth to it, as most stereotypes do. The reason many homeowners believe this is that they are aware that releasing equity reduces the amount of funds you can give to your family when you pass away or go into long-term care.
In this sense, you cannot leave an inheritance in the traditional way.
However, you can still leave an inheritance with equity release in Leicester. You do this by securing some funds for your loved ones, and your equity release adviser can help you to set this process in motion.
If your lender does not allow this as part of their policy, you will be informed of this in the early stages which gives you a chance to pull out and select a different lender.
Please call our 24-Hour Helpline: 0330 058 1579
You do not need a power of attorney for equity release in Leicester, so many equity release consumers do not choose to do this. However, it can be a great idea to have a power of attorney, as it means there is someone to make decisions for you when you are unable to.
Right now, you may believe this isn’t necessary, but you cannot predict the future so it is advisable to implement a power of attorney so that your funds are protected and any decisions that are made about your finances are only ever made by you or by someone you trust.
If you do decide to get a power of attorney, we recommend choosing close family members as donors, provided that you trust they would always have your best interests at heart.
Nowadays, some equity release plans already include a power of attorney, so you wouldn’t even have to put this in place beforehand. If you are interested in a scheme like this in Leicester, get in touch and we will help you find one.
Please call our 24-Hour Helpline: 0330 058 1579
Generally, it is true that you will not be able to rent out your Leicester home if you take out equity. The vast majority of equity-release lenders will not allow you to do this. If this is a must for you, you will have to consider an alternative to equity release.
If you have already taken out equity in Leicester and you would like to rent out your home, your only option would be to switch to a traditional mortgage and pay off your equity release loan, but this would be very costly. You could be paying up to 25% of the sum of money you borrowed.
Read our article on renting out your home with equity release for more information.
In this article, we outline various drawbacks of equity release. Please read these to ensure you are making an informed decision about whether to go ahead with equity release.
If you are releasing equity to combat the cost of living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Leicester:
Address: York House, Granby St, Leicester LE1 6FB
Telephone: 0808 278 7970
Website: http://citizensadviceleicestershire.org/get-advice/email-advice/
Address: 1 St.Nicholas Pl, Leicester LE1 5LB
Telephone: 0116 242 3900
Website: http://www.clockwise.coop/
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The vast majority of equity release consumers in Leicester decide to have a lifetime mortgage instead of a home reversion scheme. However, some customers do choose the latter option, and we wouldn’t ever tell you to dismiss it simply because it is less common.
Lifetime mortgages are mortgages that do not have to be repaid until you pass away or go into permanent care, at which point your property is sold and the money is collected by an equity release lender to cover the amount you have borrowed (2).
To qualify for a Leicester lifetime mortgage, you must be at least 55 years old with a property worth at least £70,000. You will have to decide on the specific lifetime mortgage that you want as they can differ quite significantly. To find out about the different types, visit the following page.
As for home reversions, they allow you to access a tax-free lump sum of cash in exchange for selling a large share of your home to an equity release provider in Leicester.
To qualify for a Leicester home reversion, you also need to own a property worth at least £70,000 and the youngest applicant must be 65 years old or more.
Please call our 24-Hour Helpline: 0330 058 1579
Making decisions about your future is never easy, so we are more than happy to provide some quality advice about making a decision on equity release.
Firstly, do not rush into the decision. By this we mean do adequate research into equity release, with a particular focus on the risks involved with the scheme, as it is better to be aware of these as early as possible.
In this time, reach out to us for a free consultation and we will help you to get a realistic idea of what equity release in Leicester could do for you.
Secondly, involve your family in your decision. If you are close to them and you trust them, they could be fundamental in helping you choose the right kind of equity release for you.
They could also ease your concerns if you are worrying about potential risks of Leicester equity release that are not likely to happen. Careful retirement planning is best carried out with your family’s help, as they may be able to suggest ideas you have never thought of.
Finally, make a detailed pros and cons list of all the equity release plans that are available in Leicester to help you find out which one would be best for you. Our individual pages on equity release plans can help you with this, and so can our advisers.
Please call our 24-Hour Helpline: 0330 058 1579
Please reach out to us if you are considering Leicester equity release and you don’t know where to start. We offer excellent services including a free consultation where you can ask all of your burning questions about Leicester equity release without judgement.
Speaking to our team is a hassle-free experience.
[1] Right to make repayments marks 30 years of standards for Council https://www.equityreleasecouncil.com/news/guaranteed-right-to-make-partial-repayments-on-new-lifetime-mortgages-marks-30-years-of-consumer-standards-for-equity-release-sector/
[2] Is a lifetime mortgage right for you? https://www.express.co.uk/sponsoredfeatures/finance/personalfinance/1420987/Age-Partnership-lifetime-mortgage
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