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Lifetime Mortgages, Home Reversion, and General Equity Release Advice in Bristol.
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.
As you have found yourself on our site, we presume you already have an interest in equity release Bristol. However, you may be wondering what equity release in Bristol is like compared to other areas of the UK.
Today, we want to go through your frequently asked questions about Bristol equity release to ensure you have everything you need to know before beginning the process.
Here, we cover the basics of both types of equity release schemes, including home reversion schemes and lifetime mortgage scheme.
We also explain the conveyancing and legal process, as well as what you can spend equity release money on (such as paying for your care, paying for home improvements and paying off an existing mortgage). We also explain why you might not want to take out equity release.
Equity release is an excellent opportunity to access the funds from within your Bristol property, and we want to ensure you have the opportunity to pursue this safely.
Please call our 24-Hour Helpline for help with equity release Bristol: 0330 058 1579
If you know anything about the Bristol property market, you will be aware that property prices are rising by a significant amount, and this means many prospective first-time buyers are struggling to afford a home in this area
The people who do manage to secure a home for the first time in Bristol are having to spend much more than they would just a few years ago, with the average Bristol homeowner spending an average of £22,000 more in 2022 than the average homeowner in 2021 (1).
This means that property in Bristol is rising in value, so if you are already securely on the property ladder and your home has been rising in value, you could benefit from the increasing cost of homes in your area.
The way you do this is by opting into an equity release scheme and receiving a loan secured against your home based on your home’s value. You can either receive the money on a monthly basis or all in one go, which is known as a lump sum.
The process of releasing equity in Bristol is not always straightforward, but that’s where we come in.
We are here to advise you on how to get the process started and things to look out for along the way. As we have our very own equity release specialists, we would encourage you to start your journey with us.
That way, we can advise you on the best lenders to work with, the best solicitors to approach, and the best plans to opt for. Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
Above: Some of the equity release lenders in Bristol.
These decisions are very personal to the Bristol homeowner, so we will not be simply offering vague advice to each and every customer, but we will listen to your needs and respond accordingly.
Please call our 24-Hour Helpline: 0330 058 1579
As we have mentioned, we have our own equity release specialists, and it couldn’t be easier to get in touch with us for professional equity release advice in Bristol. All you need to do is request a call-back here or call us yourself on 0330 058 1579 and we will start the process with you.
Generally, we begin by explaining equity release in detail, asking you about any concerns or preferences you may have, and discussing the many varieties of equity release plan that can be selected in Bristol.
However, we know that some of you may want to shop around before calling us, and we support this. If that’s the case for you, please ensure you are searching for a Bristol-based adviser who is a member of the Equity Release Council (ERC) and regulated by the Financial Conduct Authority (FCA).
The main benefit of dealing with a lender that’s regulated by the Equity Release Council is having the benefit of a no-negative equity guarantee. All lenders are also regulated by the Financial Ombudsman Service, so your usual rights when applying for a financial product are reserved.
If not, you could be subject to unfair procedures from an equity release adviser or firm, and we wouldn’t want you to end up in a tricky situation when your finances are involved.
In terms of keeping equity release as safe as possible, we are always happy to offer specific tips that are relevant to you and your family, so do not hesitate to contact us to discuss this in detail.
Please call our 24-Hour Helpline for help with lifetime mortgages in Bristol: 0330 058 1579
With Equity Release Warehouse and many other organisations, you are not obligated to release equity after seeking advice, whether this advice came with a fee or not.
The reason we are so passionate about offering a free, no-obligation quote is that we know that many people who are interested in equity release are not in the financial position to be paying out for advice and then having no option to withdraw if they realise they would be more financially secure with another scheme.
Though we clearly advocate for equity release Bristol, we are aware that it is not for everyone, and we would never want to pressure you into making a decision that will affect the rest of your life.
There is no harm in making the decision slowly, so we encourage you to do as much research as possible and to avoid settling on the first option you come across, whether that be the first scheme, the first solicitor, or the first lender.
Even if you are already hesitant to release equity but something is drawing you to our page, please reach out to us and we will happily discuss equity release in Bristol in a neutral way without pushing you to make any immediate decisions.
Please call our 24-Hour Helpline: 0330 058 1579
Fortunately, there are a host of reliable mortgage lenders in Bristol, but the problems start when homeowners select a lender without reading through their requirements and getting quotes from a variety of providers.
If you meet with an unbiased financial adviser who is trained in equity release, they should encourage you to consider the requirements anyway, so this will not be your burden to bear alone. They will also help you to find a lender that is trustworthy.
Some of these lenders have pages about equity release on their sites, so you can discover how their process works (2).
This can be useful when selecting a lender as you may decide that you do not like the approach of a particular company, helping you to rule them out without needing a consultation.
When taking out any mortgage in Bristol, you must consider the legal implications, and this is why it’s so important to find an experienced solicitor to guide you through the legal side of equity release.
Solicitors will read contracts to ensure the process is legal, check title deeds to predict delays, perform identity checks on you, and carry out other important tasks relating to the legalities of releasing equity.
The great thing about selecting a solicitor for equity release is that the choice is entirely yours, as your equity release provider will choose their own solicitor, so you will be left to make the decision based on which solicitor is the most suitable for you.
Most solicitors in Bristol will charge a fee, so keep this in mind when managing your finances.
Sometimes, you are able to pay the fee through your equity loan, so the solicitor’s fee will come out of your loan before you receive it, which is a great option if you are struggling with money currently.
You could also search for an independent solicitor in Bristol, but make sure you read through their reviews before you agree to meet with them. You may be able to get a recommendation from a friend or family member for peace of mind.
Please call our 24-Hour Helpline for help with a home reversion plan in Bristol: 0330 058 1579
Above: Home reversion plans vs. Lifetime Motgage Plans in Bristol.
If you have had a look at our plans page, you will be well aware of the different types of equity release that homeowners can benefit from in Bristol.
However, not everyone will be so knowledgeable on equity release, so we are happy to briefly explain the different schemes.
Firstly, we have home reversion schemes. They are not extremely common, but they can be a great method for obtaining more money in later life. It involves selling some of your home to a lender and receiving a loan in return.
Secondly, the option that more homeowners select is a lifetime mortgage, which involves taking out a mortgage and receiving an equity loan either as a lump sum or in regular instalments.
With both of these options, the loan does not have to be repaid while the homeowner is still living, so it doesn’t even feel like you are in debt.
The idea is that the debt will be repaid when the home is eventually sold, which will only ever occur when the homeowner dies or goes into long-term care.
Evidently, this has an impact on how much money is left for beneficiaries, but inheritance protection is included in some equity release plans, so you can make sure your family is left with some money.
Sometimes, it is possible to start to repay the loan if this is your preference. We would strongly advise stating this at the beginning of the equity release process, in your application, as certain arrangements do not allow for early repayment, and this can incur penalties.
You could also opt to pay back the interest but not the loan itself, and you could do this by choosing an interest-only scheme as opposed to a more general voluntary repayment scheme.
Please call our 24-Hour Helpline: 0330 058 1579
Our blog will certainly help you to get to grips with the specifics of equity release and some tricky decisions you will have to make along the way.
We post articles on the subject of inheritance, interest rates, borrowing in retirement, and other important topics that you will come across as you learn more about equity release.
Though we have not written about Bristol in general, the process of equity release is the same across the UK, so these topics will also be relevant in Bristol.
We can give you an accurate quote of how much money you could release in Bristol if you input your details here. If you can’t wait to get started, try out our free equity release calculator for a general idea of the cash you could access.
Remember that many factors come into play when it comes to releasing cash, so you will not know the true value until you have had property valuations. However, if your Bristol property is valuable and you fit the eligibility criteria, you could release a significant amount of money.
One common use is to supplement retirement income. This can provide additional financial comfort during your golden years, allowing for a more relaxed and enjoyable retirement. It’s also often used to pay off existing debts, including mortgages, thus reducing monthly outgoings and easing financial burdens.
Many homeowners choose to invest in home improvements or modifications with their equity release funds. This not only enhances their living environment but can also increase the value of their property. It’s an ideal option for adapting a home for accessibility needs as one ages.
Equity release can also be used for family-related expenses. Some choose to help younger family members, such as contributing towards a grandchild’s education or helping children with property purchases.
Furthermore, it can fund lifestyle enhancements, such as travel or purchasing a new car. It provides the financial freedom to enjoy pursuits that might have been unaffordable otherwise.
One of the primary uses of equity release is to pay off an existing mortgage. This can be particularly beneficial for those reaching retirement, eliminating monthly mortgage payments and easing financial pressures in later life. It’s an effective way to manage debt and can lead to increased disposable income.
Here’s a summary of what you can spend equity release on:
To take out equity from your home in Bristol, you must be at least 55 years old (3). Even if your partner is this age but you are younger, you will, unfortunately, have to wait unless you are prepared for them to take out a loan individually.
For a home reversion, the minimum age requirement is 65 years old. These ages are non-negotiable, as equity release is designed for older people, given that it is a form of later-life lending.
If you are too young for equity release in Bristol, you could spend your time researching and preparing for the future, which may even include downsizing to boost your income before you eventually take out equity.
On the other hand, you could look at other ways to generate money, which we will discuss later on in this article.
Please call our 24-Hour Helpline: 0330 058 1579
Do not worry if you are not yet retired, as you are still entitled to release equity. This scheme is not reserved for people in retirement, but rather people in their later years.
Generally, retired people in Bristol are more likely to struggle with their finances as they are no longer working consistently and receiving a consistent income (aside from their pension), which is why you may associate equity release with retirement.
However, as long as you meet the other criteria, which is to be of the right age, to be a homeowner, and to have a property worth at least £70,000, you do not need to discount equity release as a way to earn money.
If you would like to avoid high-interest rates, we can certainly help you to do this. To begin with, certain schemes in Bristol are known for their low rates of interest, so we would encourage you to look at lump sum lifetime mortgages and voluntary repayment arrangements.
If you have any health problems, you may be eligible for the enhanced/ill-health plan, and this can provide you with lower interest rates as your poor health is taken into account, despite the fact that this scheme tends to have high-interest rates ordinarily.
As we mentioned earlier, you could opt for an interest-only lifetime mortgage and start to pay off some or all of the interest. Though high-interest rates are not avoided entirely, the interest will not accrue and be added to your loan at the end, so this may be less stressful for your family.
Though we are happy to help you pursue low-interest rates, keep in mind that this is not the only bonus you should be looking for. It is possible that there is a plan with high-interest rates that is perfect for you, and offers many other benefits that outweigh the high cost of interest.
For example, drawdown mortgages often have high-interest rates, but they offer the best of both worlds in the sense that you receive a lump sum of cash, and then you can continue to withdraw money whenever you want.
This offers a huge amount of flexibility in terms of how you use your loan, and many homeowners find that it helps them to pay for large projects (with the initial tax-free cash) and also everyday expenses such as bills (with subsequent withdrawals).
Please call our 24-Hour Helpline: 0330 058 1579
As we discussed above, equity release in Bristol is not the right path for every homeowner to go down. For this reason, we would like to highlight a few alternatives that you may want to consider.
Firstly, you could continue to work past the typical retirement age to ensure a steady income for more years. This would mean you were not taking an unnecessary risk by getting an equity loan.
However, many people are not equipped to do this, as they are unfit to work and they do not like the idea of spending the later periods of life in work when they could be enjoying their retirement.
Secondly, it is possible for you to borrow money from a trusted individual in your life. This can be effective as you do not have to deal with stressful legal processes or find a financial adviser.
Having said that, if you are lucky enough to have someone you can borrow money from, you have to be convinced you can pay it back within a certain time frame, and this is not an issue with equity release as the loan is repaid when you pass away.
Finally, you could take out a regular loan in Bristol to help with expenses. This can be useful as you are not dipping into the money locked into your property, so the inheritance left to your family will be higher.
However, it is more likely that there will be affordability checks and credit checks with a regular loan, and many homeowners would not pass these checks, meaning they would not be eligible for a loan.
On the other hand, many equity release plans do not involve these checks as the important thing is that the homeowner has a valuable property, and not that they have a high income.
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 Bristol:
Address: 48 Fairfax St, Bristol BS1 3BL
Telephone: 0808 278 7957
Website: http://www.bristolcab.org.uk/
Address: Canningford House, 38 Victoria St, Redcliffe, Bristol BS1 6BY
Telephone: 0117 929 7537
Website: http://www.ageuk.org.uk/bristol
Address: Withywood Centre, Queen’s Rd, Bishopsworth, Bristol BS13 8QA
Telephone: 0117 985 1122
Website: https://www.southbristoladvice.co.uk/
Address: 1, Hide Market, West St, St Philips, Bristol BS2 9BH
Telephone: 0800 138 3422
There are also resources on Bristol City Council’s website.
Please call our 24-Hour Helpline: 0330 058 1579
If you are interested in equity release in Bristol after reading about all the benefits, please reach out to us for a free initial consultation where we will assess your needs and ask you about your preferences.
Our services are available to a wide range of people, so do not be put off if you believe your situation is too tricky.
For example, we often help people who have existing mortgages that are not yet paid off, who are much older than 55 and haven’t ever released equity, who live in different countries, and who are very sceptical about equity release.
We will explain the disadvantages of releasing equity to you so that you are not going into the process blind.
It is very important to us that you take equity release seriously and analyse its pros and cons before coming to a final decision, so we will do everything we can to ensure you are as knowledgeable as possible about it.
We know that we haven’t been able to answer all of your questions in this article about Bristol equity release, so please head to our frequently asked questions page for more answers to questions such as ‘can I move house with equity release?’ (short answer: yes) and ‘will equity release affect my means-tested state benefits?’ (maybe).
It goes without saying that we offer our best advice when talking with you one-on-one, as we can get to know your current situation and provide specialist advice rather than answering general questions about equity release.
We can also comment on the property market in Bristol, which is helpful to know if you are wondering how much your home could increase in value over time.
Call us today to access high-quality guidance on how you can get started with equity release in Bristol. We know that our potential customers lead very busy lives, so our freeline is open from 8 am to 8pm Monday to Sunday. Why not make the most of it?
[1] Why house prices in Bristol are still rising – and which properties and areas are heading the growth https://www.bristolworld.com/news/why-house-prices-in-bristol-are-still-rising-and-which-properties-and-areas-leading-the-growth-3630977
[2] Is equity release a good idea for you? https://www.legalandgeneral.com/retirement/rewirement/is-equity-release-a-good-idea/
[3] Can I use equity release if I’m under 55?
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