Equity Release Cheshire - Lifetime Mortgage Near Me

Equity Release Cheshire & Near Cheshire

If you live in Cheshire and are looking for some more help during your retirement years, then consider equity release Cheshire.

An equity release mortgage is a way of gaining access to the equity that has built up in the home over the number of years that you have lived in it and paid your mortgage.

Equity release is a fantastic way of gaining access to these funds whilst being allowed to still live in the home.

If you live in Cheshire and want to learn more about equity release in Cheshire, then Equity Release Warehouse is on hand to provide advice, support and insight into how equity release works.

Releasing money from your home allows you to put the money towards a better retirement, any home improvements, cover the cost of any bills, or to go towards your inheritance.

Releasing equity from your home is a great way of gaining access to your funds without having to change anything drastic in your life, such as moving or selling their home.

Equity release is simply another form of credit, where individuals are able to gain access to their money almost immediately, and pay it off when the house and property has been sold off.

It is important to understand that not everyone is able to release equity in the same way. For example, some people might opt for a certain scheme over another, whilst some might not qualify for equity release at all.

If you live in Cheshire and want to release equity from your home, then there are a number of different ways that you can do this.

For example, some people might choose to take all their money out in one big lump sum, whilst others might choose to receive their money in small instalments over a number of years. Others might even opt for a combination of both.

It is really important to ensure that each individual fully understands what equity release is, and finds the right combination and solution that works for them.

This is mainly to ensure that no one falls into the trap of withdrawing more than they can afford, and will not be shocked by high costs in the future.

If you are considering equity release Cheshire, then speak to a member of our Equity Release Warehouse team for advice and support.

Each of our advisors are specially trained in equity release, and are able to support and guide you through the process from start to finish whilst highlighting all the different options that are available to you, considering your particular circumstance and situation.

When considering equity release in Cheshire, you should understand the two different forms of equity release. The first option is a lifetime mortgage equity release plan, and the second is a home reversion plan.

Each different plan will suit different needs, and have their own pros and cons, which is why you need to understand the differences between the two.

Whilst your qualified equity release advisor from Equity Release Warehouse will be able to guide you through both different types of plans, you should also read the below to ensure that you have a grasp on both.

Whether you are opting for a home reversion plan or a lifetime mortgage plan, you will need to consider the following three things.

• Whether you want to stay in your home for the long run or not
• Whether you want to access your funds immediately or not
• Whether you want a lump sum or a series of payments over a period of time

If you want to learn more about how to release equity from your home, or about the differences between a lifetime mortgage or a home reversion, speak to a member of the Equity Release Warehouse for advice and support.

All lenders and brokers we work with are regulated by the Financial Conduct Authority. 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.

Please call our 24-Hour Helpline: 0330 058 1579

The Facts about Equity Release Cheshire

When it comes to equity release in Cheshire, there are many myths and misconceptions that confuse people and make them avoid releasing equity from their home.

That is why Equity Release Warehouse has created a list of the facts about equity release in Cheshire for you to use when making your decision.

1. You Will Get a Low Fixed Rate for Life

It is important to understand that with an equity release in Cheshire, your fixed rate will be for life. Unlike with a normal mortgage, your rate won’t change every few years in life with general interest rates.

Whilst interest rates do fluctuate, once you have signed up to your equity release plan these will never change for you. Therefore, you will know exactly how much you will be repaying for the rest of your life. However, it is worth remembering that a lot of people are hit with compound interest.

2. You Will be Able to Provide an Inheritance

A big misconception when it comes to equity release in Cheshire is that you cannot leave the money to your loved ones and next of kin for inheritance. However, some plans even allow you to protect a percentage of your property for this reason.

3. There is No Negative Equity Guarantee

It is also important to understand that despite what happens to the value of your home, you will never owe more than the price that your property is sold for.

Therefore, if your property decreases in value for whatever reason (such as a market crash) you will not have to repay any remaining debt. You can learn more about the no negative equity release guarantee here.

4. You Can Repay in Different Ways

When it comes to equity release in Cheshire, each plan has different ways that you can pay, with some plans making homeowners repay money on a monthly basis in order to reduce any interest that may be building up.

5. You Get to Stay in Your Home for as Long as You Want

Lots of people worry that an equity release mortgage puts their home at risk. Lots of people think that by taking out an equity release plan, you are at risk of losing your home or will have to pay rent on the percentage you agree with the bank.

However, this is not the case. With equity release in Cheshire, you will get to live in your home for life, rent free, until you die or move into a care home.

Please call our 24-Hour Helpline: 0330 058 1579

Common Reasons You Should Consider Equity Release

At Equity Release Warehouse, we help thousands of people secure an equity release plan that works for you and your specific circumstances.

Our equity release advisers in Cheshire will sit down and talk to you about your needs and situation, so that we have a full picture of your financial situation and health.

People will consider releasing equity from their home in Cheshire for a whole host of reasons. Some of these reasons are listed below.

• If you want to pay off an existing mortgage that you already have
• If you want to pay off any existing debt
• If you want an extension or home improvements
• If you want to go travelling
• If you want to support friends, family or loved one
• If you want to supplement your retirement funds
• If you want to leave more money in your inheritance for your loved ones and next of kins

With the cost of living going up and up, a lot of people and households across Cheshire are now struggling.

In particular, single parent households in Cheshire might be struggling to pay their bills and other commitments right now, and might be relying on pensions and savings to get them through.

If this is you, then equity release in Cheshire is a great solution. By releasing equity from your home, you will be spending your money that is already rightfully yours, and will enjoy the freedom that you deserve.

Whatever your reason is for considering equity release in Cheshire, speak to a member of our team at Equity Release Warehouse for advice and support.

We will be able to guide you and talk you through the process step by step, whilst presenting you with all the available options for you and your financial situation.

Please call our 24-Hour Helpline: 0330 058 1579

Common Questions about Equity Release Cheshire

Below, we outline some common questions and answers related to the equity release process in Cheshire:

1. How does equity release in Cheshire work?

Equity release in Cheshire works in two different ways. The first way is through a lifetime mortgage, which is the most popular and the most flexible option for those looking to release equity from their home.

This will only be repaid after you die or move into a care home. The other option is a home reversion plan, which is slightly less popular than the lifetime mortgage offer.

Both plans will guarantee a form of payment and inheritance to your loved ones when you die.

If you’re a UK homeowner in Cheshire and want to learn more about how equity release works and about the differences between a lifetime mortgage equity release plan and a home reversion plan, then continue reading below.

2. How much equity can I release?

Unfortunately, when it comes to how much equity you can release from your home in Cheshire, there is no sure set answer.

How much equity you can release from your home in Cheshire will depend on the value of your home and how old you are, as well as whether you have any current health issues.

Usually, no lender will allow you to take out less than 10% of your house value, and no more than 60% – 70%. As discussed, this will depend on a number of different factors.

If you want to release some equity from your home in Cheshire but are unsure as to how much you would be able to release, then speak to a member of the Equity Release Warehouse team for advice and support.

Please call our 24-Hour Helpline: 0330 058 1579

3. Is equity release safe?

Equity release in Cheshire and the rest of the UK is regulated by the Financial Conduct Authority, and here at Equity Release Warehouse we take your financial situation extremely importantly.

In fact, the entire financial industry has a very strict trade body which makes sure that a strict code of conduct is followed.

According to the Financial Conduct Authority (FCA) [1] most equity release lenders and plans are working well, which unlock equity for customers who otherwise would no longer qualify for a normal, traditional mortgage [1].

Releasing equity from your home in Cheshire is a safe way of ensuring that you gain access to your equity whilst being able to stay in your home, rent and worry free.

If you are worried about how safe equity release in Cheshire is, then speak to a member of our friendly, professional and fully trained team for advice and support on how to make the right decision for you.

4. Am I eligible for equity release?

Whether you are or are not eligible for equity release in Cheshire depends on a number of different factors. For example, for most lifetime mortgage equity release plans, you need to be aged 55 or over. However, for most home reversion plans you must be aged 65 years old or over.

You must also own your own home in the UK. Whilst you do not have to be mortgage free, you will need to own a property with a property value worth £70,000 or more. You will also have had to pay off a significant amount of your mortgage through your monthly repayments.

5. How much does equity release in Cheshire cost?

Each lender will charge a different amount to allow you to release equity from your home. They will also offer you a range of different deals and incentives.

At Equity Release Warehouse, we will help homeowners in Cheshire to choose between the very best lenders with the best deals and incentives. As we are independent, our only aim is to make sure that you get the best offer possible.

6. Are there any potential drawbacks to equity release

It’s worth considering the potential drawbacks and disadvantages of equity release, and weighing these up against the advantages. Doing so will ensure you are able to make a better-informed decision about whether or not to release equity from your property.

We’ve written a guide outlining several potential drawbacks to equity release here. It’s important to note that, because of compound interest, equity release isn’t the cheapest way of borrowing. Also, because equity release is a loan, the money will need to be repaid one day, which is typically either when you die or when you go into long-term care. Because of this, equity release will reduce the size of your inheritable estate.

We’ve written an article about the costs involved with equity release here. You can also read this article about the alternatives to 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 Cheshire:

1. Citizens Advice Warrington

Address: 89 Sankey St, Cheshire, Warrington WA1 1SR

Telephone: 0808 278 7993

Website: http://www.warrington-advice.co.uk/

2. Citizens Advice Chester

Address: Blue Coat Square, Upper Northgate St, Chester CH1 4EE

Telephone: 0808 278 7806

Website: https://www.citizensadvicecw.org.uk/chester

3. Citizens Advice Winsford

Address: Wyvern House, The Drumber, Winsford CW7 1AD

Telephone: 0808 2787 806

Website: https://www.citizensadvicecw.org.uk/winsford

4. West Cheshire Credit Union – Ellesmere Port Branch

Address: 13 Whitby Rd, Ellesmere Port CH65 8AA

Telephone: 0151 352 0391

5. West Cheshire Credit Union – Head Office

Address: 12, 16 Brookdale Pl, Chester CH1 3DY

Telephone: 01244 399006

Other useful organisations may include StepChange Debt Charity and the National Debtline.

Please call our 24-Hour Helpline: 0330 058 1579

6. What are the pros of equity release in Cheshire?

There are many pros when it comes to equity release in Cheshire. Equity release in Cheshire is a fantastic idea for anyone who either wants or needs to gain access to the equity built up in their home.

Equity release in Cheshire is also a great option for anyone who is not looking or wanting to sell their home to fund themselves.

Lots of people aged over 55 do not want to move house for many different reasons. Some do not want to move away from family and friends, and others do not want to move because their house simply holds so many memories for them.

7. Is there a maximum amount I can borrow?

When it comes to equity release in Cheshire, there is a maximum amount of money that you can borrow. For example, most lenders do not allow you to borrow more than 60% of the value of your home. However, this is usually dependent on your age and physical health.

By putting a maximum amount in place, when you do pass away, this will ensure that your property does not fall into negative equity regardless of any interest that may have compounded over time.

This is a huge comfort to borrowers, as they are safe in the knowledge that their loved ones and next of kin will be looked after once they pass away.

8. What can I use the cash for?

Despite many misconceptions, you are able to use the money for whatever you want. Most people who release equity from their home in Cheshire use the money to help their loved ones set up in life. Lots of people help their children or grandchildren buy their first house, go to University or even help them to pay off their family members’ mortgages.

Other people add value to their property through home improvements and extensions, and others treat themselves to holidays and trips.

It is normal for an equity release advisor at Equity Release Warehouse to ask you about what you will be using the money for, so that they can gain a full and clear picture of your motivations and financial situation.

Please call our 24-Hour Helpline: 0330 058 1579

Lifetime Mortgage Versus Home Reversion Plan

Below, we explain the two most common types of equity release: home reversion plans and a lifetime mortgage:

1. Lifetime mortgage

One form of equity release in Cheshire is a lifetime mortgage. Lots of people who live in Cheshire opt for this form of equity release plan as it is most popular with those aged 55 and over.

A lifetime mortgage in Cheshire allows you to borrow a certain percentage of your home’s value, which is taken out at a fixed interest rate, meaning that you will know how much you are due to repay for the entire plan.

It is also important to understand that with a lifetime mortgage, you will not have to repay any of the loan whilst you are still alive. Instead, the loan will only be repaid once you pass away.

However, some plans do allow you to repay some of the interest on a monthly basis in order to reduce the lump sum that will be charged at the end, once you pass on.

It is best to think of a lifetime mortgage in the same way that you do with a normal mortgage, as the best rates will depend on which lender and provider you opt to go with.

If you are considering taking out a lifetime mortgage in Cheshire, then you should consider the following things.

• You need to be aged 55 or over to qualify for a lifetime mortgage in Cheshire
• You might pay more back the older you get
• Your medical history and current health will determine whether you qualify for a lifetime mortgage or not
• Your lifetime mortgage will come with a fixed interest rate. If you find yourself on a variable rate then you will need to ensure that there is an upper limit
• You will be able to remain in your Cheshire home until you die or move into a care home
• Your lifetime mortgage equity release plan in Cheshire does not have a negative equity guarantee. This means that once you sell your property, if your property sells for less than you bought it for, then you will not be liable if there is still balance after you sell
• There is a maximum amount of money you are able to borrow. For most lenders, this is 60% of the value of your home.

Please call our 24-Hour Helpline: 0330 058 1579

2. Home reversion

Lots of people who do not qualify for a lifetime mortgage in Cheshire might consider a home reversion plan in Cheshire.

A home reversion plan allows individuals who are aged 65 or over to borrow a tax free lump sum in exchange for a certain percentage of their property. However, this will be below market value.

It is important to understand that with a home reversion plan, you will make less money than you would if you were to sell your property and home then and there.

The great thing about any equity release plan is that it allows you to remain in your own home rent free. With a home reversion plan once you pass away, the house will be sold and any proceeds will be distributed between your family, depending on how much you kept and how much the bank now owns.

Lots of people own a home where the value has increased significantly since they first bought it. When this happens, your next of kins are entitled to the difference.

If you want to consider a home reversion plan in Cheshire, then you will need to consider the following factors.

• You will need to be aged 65 or over to be considered for a home reversion plan
• You will be allowed to remaining living at your home as long as you stay in line with the terms and conditions set out in your contract and agreement
• A home reversion plan does not have a negative equity guarantee which means that you will never have to pay any differences
• You are allowed to move out of your home, as long as your provider accepts the new home as security

If you live in Cheshire and are considering an equity release plan, then speak to a member of Equity Release Warehouse for advice and support on equity release in Cheshire.

Please call our 24-Hour Helpline: 0330 058 1579

So, is Equity Release in Cheshire for me?

If you want to know if you would qualify and benefit from equity release in Cheshire, then speak to a member of the Equity Release Warehouse team for advice.

We provide help and assistance across Cheshire in Altrincham, Alderley Edge, Chester, Warrington, Widnes, Macclesfield, Crewe, Northwich, Knutsford, Nantwich, Congleton, Alderley Edge, Wilmslow, Prestbury, Ellesmere Port, Runcorn, Frodsham, Winsford, Sandbach and Tarporley.

Whether equity release in Cheshire is for you depends on how old you are, your current financial circumstance and how much money you want to release from the equity of your home.

If you need help and support with your finances, then Equity Release Warehouse advises that you speak to one of our friendly and helpful advisors for guidance and advice.

Our equity release calculator will ensure that you get the very best deal for you and your current situation in the Cheshire area.

If you are still unsure as to whether equity release in Cheshire is right for you or not, then speak to one of our equity release specialists at Equity Release Warehouse today and let us guide you through the process from start to finish.

All financial advisors we refer you to hold the Certificate in Regulated Equity Release (CeRER).

Access help and advice today across Cheshire in Alderley Edge, Altrincham, Cheadle, Chester, Congleton, Crewe, Dukinfield, Ellesmere Port, Handbridge, Holmes Chapel, Hyde, Knutsford, Lymm, Macclesfield, Malpas, Middlewich, Nantwich, Northwich, Poynton, Runcorn, Sale, Saltney, Sandbach, South Wirral, Stalybridge, Stockport, Tarporley, Warrington, Widnes, Wilmslow and Winsford.

References

[1] https://www.fca.org.uk/publications/multi-firm-reviews/equity-release-sales-and-advice-process-key-findings