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If you live in Cumbria, own your own property, and would like to access extra funds, then you might want to consider equity release Cumbria as a way of doing just that.
Equity release is the method in which you convert the equity that has built up in your property over the years into cash you are able to use at your disposal.
Equity release is a type of loan that is secured against the value of your property. The big difference between this and other types of loans: the loan doesn’t have to be repaid until you either pass away or move into residential care.
Equity release in Cumbria is an incredibly popular way of accessing significant sums of money for people. There are different types of equity release plans, and each of them are better suited to certain circumstances.
The two main forms of equity release are lifetime mortgages and home reversion plans.
Before you apply for equity release in Cumbria, you should speak with an equity release specialist to check that equity release in Cumbria is the right decision for you and your family.
The equity release process can seem mind-boggling at first, with its terminology and different plans on offer. But once you have read through the information in this article, you will be well-equipped to discuss your option with an equity release advisor, who will be able to guide you through the process.
If you are interested in equity release Cumbria, then speak to one of our specialists at Equity Release Warehouse for more information.
Please call our 24-Hour Helpline: 0330 058 1579
How much your house is worth has a direct influence on how much equity release you will be able to secure.
If your house has grown in value over the years, then that is potential cash that you could release through equity release Cumbria.
The housing market in Cumbria, like the UK as a whole, has seen a steady rise over the years. The recent rapid rise in house prices during the Covid-19 pandemic has accelerated the rise in house prices in Cumbria.
According to Rightmove [1], the average house price in Cumbria was £209,020 in 2021 [1]. The most expensive area in Cumbria was Grasmere (£591,834) and the cheapest was Cleator (£83,744) [1].
Since 2017, the average house price in Cumbria has risen over 15% in just 5 years [2].
What this means is that the equity in your house in Cumbria has risen by 15% since 2017. This is an even higher increase if you have lived in your house for longer than the last five years.
When your home’s value increases then the total amount of equity that you may be able to release also increases.
This is why more and more people across Cumbria are considering equity release as a way of accessing some of the cash that is now available as a result of your house price increasing in value.
If you bought your home in Cumbria over a decade ago, then the increase in house prices could mean that you have access to a significant amount of equity.
If you live in Cumbria and are interested in equity release in Cumbria, then you should speak to a member of the Equity Release Warehouse team for more information on how to get started.
Please call our 24-Hour Helpline: 0330 058 1579
Everyone has their own reason for why they are considering equity release in Cumbria. There is no one right reason for why you want to access large sums of cash that is currently tied into your property.
Before you do consider equity release in Cumbria, it is a good idea to discuss your reasons with your equity release advisor.
A very popular reason for equity release in Cumbria is so that people can use some or all of the equity to help their family financially. If you are over 55 years old, then you will most likely have children, and possibly young grandchildren, who you would like to help financially.
People who go through with equity release in Cumbria use their money to help with their grandchildren’s first house deposit, or help subsidise their university fees.
Likewise, the money could be gifted to your children to help them with a house renovation after they have their first child.
However, you may want to spend your funds on yourself – and why wouldn’t you!
You might decide to undertake home modifications or install an extension to your house to make it more comfortable for your golden years.
Similarly, you might use the funds to have specialist equipment installed into the property to help with mobility issues as you age.
Any home renovation work will most likely increase the value of your property. This will be beneficial for your loved one when you do pass away, as there will likely be more funds left over from the house sale, after the equity release loan has been repaid.
You are able to remain in your property when you take out equity release in Cumbria. This means that any work you do on your house with the funds you now have, will be for you to benefit from for the rest of your lifetime.
If you are considering equity release in Cumbria, then you can share your spending plans with your equity release advisor, so that they can recommend the most appropriate and useful equity release plans for you.
Please call our 24-Hour Helpline: 0330 058 1579
If you are considering equity release in Cumbria then the two most common equity release plans on offer to you are a lifetime mortgage or a home revision plan.
Whether you choose a lifetime mortgage or a home revision plan will depend on your individual circumstances and reasons for equity release in Cumbria.
Both of the plans have their own benefits for different circumstances. It is important that you speak with your equity release advisor to discuss which of the plans is most appropriate for your situation.
A lifetime mortgage is an increasingly popular plan for equity release in Cumbria.
A lifetime mortgage works very similar to a regular mortgage. An equity release lender will lend you a set amount of equity against your house’s value and won’t ask for the loan to be paid back until after you’ve died or moved into residential care.
If you decide that a lifetime mortgage is best for you, then the equity release in Cumbria will usually be in the region of 20–50% of the total equity available in your home.
Lifetime mortgages is an overarching term for further varieties of equity release plans in Cumbria. After speaking with your equity release advisor about lifetime mortgages, they will likely introduce you to eight different types of lifetime mortgage plans.
A popular version of a lifetime mortgage in Cumbria is a lump sum lifetime mortgage. This type of equity release in Cumbria provides you with a lump sum of tax-free cash to spend on whatever you like, whenever you like.
On the other hand, a drawdown lifetime mortgage offers an initial lump sum amount to be used by you freely. This is then followed by regular interval payments into your bank account.
Many people choose to go with a lifetime mortgage in Cumbria for its feature of not having to make any repayments on the equity loan until after you have died or moved into residential care.
This may be particularly appropriate for you if you are no longer in work or have a limited pension that you receive.
Lifetime mortgages allow you to remain in your home for the rest of your life as you will continue to own the home.
This can make equity release in Cumbria incredibly appealing as you can use the funds to make home renovations and live comfortably within your own home.
Many lifetime mortgage plans in Cumbria offer a ‘no negative equity’ guarantee. This guarantees that your beneficiaries will not have to pay back more than the value of your home when the equity release loan is repaid.
Please call our 24-Hour Helpline: 0330 058 1579
A home reversion equity release plan is another popular method of equity release in Cumbria.
Home reversion involves selling all of part of your home to an equity release provider in return for a sum of equity.
Many home reversion plans will allow for you to continue to live in your property until you either pass away or move into residential care.
It will usually be part of the conditions with the equity release provider that you continue to maintain the condition of the property whilst you remain to live in it.
Home reversion is a popular equity release plan for people in Cumbria who are concerned about the amount of interest that can accumulate on the loan. Home reversion plans do not typically charge interest on the loan.
This can offer peace of mind to people in Cumbria who are concerned about the amount of inheritance that they are leaving behind for their family and loved ones when they are gone.
Home reversion plans come in many varieties. You can either take the equity amount as a lump-sum and be responsible for the drawing down of the funds. On the other hand, you can opt for a regular payment home reversion plan in Cumbria and receive regular payments from the provider.
It is important that you speak to an equity release advisor for more advice on which option is best for you.
Please call our 24-Hour Helpline: 0330 058 1579
It is important that you understand the full picture of equity release in Cumbria and have an understanding of the cons when it comes to equity release in Cumbria.
The biggest concern for many people in Cumbria when it comes to equity release in Cumbria is the amount of inheritance that you will be able to leave behind for your loved ones.
Despite neither a lifetime mortgage or a house reversion plan needing to be paid off whilst you are alive, the loan does need to be repaid after you pass away. The concern that many people have with this is the amount of interest that has accumulated on top of the loan.
A lifetime mortgage in Cumbria will charge interest on the loan over the lifetime of the loan. This amount will be repaid upon sale of your property after you pass away or move into residential care.
The amount of interest that has compounded over the duration of your loan can eat into the remaining equity that is left on the house at the point of sale, leaving your family with no inheritance from the house sale. Learn more about compound interest and equity release here.
Similarly, a home reversion plan in Cumbria involves selling all or part of your property in return for an equity release loan. Even though you may not be charged interest on this loan, you will still not have the same amount of equity left over from the house sale as you would if you owned the home outright.
Equity release also comes with a number of set-up costs when you decide to take out equity release in Cumbria. This can’t include the cost of equity release advisors, solicitor’s fees, and a property valuation.
In addition to this, you may not be eligible for other tax exemptions or benefits. Taking out an equity release in Cumbria can make you exempt from these future benefits.
Equity release in Cumbria is not open to everyone. Many equity release providers only offer plans to people over 65 years old, with fewer offering plans to those over 60, and fewer still to those over 55 years old.
If you are over 55 years old and are serious about equity release in Cumbria, then it is important that you take these drawbacks into consideration when weighing up whether equity release in Cumbria is right for you.
It is important that you speak to an equity release advisor for more advice on which option is best for you.
Please call our 24-Hour Helpline: 0330 058 1579
People can become nervous about equity release in Cumbria and question how they can be sure that their money will be transferred to them safely.
Equity release in Cumbria is a highly regulated field. There are many rules and regulations in place to make sure that equity release advisors and lenders are up to scratch.
The equity release industry is regulated heavily by two main bodies: the Equity Release Council [3] and the Financial Conduct Authority [4].
These two agencies are there to give you the reassurance that accredited lenders and equity release advisors are trustworthy and credible.
The Financial Conduct Authority found that equity release customers can suffer major harm when given inaccurate and untrustworthy advice, which affects them for the rest of their lives [5].
If you are considering equity release in Cumbria then you should ask your equity release advisor if they are monitored by the Equity Release Council or the Financial Conduct Authority.
If you are uncomfortable in asking your equity release advisor if they are accredited by the Equity Release Council or Financial Conduct Authority, then check their website online or social media pages for more information.
If you are considering equity release in Cumbria, then speak with an equity release advisor so that they can offer you more information on equity release rules and regulations.
Start today by speaking to a member of the Equity Release Warehouse team for help and support.
Please call our 24-Hour Helpline: 0330 058 1579
Below, we offer answers to commonly asked questions about the equity release process in Cumbria:
To qualify for equity release in Cumbria you need to be a minimum of 55 years old. You will not qualify for a lifetime mortgage or a home reversion in Cumbria if you are under 55 years old.
Equity release in Cumbria is for people who are nearing retirement, or who are already retired, and need to access large sums of money.
There doesn’t tend to be any maximum age for equity release in Cumbria. Being older actually works in your favour for qualifying for better deals and larger percentages of equity release.
Yes, you will be able to remain in your home in Cumbria if you decide to apply for equity release in Cumbria.
Equity release in Cumbria is designed to allow people to remain in their homes for the rest of their lives. Lifetime mortgages and home reversion plans are only repaid upon your death and your house is sold.
You will remain as the homeowner of your property if you pursue a lifetime mortgage in Cumbria. However, you will forfeit part or all of your home ownership with a home reversion plan.
In both circumstances, you will be expected to maintain the property’s condition.
Equity release appointments are available across the Cumbria region in Windermere, Keswick, Ambleside, Carlisle, Ullswater, Kendal (Lake District), Derwentwater, Penrith, Grasmere, Helsington, Hawkshead, Windermere, Ulverston, Whitehaven, Cockermouth, Bowness-on-Windermere, Coniston Water, Kirkby Stephen and Barrow-in-Furness.
All financial advisors we refer to are regulated by the UK’s Financial Conduct Authority. This means you are protected by the Financial Services Compensation Scheme, in case the company ceases trading. Furthermore, all advisors hold the Certificate in Mortgage Advice and Practice (CeMAP) and/or the Certificate in Regulated Equity Release (CeRER). These qualifications are gained via the The London Institute of Banking & Finance. You can search the Financial Services Register here.
Any complaints against any of these organisations can be made to the Financial Ombudsman Service:
Customer service: 0800 023 4567
Address: Harbour Exchange Square, London E14 9SR
Website: https://www.financial-ombudsman.org.uk/
All lenders (such as Legal & General, Scottish Widows, Aviva and Canada Life, more2life, Hodge, and Liverpool Victoria) are a member of the Equity Release Council. and Cifas fraud prevention. All mortgages come with a no negative equity guarantee.
All lenders are regulated by the Prudential Regulation Authority.
You can contact the Equity Release Council here:
Address: Equity Release Council, The Smithy Sutton Lane, Dingley, Market Harborough, LE16 8HL
Telephone: 0300 012 0239
If you have a leasehold house and are interested in equity release in Cumbria, then you are still able to qualify for equity release in Cumbria.
Some equity release lenders will approve leasehold properties, as long as you are able to provide them with certain documents, such as your lease agreement and ground rent.
The remaining length of your lease will have an impact on your eligibility for equity release in Cumbria. The general rule is that lenders won’t accept a lease that is less than 75 years.
However, not all equity release lenders will allow leasehold properties. This is something that an equity release advisor will be able to check for you before you apply for a loan.
Please call our 24-Hour Helpline: 0330 058 1579
The upfront cost of equity release in Cumbria varies depending on the lender and the equity release plan that you decide to go with.
Generally, a typical set of upfront costs can amount to £1,000 on fees for the equity release application charge, solicitors fees and the cost for a property valuation. All solicitors are regulated by the Solicitors Regulation Authority. You can find a solicitor on the Law Society of England and Wale’s website.
You can save money by looking for equity release advisers who offer a free initial consultation to discuss your options and circumstances.
It’s always worth knowing that equity release might not be the best solution for you, depending on your circumstances. We outline various equity release alternatives here.
You can already read our guide to budget planning.
Also, if you are struggling with debt, then know there are organisations that can help, both in Cumbria and nationwide.
Below, we list some organisations that can assist you with your finances:
Address: Parkhouse Building. Baron Way. Carlisle. CA6 4SJ ; West Cumbria House. Jubilee Road. Lillyhall. Workington. CA14 4HB
Telephone: 01228 606060
Website: https://www.cumbria.gov.uk/costofliving/financialsupport.asp
Address: Town Hall, Oxford St, Workington CA14 2RS
Telephone: 01900 604735
Website: https://www.citizensadvice.org.uk/debt-and-money/help-with-debt/
Address: Broadacre House, Lowther St, Carlisle CA3 8DA
Telephone: 0808 278 7844
Website: http://www.ca-ce.org.uk/
Address: 123 Albion Street, Leeds. LS2 8ER
Telephone: 0800 138 1111
Website: https://www.stepchange.org/how-we-help/debt-advice.aspx
Address: Oxford St, Workington CA14 2AL
Telephone: 01900 844670
Website: https://www.ageuk.org.uk/westcumbria/shops/workington-equipment-shop/
Address: Tricorn House, 51-53 Hagley Rd, Birmingham B16 8TP
Telephone: 0808 808 4000
Website: https://nationaldebtline.org/
Address: Arnolds Oak, Eastling, Faversham ME13 0BD
Telephone: 0333 202 0454
Website: http://societyoflaterlifeadvisers.co.uk/
Other useful organisations include Turn2us, Money Advice Trust and the National Debtline.
We also wrote an article outlining the potential drawbacks of equity release. Reading this guide will help you make a more informed decision about whether or not equity release is right for you.
We hope that after reading through this information you now have a stronger understanding of equity release in Cumbria. Equity release can offer you life-changing amounts of money to carry out plans that can make your retirement years so much more comfortable.
Equity release is different for everyone and your plans for what to do with the equity funds is unique to you. That is why it is so important to understand the whole picture of equity release and speak to an equity release advisor to explore your options.
Equity release is a huge deal and once you have committed to an equity release plan, it can be difficult and costly to back out. You may be charged an early repayment fee for leaving equity release in Cumbria.
This can be avoided if you ensure that you carry out extensive research beforehand and meet with an equity release specialist in Cumbria.
If you are interested in equity release in Cumbria, we offer a free consultation to discuss your circumstances and answer any questions that you may have. Simply request a call back here or call us yourself on 0330 058 1579.
We also encourage anyone to fill out your details here for a personal quote, to give a picture of how much equity you could secure through equity release in Cumbria.
Access help and advice today across Cumbria in Abbey Town, Alston, Ambleside, Appleby, Aspatria, Bowness On Windermere, Brampton, Burrow-in-Furness, Carlisle, Cleator, Cockermouth, Coniston, Dalton-in-Furness, Egremont, Frizington, Grange-over-Sands, Kendal, Keswick, Kirkby Stephen, Longtown, Maryport, Millom, Milnthorpe, Penrith, Ravenglass, Seascale, Sedbergh, Silloth, St. Bees, Thornhill, Ulverston, Whitehaven, Wigton, Windermere and Workington.
Please call our 24-Hour Helpline: 0330 058 1579
[1] https://www.rightmove.co.uk/house-prices-in-Cumbria.html
[2] https://cumbria.gov.uk/elibrary/Content/Internet/536/671/4674/17217/17221/43109113524.PDF
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