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Lifetime Mortgage & General Equity Release Advice in Devon
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.
Whilst many people across Devon might have heard of equity release online, in the press or on TV adverts, many people struggle to understand what equity release really is. Equity release is a very popular option, and lots of people are currently considering equity release Devon.
Are you aged over 55, live in Devon, own your own home or property and are worried about your financial security as you age?
If you do, then you are not the only one. Lots of people across Devon and the rest of the UK who are aged 55 or over are currently worried about their financial situation due to the consequences of Covid and rising energy prices.
If you are one of these people, then equity release Devon might be the answer and solution for you.
Equity release in Devon allows you to gain access to the equity you have built up in your home over the many years that you have owned it. By doing so, you won’t have to worry about your income or savings for the next few years, so that you can enjoy your retirement and future comfortably.
You will also be able to remain living in your home for as long as you want, which means that you will not have to sell, move or downsize your home.
For this reason, equity release in Devon is a great option for many people aged 55 or over.
If you are considering equity release in Devon, then you should speak to an equity release advisor for advice and support.
It is important that your equity release advisor is fully qualified, which usually involves being certified in a level 3 certificate in equity release which meets the FCA’s requirements [1].
Some of the reputable lenders the financial advisors will research on your behalf include Sage, Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
All advisors and lenders are regulated by the Financial Conduct Authority (FCA) and registered on the Financial Services Register. This means you can complain to the Financial Ombudsman Service if you are unhappy with the advice you receive.
All advisors and lenders are members of the Equity Release Council. The benefits of this include all products come with a no negative equity guarantee.
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Equity release Devon is a great way of gaining access to the money you have been adding to the equity of your home ever since you first bought the property. In addition to this, you will also gain access to the deposit you first put down on the house when you bought it all those years ago.
For lots of people across Devon, this could be £10,000, £15,000 or more. Lots of people put down a 10% initial deposit on their house, whereas others put down 20% or more by the time they hit retirement age.
As you can imagine, when you add the monthly mortgage repayments to this amount, the total amount of equity people have in their home can amount to an awful lot.
The great thing about equity release in Devon is that you are able to gain access to this money and equity in your home whilst being able to remain in your home and property.
You can stay living in the property in Devon for as long as you want, and will not be pressured into selling at any stage.
Meanwhile, you will be able to enjoy your lifestyle and will be able to spend your equity release in any way you want to.
Lots of people choose to spend their equity release in Devon in a number of different ways.
For example, some people in Devon choose to spend their equity release in Devon on a nice holiday, on a new car, on some much-needed home improvements or on helping family and friends with house deposits or University fees.
If you are considering equity release in Devon, then you need to understand that you will have to talk to an equity release specialist and advisor before you can take out an equity release plan.
You will also have to qualify against the lender’s qualification criteria. Each lender across Devon has different criteria, and you will need to check that you qualify for your lender’s equity release plan, usually with help from your equity release advisor.
For example, if you want to qualify for equity release then you will most likely need to be:
It is important to understand that how much equity you are able to release from your home in Devon is based on how old you are and how much equity you have built up in your house, as well as whether or not you are currently suffering from any health issues.
When it comes to repaying your equity release plan in Devon, you will repay your plan back when you go to sell the house, in the event of your death or moving into long term care for health reasons.
You will also be given the choice to pay back the interest on the equity release loan through monthly mortgage repayments or by paying off the interest in one lump sum when you come to sell. However, it is important to understand that this interest will compound over time.
However, it is important to understand that should you choose to sell your home for whatever reason, depending on who your lender is, you might be able to do this too. However, you will need to transfer this loan onto the new property if you want to do this.
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There are two different types of equity release plans across Devon and the rest of the UK. These are a lifetime mortgage plan and a home reversion plan.
These two plans are different in their nature, and you will need to understand the differences between the two before you take out an equity release plan in Devon.
A lifetime mortgage equity release plan is one of the most common and most popular equity release plans used across Devon and the rest of the UK. Lifetime mortgages are very similar to a normal mortgage, but work a bit differently.
A lifetime mortgage allows you to release equity from your home depending on how old you are, how much your property is worth and how healthy you are.
It does not take into account how much savings you have and does not require a deposit, as a normal, conventional mortgage does.
There are a few different types of lifetime mortgages, including an Interest Only plan, a Lump Sum plan and a Drawdown Lifetime Mortgage.
Individuals who opt for a lifetime mortgage are able to gain access to their money in different ways.
For example, some people opt to receive their money in one large lump sum, whilst others choose to access their money through smaller monthly payments.
The great thing about a lifetime mortgage is that you only pay interest on what you receive, and it is recommended that you pay back the interest on the loan through monthly repayments so that it does not build into compound interest.
If you are considering opting for a lifetime mortgage, then you will need to consider the following factors before you make a decision:
If you are considering releasing equity from your home using a lifetime mortgage, then you should always speak to an equity release advisor before you make your final decision.
Your equity release advisor will be able to guide and support you on all your different options.
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If a lifetime mortgage is not for you, then you should consider a home reversion plan. When you opt for a home reversion plan, you will be able to release the equity in your home in return for part of your property.
You are able to sell part of your property, for less than the market value, to the equity release lender for a percentage of the value of your home.
In return for a percentage of your property, you will either receive one large lump sum, or a number of smaller, monthly payments.
As a result of this, you will be able to remain living in your home, and won’t have to pay any rent on the percentage of the property that you sold to the lender.
A home reversion plan is not as popular as a lifetime equity release mortgage as it is considered the more high-risk option.
This is because a home reversion plan might affect any tax reliefs or benefits that you receive, as well as any inheritance that your next of kin is due to receive.
With a home reversion plan, when you want to sell your home, the lender will be given a percentage of the sale, depending on how much equity you released and what percentage of your home you released to your lender.
If you are considering a home reversion plan in Devon or throughout the rest of the UK, then you will need to speak to a fully qualified equity release advisor so that you are being educated and informed before you make your final decision.
It is important to remember that if you opt for a home reversion plan, you will only really get between 20% and 60% of the market value of your home.
You will be able to remain living in your home, rent free, until you want to sell, move into long term care or pass away.
The older you are, the more you will be able to borrow with a home reversion plan.
Usually, you will have to be aged 65 or over in order to qualify for a home reversion plan. If you are considering opting for a home reversion plan, then you will need to consider the following factors:
If you live in Devon and are considering taking out a home reversion plan, then you will need to speak with an equity release advisor before opting for your final decision.
Please call our 24-Hour Helpline: 0330 058 1579
There are a number of different reasons why someone might consider releasing equity from their home across Devon and the rest of the UK.
There are lots of good reasons why this is the right decision for you, and it is important to be open and honest with your equity release advisor about these reasons when you first speak with them.
It is important that you are releasing equity from your home for the right reasons, and that you are sensible in your decisions.
Many people who opt for equity release in Devon do so as it replaces their existing, traditional mortgage. An equity release plan has no end date, and therefore does not have any pressure to pay off the debt quickly, as you are with a traditional mortgage.
It is important to understand that the money you receive will also be tax free, meaning that you will not be taxed on any of the money that you receive.
You will also be able to receive your money on one lump sum, or in a number of different payments – whichever works best for you.
You are able to spend your equity release money on whatever you want, too.
You can opt to spend your equity release money on some home improvements, a nice holiday, paying off any debt, buying a new car, or spending the money on helping family and friends with house deposits or University fees.
Lots of people across Devon opt for an equity release scheme because it allows them to gain access to their equity whilst also allowing them to remain living in their home in order to enjoy the final few years of their life.
Lots of people aged 55 or over across Devon simply do not want to move home as they have built up so many memories there over the years.
They also might not want to move home as they are familiar with their home, and they most likely will not want to move away from friends and family members as they get older.
As you can see, there are many different reasons why someone might choose to release equity from their home in Devon.
If you would like to learn more about equity release in Devon, then speak to a member of our equity release team at Equity Release Warehouse for advice and support on how to get started.
The advisors will help you ever step of the way, from choosing the product with the lowest level of interest to ensuring your application is dealt with swiftly.
We also appoint solicitors who are familiar with the equity release process. You can learn about the importance of using solicitors during the equity release process here.
All solicitors are, of course, regulated by the Solicitors Regulation Authority and are members of the Law Society of England and Wales. If you are unhappy about the work you receive during the equity release process, you are entitled to raise a complaint with the Legal Ombudsman.
Please call our 24-Hour Helpline: 0330 058 1579
If you need to gain access to some extra money later in life, then many people might be tempted to opt for a bank loan as a way of gaining access to this money. Some of these options might be an interest-only mortgage, a home improvement bank loan or a normal credit card loan.
However, as lots of people aged 55 or over already know, getting a bank loan is a high-risk choice. In addition to this, individuals often have to jump over many loops in order to qualify for a bank loan.
Due to a number of different factors, such as your age, you won’t always qualify for a bank loan if you are over a certain age.
Lots of banks have these qualification criteria as they need to ensure that you are able to repay the loan back.
Nevertheless, equity release plans are also based on your age, along with how much your house is valued for.
Therefore, you will need to speak with an equity release advisor before opting for an equity release plan to see if your age might get in the way of gaining access to your equity funds.
Equity release in Devon is a great way of allowing you to gain access to your funds whilst allowing you to remain in your own home.
As with most equity release plans, you won’t have to pay back any interest on the loan until after you pass away. You can choose to pay this interest back, in order to avoid building up compound interest.
Nevertheless, it is important to understand that there are costs involved when it comes to setting up your equity release plan, which there are not when you opt for a bank loan.
It is also important to understand that when you opt for an equity release plan in Devon, when you pass away the inheritance left to your loved ones will be reduced.
In addition to this, opting for an equity release loan over a bank loan could affect any means-tested benefits you currently have access to or might be hoping to in the future.
For instance, you will need to tell the Department for Work and Pensions that you are receiving equity release, and this could mean your benefits are stopped.
You can read a full list of the potential drawbacks and disadvantages of equity release here. And it’s also worth reading our guide to 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 Devon:
Address: Business Park, 1 Manaton Cl, Matford Park Rd, Marsh Barton, Matford, Exeter EX2 8PF
Telephone: 0333 241 2340
Website: http://www.ageukdevon.co.uk/
Address: 45 South St, Bridport DT6 3NY
Telephone: 0800 144 8848
Website: https://bridportca.org.uk/
Address: 1 Acland Rd, Dorchester DT1 1JW
Telephone: 0800 144 8848
Website: https://centraldorsetca.org.uk/
Address: Hanham Rd, Wimborne BH21 1AS
Telephone: 0800 144 8848
Website: https://www.edpcitizensadvice.org.uk/
Address: 5 North St, Wareham BH20 4AB
Telephone: 01929 550729
Website: https://www.ageuk.org.uk/
Address: 700 Wimborne Rd, Moordown, Bournemouth BH9 2EG
Telephone: 01202 530530
Website: https://www.ageuk.org.uk/bournemouthpooleeastdorset/
Address: Units 1 and 2, 5 Crown Sq, Dorchester DT1 3EN
Telephone: 01305 269444
Website: https://www.ageuk.org.uk/northsouthwestdorset/
You can find additional resources not listed above via Devon Council. And it’s also worth looking at help you can receive from national organisations such as Money and Pensions Service and StepChange.
Please call our 24-Hour Helpline: 0330 058 1579
If you want to release equity from your home in Devon, then you might be worried about how safe the investment might be.
As you get older, you want to take less risks with your finances, as you often have more at risk.
Due to this, there are a few things that you will need to carefully consider before opting for equity release in Devon.
For example, you will need to ensure that you are going to be able to afford the equity release plan, not only now but in the future, too.
You will need to ensure that you can pay the interest on the loan, either in monthly repayments or in one lump sum in compound interest after you pass away.
It is crucial that you also consider your power of attorney before you take out an equity release plan.
You will need to have this in place before opting for your plan, in order to ensure that you have someone in place who will be able to make tough and hard decisions for you, should you be unable to for whatever reason.
There are lots of reasons why you might not be able to make decisions about your finances as you get older, including dementia or Alzheimer’s disease.
Your power of attorney will ensure that you are making safe and wise decisions, and they will also help you to deal with any admin-related tasks should you feel unable to as you get older.
In order to make a safe investment, you will also need to speak in depth with an equity release advisor to ensure that you are making a financially savvy investment.
The equity release advisor will need to be fully qualified and trained in equity release, and will ensure that you are not opting for equity release for all the wrong reasons.
Your equity release advisor in Devon will be able to inform you of all the different plans that you would qualify for.
For example, if you want to spend your equity release money on a second home, then your equity release advisor will be able to advise you to take a second home equity release plan, rather than opting for a normal equity release plan. It is knowledge and insights like these which is useful.
In order to make a safe investment, you will also need to consider whether your situation means that you should opt to receive your money in one large lump sum, or in a number of smaller payments.
For example, if you want to use your equity release money to pay for a grandchild’s house deposit, then you might want to consider one large lump sum.
However, if you choose to spend your equity release money on a better lifestyle day to day, then you might be better opting for a number of smaller payments, to ensure that you do not waste your money or spend it all at once.
If neither of these two options work for you, then you could consider a drawdown equity release plan which would allow you to receive one lump sum, followed by a number of smaller frequent payments, allowing you to gain access to the money as and when you need it.
You also need to consider how you want to repay the interest on your loan.
There are different ways that you can do this, including a voluntary repayment plan and an interest-only plan where individuals are able to pay off their equity release interest quickly and efficiently to avoid compound interest building up over time.
Please call our 24-Hour Helpline: 0330 058 1579
If you are aged 55 or over, live in the Devon area and want to gain access to some more funds and income, then you should consider an equity release plan with Equity Release Warehouse.
Our friendly, professional and fully qualified individuals are able to advise you on the best options available to you and your family.
Our equity release calculator will also help you to find the right plans, with the very best financial outcomes for you.
It is important to remember that you are by no means under any obligation or pressure to opt for an equity release plan after you get in touch with us and speak to one of our specialists and advisors.
Our advisors across Devon and the surrounding area are simply only here to advise you and provide you with the very best options available to you in Exeter, Clovelly, Ilfracombe, Exmouth, Sidmouth, Barnstaple, Woolacombe, Totnes, Bideford, Croyde, Newton Abbot, Tavistock, Combe Martin, Dawlish, Kingsbridge, Lynmouth, Bigbury-on-Sea, Honiton, Tiverton, Okehampton, Braunton, Budleigh Salterton, Appledore, Axminster, Hope Cove, Holsworthy, Lynton, Bovey Tracey, Ashburton, Slapton, Ottery Saint Mary, Branscombe, Dawlish Warren, South Molton, Ivybridge, Topsham and Crediton.
It is important to be open and honest with your equity release advisor and specialist so that they have the full picture on your finances and situation, so that they are offering you the best advice and solutions.
Equity Release Warehouse is here to advise you and your family. You can request our free brochure for some more information, or you can always call us directly on 0330 058 1579 where you will be able to speak to our friendly and helpful team.
Please call our 24-Hour Helpline: 0330 058 1579
[1] https://www.cii.co.uk/learning/qualifications/certificate-in-equity-release-qualification/
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